Which of the following accurately reflects British accounting?
A) The company law in Britain is fairly narrow, because it only applies to companies listed on the London Stock Exchange.
B) There is significant influence by the accountancy profession and the stock exchange as compared with Germany.
C) The European Union has not had much of an influence on British accounting due to the primacy of the true and fair view.
D) The Accounting Standards Board is funded and controlled by the Ministry of Trade and Industry rather than the independent profession.

Question

Quizplus · Accepted Answer

British accounting is heavily influenced by the accountancy profession and the stock exchange, which have significant power and input into the development and implementation of accounting standards. This is in contrast to Germany, where there is more reliance on legal and regulatory frameworks to guide accounting practices.

Which of the Following Accurately Reflects British Accounting