а) Discuss whу lоcal (i.е. national) accounting requirements still globally
dominate the accounting for non-listed companies and consider the
implications of this for the international harmonization of accounting?
b) Critically appraise the current regulation over the financial reporting of nonlisted
companies in the UK and compare the approach with another country of
your choice. Consider whether the costs imposed on preparers are balanced
by the benefits received by users.

Further guidance:

For part (a) consider the characteristics of unlisted companies – who the users of
their financial statements are and what their information requirements are likely to
be. Relate this to the nature of global harmonization of financial reporting particularly
the work of the IASB and its conceptual framework and whether differential reporting
is desirable.
For part (b) the costs and benefits of the UK reporting framework for unlisted
companies (introduced in the relevant lecture) should be compared with that for
another country. It is recommended that students select a model which is
substantially different from the UK. While some background description of the
frameworks will be necessary, students are reminded that most of the available
marks will be reserved for a comparison and evaluation of the two systems.

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