The term "regulatory framework" refers to the body of rules and regulations which apply to the financial statements of limited companies. This framework includes company law, accounting standards and (for listed companies) stock exchange regulations.
(a) State the objectives of the International Accounting Standards Board. Also explain the role of the IFRS Advisory Council and the IFRS Interpretations Committee.
(b) Explain the term "Generally Accepted Accounting Practice" (GAAP). (CIPFA)