ABSTRACT
Financial statements, sometimes also known as financial reports, are produced by an entity to provide information about its financial position, performance and changes in its financial position that is useful to management, owners and other stakeholders in making economic decisions. International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). In 2007 IFRS were either required or permitted by law in over 90 countries, including all those in the European Union. The Takeover Panel regulates the City Code on Takeovers and Mergers, which is concerned with takeovers and mergers involving companies whose shares are listed in the United Kingdom and held by the public. Unregulated property unit trusts are a form of collective investment scheme permitted under section 75 of the Financial Services Act 1986. The Depreciated replacement cost (DRC) approach involves comparing the actual asset with a modern equivalent.
