[Solution]The UK Corporate Governance Code

United Kingdom corporate governance code is based on a set of principles, rather than a set of rules. Directors in an organization are expected to…

United Kingdom corporate governance code is based on a set of principles, rather than a set of rules. Directors in an organization are expected to describe how the general principles are applied when preparing financial reports for accounting purposes. Directors must ensure active compliance with the Generally Accepted Accounting Practice (GAAP). The GAAP provides the guidelines accountants have to follow including regularity, prudence, good faith, periodicity, continuity, sincerity, and consistency (Lee, 2006). The principles, in some cases also provide suggestions on how accountants in an organization should apply the GAAP. This has resulted in companies reporting certain transactions……….
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