the act contains broad valuation rules in that the accounts may be based on either historical or current cost.
the Companies Act 1985 consolidated and extended earlier legislation and was amended in 1989 to recognize the EU Seventh Directive. This act requires the consolidation of financial statements, although consolidation flexibility in case-by-case applications.
the folllowing six accountancy bodies in the United Kingdom are linked through the Consultative Committee of Accountancy Bodies CCAB, organized in 1970