Unit 10 - Worksplace based K&U 1

Tiger

Hi can anyone give me some help in what I can put in my report to cover Knowledge & understanding 1 'External Regulations affecting accounting practice'.

My report recommendation is basically to set up an accurate and reliable sales ledger, with bank recs and credit control buit in.
I don't see how this is affected by the FRS's & IAS's as its not financial statements...
I'm nearly finished but stuck on how I can meet this criteria??

Can anyone suggest please??
Many Thanks
T

Gem7321

It's not just FRS and IAS, you've got the companies act, VAT regulations etc.

VAT could be a good one, how does your new sales ledger system help record output VAT accurately?

Good luck!

Gem