Financial Reporting Standards - What are the consequences of not following them

Sparkly

Me again! I'm trying to explain what the consequences to a company are of not following Financial Reporting Standards and am sat here wondering if I have gone brain dead! Is it just as simple as there being financial penalties, or is there more to it that I am just not seeing?! Sorry if this sounds stupid, I just really can't get my brain in gear. I have already visited trusty old Google but am not getting any further!

Bluewednesday

Accounts will not be comparable, adverse audit report, accounts will not show a true and fair view, financial institutions may not accept them.... Just a few things that come to mind, I'm sure there are plenty more.