STATEMENT OF RESPONSIBILITIES OF THE BOARD
Statement of the responsibilities of the board for the report and financial statements
The board is responsible for preparing the report and financial statements in accordance with applicable law and regulations .
Co-operative and Community Benefit Society legislation requires the board to prepare financial statements for each financial year . Under that law the board have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice ( United Kingdom Accounting Standards and applicable laws ), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland . Under the Co-operative and Community Benefit Society legislation the Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and surplus or deficit of the Association for that period . In preparing these financial statements , the board are required to :
n select suitable accounting policies and apply them consistently ; n make judgements and estimates that are reasonable and prudent ; n state whether applicable UK Accounting Standards and the Statement of Recommended Practice ( SORP ) Accounting by Registered Housing Providers 2014 , have been followed , subject to any material departures disclosed and explained in the financial statements ; and n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business .
The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and enable it to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act 2014 , the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing ( April 2015 ). It is also responsible for safeguarding the assets of the association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities .
The Board are responsible for the maintenance and integrity of the corporate and financial information included on the association ’ s website . Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions .
34 Accord Housing Association