Borland Software Corporation-goodwill and other intangible assets

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions, principles, and constraints. 28, 29, 30 10 11 Questions 1, 7 2 3, 4, 5, 6, 8 9, 10, 11 12, 13, 14 15, 16, 17, 18 19, 20, 21, 22, 23 24 25, 26, 27 1, 2, 3, 4 6, 11, 13 5, 7 8, 9, 12 8 8, 12, 8, 12 1, 2 2, 3, 4 5 6, 7 6, 7 7 6, 7 6, 7, 8 9, 10 3, 6, 7 6, 7 12 5, 6 5, 6 5, 6, 7, 8, 9, 11 11 Brief

This assignment is designed to get you to locate the Annual Reports for a company and become familiar with the contents of an Annual Report, particularly the financial statements and the notes to the financial statements. While we have looked at very basic formats of the financial statements, the financial statements for a company contain a little more detail and information on some items you may not have been introduced to yet. Pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions.

States. Companies should report income, liability, equity, and assets. Many people (stockholders, investors, etc.) who have a stake in the company want to know this information before providing a service. In this paper, International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) will be compared for

Throughout the entirety of the paper I will discuss the purposes of the income statement and the balance sheet; while also identifying the major types of expenses shown on the income statement, and listing major types of assets inside the typical balance sheet. I will also discuss the three different accounts that comprise the owner’s equity on a corporate balance sheet and the three categories of ratios that a business may use in an analysis of its financial statements. Lastly I will explain a statement of cash flows and describe the three standard sections contained in cash flow statements. Since I will be discussing multiple categories, I want to clearly state each one by dividing them into separate sections. Each topic holds dominant relevance to finance and the ability to fully understand a business by comprehending how they work. Having the ability to understand the data projected from a business, is the bone structure for seeing how it grows or regresses. To aid in this understanding I would like to first start off with the income statement.

Financial reporting is the communication of financial information n to relevant stakeholders. The reporting may include general purpose reports such the balance sheets, equity reports and balance sheets. Additionally, the items such as press releases meeting minutes, and auditors reports are included as part of the financial reports (Greuning, 2009). The reporting of financial information depends on the regulatory body under which the company operates. Questions have been raised on the different evaluation of financial records employed by the regulatory bodies. Both US GAAP and IFRS have weaknesses that affect the financial reporting by either complicating the reporting or being too general to accommodate special cases.

Thus, the objectives of financial reporting are crucial because it’s a way of formally providing reports of financial actions and files within a firm to owners, stockholders, governmental tax authorities. Moreover, they provide a consistent approach for firms in order to be more transparent, avoiding any scams which might takes place within the fiscal (money related) records.

Firm managers, owners, and lenders, keep track of the firm’s performance by reviewing financial statements, income statement, balance sheet, and statement of cash flows. This portfolio will explain the purpose of income statements and the types of expenses that are shown on an income statement. Also, clarify types of assets and claims of creditors and owners shown on a balance sheet. As well as define the three different accounts that comprise the owners’ equity section on a corporate balance sheet. Furthermore, describe a statement of cash flows and the three standard sections contained within it. Finally, identify the three categories of ratios that a business may use in an analysis of its financial statements and the benefits of calculating these ratios.

The objective of this report is to link the principles of financial accounting with the actual performances of companies by using their financial statements & other published information about their activities.

The four financial statements used in accounting are the income statement, the balance sheet, the shareholder statement of equity, and the cash flow statement. “The special importance of financial situations is given by the usefulness of the information supplied by them; this information is often the only one that the users can access and on which they have to ground their economic decisions and to substantiate the manner of using the financial resources” (Marioara, 2013). These statements comprise of the core components of an organizations accounting. The information in these documents are used by investors and lenders to determine the profitability and stability of the enterprise. While each statement has its own distinct purpose, they are all interrelated in some way. This article will address how these statements are related, how they are used by key stakeholders, as well as the importance of each statement individually.

Chapter 1 explains the most common principles in accounting or finance in which all financial reports occur. Through the process of GAAP and the financial reporting criteria it will help the students have a better understanding of all the statements and will provide with a correct process to conduct an analysis. A substantial review and statements of international accounting is also included in this chapter. Many of the users that are included in the financial statements of a company are the general public, regulatory authorities, labor unions, employees, lending institutions, suppliers, security analysis, stock holders, bondholders, and managers. We can conclude that all of these complete the external and internal stakeholder divisions in a company. They will use the data from the financial reports to conduct decisions. These kinds of reports are so important for a company due to the fact that it will help stakeholders in their decision making. What this chapter is about is the proper way to in utilizing financial reporting information. It is all a really easy from of understanding of the traditional assumption and accounting principles in the accounting criteria. The GAAP refers to the generally accepted accounting principles and what it means is the principles that have the desired authoritative support. The correct and most formal process of conducting the principles that are known today in our country started with Securities Acts of 1933 and 1934. There are 10 elements

Financial statements are used by company owners to evaluate the how the company is doing, also by investors for making decisions about when to invest or when to sell their shares, by lenders or banks in order to make decisions about credit worthiness of the company. Financial statements can be use effectively when the user understands the roles of the financial statements preparer and the auditors. A company’s financial statements represent the management. When using management’s statements, a user need to understand that the preparation of the financial statements requires management to make substantial accounting estimates and decisions, also in order to choose from among several alternative accounting principles and methods that are most appropriate within the guidelines of generally accepted accounting standards (GAAP).

Businesses all over the world use financial statements to get an idea of how their business is operating. It is important for accountants and Chief Financial Officers within the organization to come up with statements that enable business leaders and shareholder with an idea of how the business is doing for a certain time. Financial statements can be uses for auditing purposes and provide the business leader with the information needed to make decisions in reference to the company. There are different types of financial statements and there will be brief overview of how these statements benefit a company as a whole. Income statements, balance sheets, owner’ equity and statement of cash flows all reflect and provide information to business leaders that can aid with making the best decisions concerning goods and services they provide to consumers.

The objectives of financial reporting are a key element of financial accounting standard setting. Standard setters have identified financial accounting as providing valuation-relevant information and contracting-relevant information (Zeff, 2012). The Financial Accounting Standards Board (FASB) states that the general objective of financial reporting is to provide ‘information that is useful to represent any potential investors and creditors and other users in making rational investment, credit and similar decisions’ (FASB, 2008). It is then narrowed down into two sub-objectives; ‘information to help users in assessing the amounts, timing and uncertainty of prospective cash receipts’ (decision-usefulness) and ‘information

Financial Statements provides information that is used by interested parties (users) to assess and appraise the performance and financial Status of managers and the institutions respectively and also to make economic decisions. External auditors are engaged to ensure the reliability and trustworthiness of such Financial Statement so presented. STATEMENT OF PROBLEM: