Evaluation And Disclosure Of Information Essay

The purpose of this paper is to define accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees.

This report is written as a response to the monograph in which the ICAEW published on how financial accounting disclosures can be improved. The aim of this report is to critically discuss and evaluate the worthwhileness of the recommendations made from a financial investor’s perspective. It is done by reviewing recommendations put forward by the ICAEW and analysing if each of the disclosure recommended is worth the effort while putting in perspective what effects these recommendations have on professional investors who are one of the primary users and consumers of financial statements. The report contains information mainly from the ICAEW report and the CFA institute report

This standard outlines the presentation of financial statements for general purpose financial statements, in order to ensure that there is compariablity between the entities reporting periods as well as between other industries reports. The standard discusses the minimum requirement for reporting content and guidelines for the structure in which it is to be set at. Paragraph 117-124 distiguishes the disclosure of accounting policies in relation to judgement. Management’s judgement made in applying accounting policies that may have effected significant amounts found in financial statements and the financial position. Seen in paragraph 125-133 ‘Sources Of Estimation Uncertainty’, it is vital that entities disclose the key assumptions made regarding future prospects and other uncertain estimates that are used in identifying carrying amounts of assets and liabilities. Along side this, the nature and carrying amount must be disclosed at the reporting date.

The purpose of this research report is to understand of two important concepts from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this report, Myer Holdings Ltd is as an example to describe these two concepts. This report includes the analysis on whether the disclosure of PPE from Myer Holdings Ltd meets the requirements of AASB 116, especially the requirements of objective

The word Confidential means “Entrusted with the confidence of another or with his secret affairs or purpose; intended to be held in confidence or kept secret

This case uses a small business as its setting so that students can visualize the business's activities, and so questions of generally accepted accounting principles will be essentially irrelevant. In fact, a shift the student needs to make as he/she begins Part 2 of the book is to think of accounting primarily in terms of its usefulness to a company's management, rather than in terms of reporting to shareholders and other outside parties. Because of the differing focus of Part 1 of

When working with children or young adults the practitioner needs to be aware of the current legislation, as they may affect how they work. It is always very important to recognize that every child is unique and respectful to their human rights. The practitioners need to read related publications as the legislation constantly under reviewed. According to the every child matters (England 2003) based on the children act 2004, the green paper stresses the importance of more of integrated services and they sharing of information between the professional. After the tragic case of Victoria Cimbie, this legislation has been into effect, where there was no communication between the health and social worker.

The analysis presents the impact of financial accounting regulations on business in Australia. The first part of the analysis provides the aim of financial accounting regulations and a brief discussion about different governing regulators in Australia along with their specific responsibilities.

Main Features of this Pronouncement Application Date This pronouncement makes amendments to the Framework for periods ending on or after 20 December 2013, with allowance for earlier application. AASB CF 2013-1 4 PREFACE  Main Amendments This pronouncement replaces the guidance in the Framework on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information with, as an integral part of the Framework, the Appendix: Objective and Qualitative Characteristics.

Cotter, J. (2002). Lecture 3. Regulation of Financial Reporting in Australia. Slides 12-13. (Online slides)

This paper explains different types of accounting phrases and how they directly affect the accounting field. Phrases which are included and defined in the paper are Generally Accepted Accounting Principles, Contra-Asset Accounts, Historical Cost, Accrual Basis vs. Cash Basis Accounting, and Accounting Standards Codification. Definitions and examples of these terms are included as well as explanations of how they are important to financial statements. The financial statements of Samsung, Lockheed Martin and RTL Group will also be examined. Their financial data will be dissected in order to understand their success and highlight their operating activities.

An insurance contract has been defined by Ivamy (1996) in “as a contract whereby one person, called the Insurer, undertakes, in return for the agreed consideration, called the Premium, to pay to another person, called the [Insured], a sum of money, or its equivalent upon the happening of a specified event.” This basic premise explains the foundation and reasoning as to why insurance contracts exist. Within insurance contracts are distinguished responsibilities that the insured and insurer need to follow in order to uphold the integrity of the Insurance Law Reform Act 1977. This Act however is arguably poorly constructed for present-day cases with particular vagueness surrounding the insured’s duty of disclosure and defining what a reasonable insured would define to be material. This report will define the duty of disclosure, identify current issues and criticism of the current duty of disclosure test, while making reference to the important judgment in the case of State Insurance v McHale (1992) and lastly assess the benefits and drawbacks of moving to a disclosure test which takes account of what a reasonable insured would believe is material.

Financial statements are used to track performance and explain differences in multiple companies (Melicher & Norton, 2013). The information available on these reports is important to have if you run a company, or are researching it for investment purposes. These statements can show where money could have been saved, or used in a different way. They are a useful tool for management to adjust their approach as needed. There are different industries, which results in a variety of assets, liabilities, products, services, and approaches to producing profit (Melicher & Norton). There are large and small companies and financial statements provide a way to research and, or compare them. The following will discuss financial statements, including income statements, balance sheets, and statement of cash flows.

The three main sources of accounting regulation are (a) companies legislation (Corporations Act 2001); (b) Australian Stock Exchange listing regulations; and (c) accounting

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.