Financial System Of Telecommunication Industry : Mahindra Comviva Essay

Financial systems are very important in generating current financial position of the company. This is through the use accounting procedures and principles which are used in the preparation of accounting records. The current status of accounts shows changes which had been made foe every disbursement (Watson and Head, 2012). The accounting systems such as automated management system ensure that the company receives instantaneous feedback. This reduces the errors which could have been reflected in the financial statements by correcting accounts which fails to balance or in case of over distribution of resources (Jones and Atwal, 2009). The availability of financial resource management systems also is important in producing accurate financial reports which reflects true states of affairs and therefore the users of the financial statements can rely on them for decision making.

GAAP (Generally Accepted Accounting Principles) determine the content and format of financial statements. SEC (Securities and Exchange Commission) requires publicly traded companies to issue annual audit. Concerns are about adequacy of disclosure; and behavioral implications are secondary.

Accounting standard are the accounting rules that accounting entity need to follow in reporting the financial statement.Accounting standard concerns with how assets and liabilities should be measureed in identified in the statements. Traditionally each country develop it own standard. In Australia, every business entity need to follow the Australia accounting standard which is set by Austrailia Accounting Standard Board (AASB). Here are the two accounting standard set by AASB:

As accountants and auditors, we are held to, and must comply with, two standards of professional conduct. Those standards are generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS). GAAP enforces the uniform standards for preparing and presenting financial statements. GAAS governs the ways and means are used by public accountants when conducting an audit. GAAS establishes the standards for field work and mandates that sufficient evidence be found to provide reasonable assurance for issuing an audit opinion.

Knowing the status of your company in every single area will allow you to improve your performance and developed strategies with a solid background for a successful operation. In the financial department of every company different kind of data and report to provide the information needed is used. Without that information financial manager,

GAAP is an acronym for Generally accepted Accounting Practices. These a common set of accounting standards, principles and procedures that are used by companies while compiling their financial statements. A combination of standards set forth by policy boards and the commonly accepted ways of recording financial information, GAAP is deemed necassary or companies to generate investor confidence. Any fundamental investor looking at a company for long term prospects looks for consistency in the financial health. By insisting that companies adopt GAAP, the government is able to provide Financial statements with a minimal level of consistency to potential investors. This ensures that important factors like balance sheets and

Generally Accepted Accounting Principles (GAAP), are guidelines that allow each accountant supervision upon financial reporting. It stimulates a cohesive environment to comprehend all aspects of finances in various business. The standard that FASB has worked identifies the sources of accounting principles and the blueprint for choosing which principle to use in the preparation of financial statements. According to Intermediate Accounting Wiley, the standard categorizes the major sources of GAAP consist

Kotak Mahindra Common Store (KMMF) oversaw by Kotak Mahindra Resource Administration Organization Ltd., is a completely possessed auxiliary of Kotak Mahindra Bank Ltd. Kotak Mahindra Common Store initially dispatched its plans in the year 1998 and from that point forward it has become colossally throughout the years. Today it has over a 7.5 lakh speculators. The organization is available in 76 urban areas and has 79 limbs. It additionally has worldwide business locales at New York. It additionally gets the credit of dispatching a standout amongst the most imaginative plans like Kotak Overlaid and offering Kotak bond Store Connected with Free Life coverage.

Part I. There are a number of different concepts that will help to understand what financial statements are and the role that they play in the American financial system. The first important concept is that of Generally Accepted Accounting Principles, or GAAP. The GAAP are the established guidelines for the creation of financial statements. The GAAP applies specifically to public companies, although a number of private companies and not-for-profit organizations will also use the GAAP system. What these guidelines do is that they ensure consistency between financial statements. Investors can rely on the fact that these statements have been produced according to the same set of rules. This consistency makes the statements more reliable. Having reliable statements is central to the financial system, because it encourages investors to put money into the system by making them feel safe. Investors feel safe with the GAAP system because the statements follow the principle of accurately portraying the financial condition of the company.

Every company is a little bit different from the last. They produce different products, or provide different services. Some companies are small town corporate start-ups, while others are giant national mega-conglomerates. Amidst all the potential differences, however, there is one large similarity. The Generally Accepting Account Principles (GAAP). When it comes down to it, all companies are playing by the same rules. Some rules can apply more to one company than another, but everyone uses the same rulebook. GAAP tells a company how to record, calculate, explain, or present anything and everything that could ever possibly occur.

Revenue is usually the most significant item reported in a company’s financial statements. With bottom lines and cash flows being very important, not only is the company’s reported revenues significant in dollar buy also in weight and importance to the people or business that are investing in them. Revenue recognition is an accounting principal, through GAAP (Generally accepted accounting principles), that verifies the specific conditions under which revenue is recognized or accounted for. Revenue is recognized when a specific event has occurred. To investors, this is the most important way to see how a company’s performance is. This principal

Generally accepted accounting principles (GAAP) consist of various rules and principles which are used for

Accounting standards offers standard ways of recognising, measuring and presenting financial transactions. Any change in standards will affect the reporting of an enterprise and its comparison of results over a number of years.

Using knowledge so far to find out the problem in financial management of any company at home or abroad, give explanation and find out the lesson behind. (Report of 1500-2000 words).

There are two parts of Accounting Standards which are accounting principles and methods, in order to contemporize elementary accounting fundamentals and approaches for sustaining appropriating social development of books and readying for financial reports.