Financial Report Essay

It define the scope of judgment in planning financial statements by formulate the characteristic, activity and restrict of financial accounting and reporting. It also increases different of financial statements by reduce the number of other accounting methods. If standards were come from a reasonable style of concepts. Likewise, reporting requirement will be more constant and fair because they will record accounting base on former set of concepts. Moreover, the setting requirement will be more economical because problem should not be discuss from different position. In additional, it help to reduce accounting common error and political

There are three kind of financial statements for companies which the content reflected different information. Among them, the first is the balance sheet, this statement reflects the financial situation of enterprises. For example, some of the listed companies wants to reflect good financial position in the statement, they will want to increase total assets, decrease accrued total liabilities, and then of course increase owners ' equity, making investors mistakenly believe the company has great investment value, thereby misleading public opinion and investors. Beside the balance sheet the other two financial statements are the income statement and cash flow statement. These two statements reflect the business situation of enterprises. The income statement is an important indicator to measure the performance of listed companies, it is closely related to the allotment and the profit. Therefore, in order to increase the profits of listed companies, they will have to Increase revenue, earnings, decrease expenses, costs and losses (Temte, 73). It helped increase tax evasion, embezzlement and other economic criminal activities. A large number of cases being investigated, all related to the accountants making the fake accounting entries. Therefore, the accounting credibility loss has restricted the development of the market economy. In a business, accountant often times handle the tax problem, so if

The purpose of this report is to research the accounting and reporting standards of the Financial Accounting Standards Board (FASB) and report the impact FASB may have on our company. The following research explains the history and purpose of FASB, the accountability requirements on public corporations, the effectiveness of FASB in setting standards in order to improve financial reporting in the public

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

This paper will be aimed at comparing and contrasting governmental (GASB) which is Governmental Accounting Standards Board and proprietary (FASB) which is Financial Accounting Standards Board accounting. It will explain the objectives of the two standards boards and how they are similar and different. Last it will describe how the modified accrual basis of accounting differs from full

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 information reflected in the financial statements actually is expected to be of high quality and useful to support the quality decision-making of market stakeholders due to the far-reaching and very costly consequences. It is important in this context to properly identify and discuss the user needs and thereby we refer to the actual requirements of all information users amongst them the management, which uses the financial information to steer, regulate and co-ordinate the business.

Total assets at the end of its most recent annual reporting period? Why is this important?

General Purpose Financial Reports can be defined as a financial report which is made with the intention to meet the need of information common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information needs (Statement of accounting concept – 2, Page – 5, paragraph – 4). In simple words, the users who do not have necessary power to demand financial statements from a company specifically depends on the information given in the general purpose financial reports. Under the Conceptual Framework released in 2010, the primary users of the financial reports are mentioned as

The following report is an analysis of the consolidated accounts for Hallenstein Glasson Holdings Ltd (HLG) based on the 2013 financial statements and the ratio analysis is based on the group account figures. The terms of this report is to firstly, determine the strengths, weaknesses and prospects of HLG and secondly, to determine if the shares are favourably priced?

Indubitably, the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) create and are sets of, respectively, governing bodies in today’s business world. FASB and IFRS both are constantly updating to meet and accommodate the ever changing world presently. Changes are not easy, but necessary to keep up with reform and accommodate a setting of efficiency and meet the demand of prosperity. Such reforms are prudent in order to better harmonize the accounting world and create less conflicts in reporting issues. FASB main focus is to help create generally accepted accounting

However, it must not be ruled out that the basic financial statements are similar to those of the IFRS standard (Epstein & Jermakowicz, 2010). The FASB conceptual framework bears a marked similarity to the IASB framework which works to effect efficient preparation and presentation of financial statements. It is under this framework that convergence with the IFRS is promised. However, there exists a comprehensive guide in view of financial statements in terms of preparation and presentation in the IFRS standards. There is also a minimum point identified for the identification of all items in the financial statements. In the IFRS, both the FASB and IASB frameworks are essential in the preparation and presentation of financial statements. However in these IFRS standards, the IASB is less detailed. Convergence with the GAAP is also promised.

In module 2 case study I am to do the following understanding financial reports and continue to review the financial statements of Merck and Novartis to learn additional information. The emphasis of this Case is to review the income statement, balance sheet and computation of ratios. Review the financial statements for the companies and answer the following questions for the last reporting year:

 Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all

The presentation of financial accounting information is governed by a combination of legal requirements and accounting regulations and conventions. Different types of business entities are governed by different requirements for the preparation of financial statements. Discuss the different elements of financial statement and support