The Presentation And Disclosure Of Information Essay

Upon reviewing your post, the insights I gain are the importance of companies following the rules and regulations enforced by The Securities and Exchange commission (SEC). In addition to the (SEC) financial accounting are also monitor by the Financial Accounting Standards Board (FASB) regulate the financial statements issued to shareholders. Zimmerman, J. L. (2014). I also realized the importance of companies making certain that the financial information posted, is accurate. By doing so, they help others such as stockholders and investors to make decisions that will be most beneficial to them.

The act requires management to disclose all material information or changes within their accounting processes. By requiring senior management to review the reports they are held accountable for the financial accounting of the firm, and procedures to prevent employees and other members within an organization from committing fraud or theft and management is legally responsible if material misstatements have been made. By making management accountable then they are less likely to commit fraud if faced with jail time. Management and stockholders frequently have different goals. Management often wishes to expand and use the company’s assets in different ways than a stockholder. Management’s accountability of the financial reports often helps encourage management to use company assets in appropriate ways. Disclosures were also a reduction in risk of fraud because all material information must be disclosed. By requiring this disclosure if a company’s net income increased this year due to a

The purpose of the Auditors report was to check the conformance of the Company financial report;

The goal of any publicly traded company is to make a profit. Many factors come contribute to the equation to achieve this goal. The most important factor is compliance with the Accounting governing bodies, such as GAAP (Generally Accepted Accounting Principles). As an accounting firm it is essential to review your financial statements for consistency regarding the accounting treatment of share-based payment and accounting

This case study analysis provides information obtained from Mainfreight Limited (MFT), regarding the presentation and disclosure of information in the financial statements, the accompanying notes and accounting policies of MFT Ltd for the year 2014. This essay will pay specific interest to the application of the conceptual framework of accounting to the relevant Accounting Standards (NZ IAS 1, NZ IAS 7, NZ IAS 8 and NZ IAS 10). The report will comment on why it is essential to regulate external financial reporting by Mainfreight. The second part will discuss the role of conceptual framework to accounting standards in external financial reporting in New Zealand. Thirdly, analyze the relevant accounting standards prescribe to the presentation and disclosure of information in the Statement of Changes in Equity. Fourthly, the extent of application of management judgement for the estimates for items disclosed to Mainfreight financial statements. Lastly, comment on some issues that ascend from application of management judgements in which, items are disclosed in the financial statements.

It is very important that users of financial statements such as a company’s managers, stockholders, bondholders, security analysts, suppliers, lending financial institutions, employees, labor unions, regulatory authorities, and the general public (Gibson, 2013, p. 1) know the importance of a financial statements’ performance. But, what are these internal and external stakeholder groups using the financial reports for? According to Gibson (2013), they use the financial reports for making business financial decisions (p. 1). Potential investors use financial reports on whether to but stock, suppliers use financial reports on whether to sell merchandise to a company on credit, labor unions use financial reports to help figure out their demands when they make an agreement for employees, and last management use financial reports to resolve a company’s profitability (Gibson, 2013, p. 1). A good example, if anybody plan on having more than one hundred participants, a financial statement and a Form 5500 must be submitted to a Certified Public Accountant for audit (Reinhardt, 2014, p. 47). The audit will perform everything according to Generally Accepted Auditing Standards (Reinhardt, 2014, p. 47).

“Accounting is the information system that identifies, records, and communicates the economic events of an organization to interested users” (Kimmel, Weygandt & Kieso, 2007, p. 6). The interested users are considered to be the internal users, who use the accounting information to manage, and operate a business – finance, production, operating and marketing officers – and the external users, who use the accounting information to make decisions on stock, for risk evaluation of extending credit and loans, and to see if the organization is complying with the tax laws – investors, creditors, consumers, and tax authorities. The internal and external users use the accounting information system to keep track on the various activities of a business – operating, investing, and financing – that is communicated through a business’ financial statements – balance sheet, income statement, retained earnings statement, and statement of cash flows. For organizations that are publicly traded in the United States, an annual report along with the management discussion and analysis (MD&A), notes to the financial statements, and an auditor’s report must be provided to

1. Financial (Substantive) Audit: A financial audit is an independent, objective assessment of an organization 's financial reports and financial reporting forms. The primary purpose for financial audits is to give regulators, stakeholders, administrators, and managers rational assurance that financial statements are precise and complete. The purpose of a financial statement audit is to add believability to the reported budgetary position and execution of a business. The Securities and Exchange Commission

One purpose of financial reporting is to provide information that is useful in making business and economic decisions for internal and external users. The measurement plays a vital role in preparing a reliable and fair report cause it determines how the report shows the entity’s financial position and performance.

The enclosed financial report is meant to be an exhaustive and objective summary of the financial results of Oxford Instruments PLC, as presented by Moorcroft and Gladstone, LLP. This report is sectioned into three major parts. The first part will fixate on four key performance indicators and the associated trends of those indicators over the last five years. These indicators will be compared to the explanations and justifications offered by Oxford. Two of those indicators will be ratio-based. The second section will focus on two accounting policies, with justification, pertaining to the preparation of the company's corporate reports and whether/how the company's explanation of the accounting practices can be justified and are on the level. The third and final section will cover the importance of ethical accounting standards and how they lead to quality and accurate financial reporting.

Regulation of accounting information is designed to ensure that users of financial statements receive information that will allow them to make meaningful decisions regarding their interest in a reporting entity (Kermis & Kermis, 2014). The Financial Reporting Act 1993 applies to all reporting entities (Deegan & Samkin, 2013) meaning it is important to comply with the generally accepted accounting practice (GAPP) and recognise the true and fair view of the financial statements.

Financial reporting is a report which is reflects the financial position of the enterprise and operating results. It is including the balance sheet, income statement, cash flow and statement of stockholder’s equity. (Averkump, n.d.) The financial reporting uses by the external factors like investors, creditors and so on. The purpose of financial reporting is evaluating and predicting the result which is about the financial status, ability to repay, operating results and earnings of the company. It can help the external users to make better decisions. So the general financial reporting should use the statement of accounting concepts and accounting standards. It is more comfortable for the reader to read it. Reporting entities are all entities in respect of which it is reasonable to expect the existence of user dependent upon general purpose financial

Accounting standards have up to 35 sections applicable to the UK and Ireland. These sections, each address a specific area of accounting. The consolidated financial statements of listed groups are required by the IAS regulation to be prepared under EU-adopted IFRSs. However, qualitative characteristic are also important in the context of the choice and change of accounting policies by firms, there are various qualitative characteristics of useful financial information and they are Relevance Materiality, Faithful representation, Comparability, Verifiability, Understandability, and Timeliness. Although they are all important for financial information they are a few that must be considered very important. There are different users of this framework and they have different reasons as to why they need information from the financial statement.

A company prepares financial statement to provide information about its financial position and performance. This information is in turn used by a wide range of stakeholders (such as investors, banks, customers, suppliers etc) in making economic decisions with respect to respective economic interest in the company. Typically, in terms of ownership by investment in shares of the company, shareholders though own the company but do not manage it. Therefore, the shareholder and other such stakeholders to get comfort in taking sound decision need independent assurance from the auditors that the financial statements reflect true and fair view of the company affairs in all material respects. Hence, in order to enhance the level of

This research will determine the nature of information that must be displayed by computer in order to enhance human insight problem solving in ISR and C2 applications. Insight problem solving refers to the sudden realization of a successful problem solution, typically involving a non-routine problem, following an impasse—the time period when no solution seemed obvious. Virtually all of us have experienced insight at some time in our lives, including world-class problem solving by famous scientists and mathematicians (Wallas, 1926). Insight can be seen as a form of intellectual ability. That insight can occur with important real-world problem solving makes its potential enhancement all the more critical for ISR and C2 applications because non-routine problem solving is the norm (e.g., A2AD situations).