Explain how to encourage high quality of financial reporting.

Q: What are the two fundamental qualitative characteristics identified by the Financial Accounting…

A:

Q: advantages of financial accounting

A: Answer are as follows

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: Financial information must be relevant for the decision making by the management and all other…

Q: ality

A: XBRL is a global not-for-profit collaboration that governs an open international standard for…

Q: What are the two essential characteristics of usefulfinancial information? What other…

A: Financial information: Financial information refers to the data of the transactions that are…

Q: Describe the techniques used by financial analysts to transform financial information into forms…

A: Users of financial information: People who rely on accounting information to make best decisions or…

Q: Explain the role of the auditor in the financial reporting process.

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: How can the tools in assessing accounting quality assist financial analyst

A: The value of financial accounting is primarily defined only by its quality. The core premise of…

Q: What are the benefits of financial reporting?

A: Financial reporting is a detailed record of all corporate activities, including costs and profits,…

Q: Explain factors that encourage high-quality financial reporting.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Explain why financial statements are important to the decision-making process in financial analysis.…

A: Accounting is defined as a system of finding, measuring, reporting, evaluating, and documenting the…

Q: Describe the difference between rules-based and principles- based financial statements.  Which do…

A: SOLUTION ACCOUNTING IS THE SYSTEM OF RECORDING SUMMARIZING BUSINESS AND FINANCIAL TRANSACTIONS AND…

Q: What are the advantages of regulation of financial reporting?

A: Financial reporting refers to the disclosing of communicating the financial statements to the…

Q: Discuss the techniques used by investors and managers to analyze financial statements?

A:

Q: Choose the correct statement about objectives of Financial Management:

A: Answer: option (c) timely payment of wages and fair settlement with suppliers is a social objective…

Q: Describe major challenges in the financial reporting environment.

A: Financial reporting environment: Financial reporting is the procedure used to communicate the…

Q: The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s…

A: financial statement should have sufficient information in relation to quality and quantity so as to…

Q: Give some suggestion to enhance  the qualitative characteristics of financial statement that would…

A: Financial statements are the main source to disclose the profitability and condition of the business…

Q: f relevance, reliability and comparability identified in the IASB’s  Framework for the preparation…

A: Present and future investors, workers, lenders, suppliers and other trade creditors, consumers,…

Q: Discuss the scope and application for smes standard in financial reporting

A: Introduction: Financial reporting is a standard accounting method that utilizes financial statements…

Q: Explain the scope and enbironment of financial management

A: Finance is an indispensable part of any organization. Without finance it is difficult for every…

Q: why ethics is important in reporting financial statement?

A: Ethics are the moral principles which a controller should follow while reporting financial…

Q: What qualitative characteristic defines, the underlying influence in the preparation of financial…

A: Going concern represents that the company would prepare its financial statement with the intention…

Q: Which of the following pars of items are the two fundamental qualitative characteristics of a useful…

A: Qualitative Characteristics of financial statements are the attributes with which the investors to…

Q: Write a report on updated version of conceptual framework  for financial reporting

A: The conceptual framework is a systematic structure for reporting financial information according to…

Q: Explain into detail some of the difficulties associated with the financial system.

A: Financial system is the system developed or created by various financial institutions such as banks,…

Q: ps have been taken recently to promote greater accuracy and reliability of information concerning…

A: Step 1 An asset evaluation is the general process of determining the economic value of an entire…

Q: What is the most simple lessons you have learned about financial analysis and report?

A: Financial analysis refers to analyzing the financial and economic position of the company through…

Q: Explain what is meant by relevance, reliability and comparability and how they make financial…

A: The financial statements of the business include the income statement and balance sheet of the firm.…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: a) An example where information is relevant but not faithfully represented - Merchandised Inventory…

Q: Assess the objectives of financial management and the role of different stakeholders in the…

A: Financial management refers to the role which financial managers play in an organization with the…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: The Financial information should be provided to outside users for their benefit. So it is mandatory…

Q: Is externally reported financial information always preciseand accurate?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explain why financial planning is important and why regular review meetings with the financial…

A: An individual has different options to make investments, and the motive behind investments is to…

Q: dentifying the different types of technologies used by MNCs in Financial Reporting.

A: INTRODUCTION: Financial Reporting is noting but the financial statement of a company or an…

Q: What are the commonly accepted goal of financial management

A: In a nutshell, financial management means that if you save me today, I will save you tomorrow. In…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: Accounting principle: These are the guidelines that are to be applied while preparing accounting…

Q: Describe the kinds of activities that financial management involves.

A: Financial Management is all about the management of the financial aspects of a business. Management…

Q: ‘Financial intermediaries are vital to a well-functioning financial system’. Critically analyse this…

A: Financial intermediaries are intermediaries between a service provider and the customers acting as a…

Q: dentify the objective and qualitative qualities of financial reporting information and financial…

A: Answer: Concept Financial reporting information are the information that can be checked from…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.