Assessment of recent developments in financial reporting

Assessment of recent developments in financial reporting Essay example
Undergraduate
Essay
Finance & Accounting
Pages 9 (2259 words)
Download 0
Assessment of Recent Developments in Financial Reporting Introduction The major purpose of financial reporting has always been to provide financial information in an accurate and transparent manner. Accurate financial reporting is one of the methods to track, review and monitor the financial performance of the company…

Introduction

This study will understand whether legal enactments and obligations are sufficient to perform financial activities in an ethical and logical manner. Drafting the financial reporting takes a lot of accounting knows how and also the thorough knowledge of legal obligations. The author of the study would lay emphasis on the accurate conduct of financial activities with guidance from the standards laid down by the accounting standards and the legal requirements. The need of these accurate financial reporting and also the critical evaluation of the effectiveness of the legal requirements in the preparation of the financial statements would be covered in the study. Finally, the study will conclude whether the legal requirements of the particular country are sufficient for the companies to perform the accounting and financial activities. International Accounting Standards Board &Financial Accounting Standards Board The establishment of International Accounting Standards Board, Financial Accounting Standards Board boards was in the year 1973 and was set for the primary purpose of formulation of regulations which would also help in the education of the users, stakeholders and management. ...
Download paper
Not exactly what you need?

Related papers

Financial reporting
Financial statements also provide an insight into whether the managers actually are carrying out their duty of stewardship or not. Managers however may not always act in best interests of shareholders as theory suggests that managers may take actions which may not result into increase in shareholder wealth. Such actions of the managers may therefore suggest that managers may not be fulfilling…
A literature review on Environmental Reporting
Basically, there are three types of environmental reporting that include involuntary disclosures, mandatory disclosure and voluntary disclosure (Porritt, 2005). Involuntary disclosure is whereby a company’s information about its environmental activities is disclosed without its consent and against its will. A good example of these kinds of disclosures is press and media exposes. Mandatory…
Recent Developments in Financial Reporting of one Country
Investors and analyst are also becoming global. It is very common practice for investors to hold portfolios with securities based in many different economies. Thus international financial institutions have expanded into many different markets and economies. A very good example is of the Big 4 audit firms operating all around the globe. Thus it becomes very difficult for these investors and firms…
Over Recent Decades, Developments in Company Law and Financial Reporting Standards Have Impacted Significantly on the Reporting
This paper focuses on the requirements of U.K. companies for representing financial statement while maintaining some accounting standards and company laws as well as the comparison of financial reporting standards of U.K with that of USA. The current requirements for the reporting of the financial performance of companies in the U.K. In June 2002 the European Union adopted the International…
Financial Reporting
Also, there is the problem that no one individual or corporation has full ownership of the earth, so it would be very difficult to account for. Even if some accountants did factor use of the earth into the accounts, there would likely be many more that would not do this. Accountants do have the expertise required because they understand how assets depreciate and also how to balance the economic…
Advanced financial reporting
Also, it includes comprehensive description of disclosures that ought to be given in an annual report that gives a transparent, true and fair picture of company’s performance to existing and potential investors. After this follows second question which focuses on comparison between voluntary and mandatory guidelines in respect of environmental reporting. It requires detailed discussion about…
Financial Reporting
The assets listed in Coca-Cola Company’s balance sheet are classified into two main categories, current and other assets. Current assets are divided into two sections, with the first one being cash and cash equivalents and short term investments (The Coca-Cola Company, 2013). All the other assets that do not make up part of current assets are the long-term assets that are listed individually. In…