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Assessment of recent developments in financial reporting - Essay Example
Finance & Accounting
Pages 9 (2259 words)
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…
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. ...
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