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International corporate reporting issues - Essay Example
Finance & Accounting
Pages 12 (3012 words)
International Corporate Reporting Issues Faced By Diageo Table of Contents 1 Table of Contents 2 Introduction 3 Identification and Explanation of Six Qualitative Characteristics of Accounting Information 4 Relevance 5 Faithful Representation 5 Comparability 6 Verifiability 6 Timeliness 6 Understandability 7 Company Profile 7 Three Areas Extracted from Diageo’s Balance Sheet 8 Taxation 8 Brands, Goodwill and Other Intangibles 10 Post-Employment Benefit 11 Qualitative Characteristics and Critical Evaluation of Their Application 12 Conclusion 14 References 16 Bibliography 21 Introduction The roles of International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB) …
Literally, the differences in the financial reporting system in varying countries have acted as an obstacle in the integration of national economy with global economy (Verschoor, 2011; Alexander, Britton & Jorissen, 2007). Thus, in order to deal with these challenges, IASB and FASB together have been duly engaged in promoting harmonization of financial reporting systems (Whittington, 2008; Mogul, 2003). Emphasising on these aspects of the international accounting standards, this paper intends to identify and explain the six major qualitative characteristics of accounting information. Furthermore, this paper aims to evaluate the application of these qualitative characteristics by Diageo plc focusing on three particular areas. ...