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GlaxoSmithKline Finance and Accounting - Essay Example
Finance & Accounting
Pages 8 (2008 words)
GlaxoSmithKline Contents Contents 2 Introduction 3 Part 1 3 Accounting Concepts & Process 3 Part 2 7 Key Users of Financial Statements 7 Uses of Accounting Information 8 Conclusion 10 References 12 Bibliography 12 Introduction This project is divided into two parts…
GSK is a UK based MNC which its presence in the pharmaceuticals and consumer health care. The GSK group prepares its consolidated statements in accordance with the IFRS and the company’s financial statements follow the guidelines of UK GAAP. The second part includes the main uses and types of users of accounting information. It has been analyzed if the Group has provided sufficient and relevant information to enable the users to form an opinion about the Group’s financial health. The main area of investigation from its annual report has been the notes to financial statements as this present the policies and standards applied in the accounts’ preparation. Part 1 Accounting Concepts & Process There are many types of businesses in the world where all the businesses regularly need basic financial information about their operations. The function of keeping the records of that information and providing this financial information to the owners and other stakeholders is the prime objective of accounting. The financial information of an enterprise is essential for the accountability of its business. Therefore accounting serves as a link between the decision makers and business activities. ...
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