We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Analysing Financial Information - Essay Example

Comments (0) Cite this document
Summary
ANALYSING FINANCIAL INFORMATION Table of Contents Regulation of Accounts in UK…………………………………………………………….3 Fundamental qualitative characteristics as laid out in the International Conceptual Framework……………………………………………………………………5 References…………………………………………………………………………………7 Bibliography……………………………………………………………………………….9 Regulation of accounts in UK Accountancy can be defined as a process of bookkeeping of financial transaction records in order to help communicating it to the stakeholde…
Download paper
GRAB THE BEST PAPER
Analysing Financial Information
Read TextPreview

Extract of sample
Analysing Financial Information

External reporting of accounts through various financial statements is regulated and must comply with various legal requirements as well. Accounts must be regulated in order to provide a true and fair view of the affairs of any business concern. Compliance being the most important issue, every financial accounts prepared by any domestic company in UK must comply with the Company Act. Regulation of accounts and accounting procedures helps the stakeholders of the company like the investors, consumers, etc. to gather information about various financial aspects of the company which can help them in various decision making process. Not only this, regulated accounts can help in detecting various anti-competitive behaviour like unfair cross-subsidisation etc. Moreover it helps in comparative competition. Also the financial health of a company can be monitored using regulated accounts. (Chief executive of Ofgem et. al, 2001, p.3) Generally Accepted Accounting Practice, a compilation of accounting practices that help in guiding the company accounts in UK, entails how to prepare company accounts in UK. Accounting Standards Board (ASB) is the primary source of Accounting Standards out of many and it can be said to be the standard-setter in this case. ASB is also in charge for setting the Financial Reporting Standards (FRS). ASB is once again a part of Financial Reporting Council (FRC) which has replaced the Accounting Standards Committee (ASC) in 1990. Urgent Issues Task Force (UITF) assists the ASB in dealing with matters which requires clarifications or changes in practice of accounting due to non-compliance with existing legislation or standards. Financial Reporting Review Panel (FRRP) is the other part of FRC which has the responsibility of enquiring about the company accounts where there is a sign or indication of violating the Companies Act requirements. (Bebbington & Song, n.d, p.74) The principle legislation that governs the reporting of company accounts in UK has been stated clearly in the Companies Act 2006. Companies Act 2006 also incorporates the requirements of the law in Europe. Initially Companies Act set out the reporting requirement for companies in UK which were limited by extent. In 2005 however, certain changes were incorporated in the European law. It stated that all listed companies in Europe would report as per the guidelines of the International Financial Reporting Standards (IFRS) while the non listed ones were given the option of reporting either under IFRS or as per the norms of GAAP. Domestic companies of UK whose shares and other securities are listed on the London Stock Exchange, are required to comply with the regulations issued by UK Listing Authorities (UKLA) along with UK GAAP. Additional requirements for domestic companies are included in the Listing Rules, such as additional disclosures about directors and corporate governance. International Accounting Standards (IAS) can now become law in the European Union (EU) with the process set up by the regulation. The regulation only ... Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Analysing Financial Information Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/57966-analysing-financial-information
(Analysing Financial Information Essay Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.net/finance-accounting/57966-analysing-financial-information.
“Analysing Financial Information Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/finance-accounting/57966-analysing-financial-information.
  • Cited: 0 times
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Financial Information: Coursework Assignment
The company offers a huge range of products including food items, general merchandise, accessories, household items, and electrical products. In addition to its core business the company also provides financial services including insurance and retail banking.
5 Pages(1250 words)Essay
Discrimination: Racism and Sexism
People within a community share a number of physical and behavioral traits that could make them distinctive and could help others in identifying the group with which they affiliate. When people have little or no knowledge about the customs and values of members of other groups they often identify that person by their group membership.
7 Pages(1750 words)Essay
Usefulness of a companys annual report and accounts in understanding and analysing its market, productive and financial performance
An annual report is an article prepared yearly by companies premeditated to depict fair and spot on view of the company’s annual recital. It also gives an audited statement of finances primed in accordance to the company’s regulatory requirements and edict.
5 Pages(1250 words)Essay
Recording, Analysing and Using HR Information
Generally, the value of an organisation is determined by tangible assets like money, equipment and land, intangibles like reputation, brand and people, who are increasingly becoming vital in this knowledge based economy. Organizations need to collect HR data because: The data helps the organisation identify the kind of HR management involvements that will accelerate business performance.
4 Pages(1000 words)Assignment
Financial and Management Accounting information
Management accounting is the process of identifying, recording, classifying, analysing and reporting of all cost aspects of information for management decisions, planning and control, performance evaluation, and even strategic purpose (Berry & Jarvis, 1997; Dyson, 2003; Glynn & Murphy, 1998; Wood & Sangster, 2002).
6 Pages(1500 words)Essay
Financial Information
The role of book values of companies is losing its importance as it tend to be usually lower than market value. The approach taken for accounting is past-oriented from the market value which denotes mostly the companies earnings and hence the difference. This occurs because for evaluation of the real value of a company it takes into consideration its earnings measured in money as well as other intangible and tangible assets etc., also unlike the market valuation.
3 Pages(750 words)Essay
Financial Information
Financial accounting information provides the basis on which managerial decision making is carried out. Hence, a company requires financial accounting data well before the management reports can be produced. However, the costing data and the related controls
2 Pages(500 words)Essay
Analysing Information System
The requirement analysis phase in the development of the information system holds prime importance. It is defined as the process during which the designers of the system study the corporation’s goals, investigate the existent and future competitors and
8 Pages(2000 words)Essay
Recording Analysing and using HR Information (CIPD CERTIFICATE)
s because they have to meet the legal standards such as Occupational Safety and Health Administration OSHA or any other regulatory body that governs the work of the organization (Dery, Grant, and Wiblen, 2006). Organizations need to keep some information in order to fulfill
4 Pages(1000 words)Essay
Analysing specific financial issues in Oxford Instruments PLC
Investors therefore need to perform the analysis of financial statements including performing ratio analysis to ascertain the financial health of the company besides gaining insight into the financial future of the company. Oxford Instruments Plc is a UK
5 Pages(1250 words)Essay
Let us find you another Essay on topic Analysing Financial Information for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us