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Advanced Financial Reporting and Regulation: Interim Financial Reporting - Coursework Example

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Advanced Financial Reporting and Regulation: Interim Financial Reporting

The IASB plays a significant part in assuring the global financial information is sent and received vividly to improve the financial statement users’ decisions. Overview of the relevance international accounting standard (IASB) The International Accounting Standards Board (IASB) was established in London England on April 2001. The board replaces the former International Accounting Standards Committee (IASC). The board is mandated to come up with International Financial Reporting Standards (IFRS). The IFRS replaces the International Accounting Standards (IAS) starting in 2001. Objective. In terms of objectives in the preparation of the interim financial reports, Barry Epstein and Eva Jermakowicz (2010) emphasised the IASB’s International Financial Reporting Standard (IFRS) no. 1 mentions the objective of the preparation of the financial statements is to “provide information about the financial position, performance, and changes in financial position of an entity that is useful to a wide range of users in making economic decisions such as an investor deciding whether to sell or hold an investment in the entity, or employees assessing an entity’s ability to provide benefits to them.” There are many users of the financial reports. ...
al., 2010;11). Underlying rationales and relation with conceptual framework. Mirza, Orrell, and Holt insists (2008) the underlying rationales and relation with the IFRS conceptual framework in the preparation of the interim financial reports is discussed under the topic of qualitative characteristics. First, the understandability characteristic focuses on making ensuring the readers of the financial statements can easily comprehend the financial reports’ contents. Second, the relevance characteristic requires that all financial information must have the capacity to influence the financial statement readers. The information should be relevant to the financial statement users’ current decision making activities, not prior to or after the financial statement user’s expected decision making process. There are other characteristics involved in the preparation of the interim financial reports. The reliability characteristic requires that all financial statement amounts must be free from material error. In addition, the financial statements must be prepared on a neutral basis. Neutrality means the financial reports should not be prepared or presented to favor one financial statement user or two or more users. Preparing a biased financial statement report is detrimental to the individual or diverse interests of one user or more than one other financial statement users. A neutral financial report must be complete or nearly complete in terms of the actual costs or materiality of the accounts listed in the Statement of Financial Position, income statement, and statement of cash flows. In addition, the preparers and presenters of the financial reports must exercise prudence when implementing the reliability characteristic ...Show more

Summary

The research focuses on the IASB implementation of the objective and rationales (including characteristics) to heighten the professional look of the financial statements in terms of usefulness to the financial statement users…
Author : jerald58
Advanced Financial Reporting and Regulation: Interim Financial Reporting essay example
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