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Financial Accounting. Relevance and Reliability.
Finance & Accounting
Pages 14 (3514 words)
The main objective accounting policies and standards is to produce fair valued accounting information that is reliable and relevant to the purpose of the financial statements. Financial information of any company is presented in financial statements. …
Financial information of any company is presented in financial statements. Financial statements are the main components of company’s annual report. These statements need to have fairly representation of the financial details which is responsible for the decision making process of the investors, suppliers, creditors etc. relevance and reliability are two most important characteristics of financial statements of any organizations. These two factors determine the quality of financial statements. The main purpose of the financial reporting is to provide fairly valued and audited financial details of company for its stakeholders. According to these settlements the actual; worth, performance, profitability, growth rate etc are determined. ...
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