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Financial Accounting Coursework
Finance & Accounting
Pages 9 (2259 words)
Financial Accounting Coursework Table of Contents TASK- A 3 Introduction 3 The Regulatory Framework for Financial Reporting 3 International Accounting Standards (IAS) 4 Conclusion 6 TASK- B 7 Ratio Calculation of an Engineering Business 7 Ratio Analysis 8 Liquidity Ratio 8 Profitability Ratio 9 Efficiency Ratio 10 Gearing Ratio 12 References 15 TASK- A Introduction Steady improvements have been seen in the quality of financial reporting since the last twelve years.
It was also decided that the auditors would also have to follow the International Standards of Auditing (ISA), so that it would be easier to analyze the financial statements of the company on a global platform. The objective of this study is to discuss the improvement in the quality of information that users of financial statement get in IAS environment. Developing a strong accounting system is of significant importance because ability of the investors and the banks to calculate and assess the financial strengths and the performances of the companies depends on the transparent corporate accounting system. There should be mandatory consolidation of accounts along with the subsidiary accounts for ascertaining the true profitability. There was lack of segmented reporting of income, other disclosures, extent of deferred tax liabilities, etc. These were few reasons for which a common accounting standard was introduced. The Regulatory Framework for Financial Reporting All the companies in UK have to comply with the company laws regardless of its size. ...
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