Financial Reporting - Assignment Example

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Financial Reporting

The involvement of the all stakeholders, the identification of the economic status, financial identification and effective transmission of the components of the financial reports outlines the main characteristics of effective and good quality financial reports (Helen and Gary 2001, P. 57). Although conventional financial statement systems are still effective in providing financial reports in an organisation, the adoption of contemporary financial reporting techniques and policies have proved to be more valuable and cost-effective. Organisations provide financial reports to facilitate the successful creation of practical regulatory policies and for procurement authorisation. To address the issues of finance reporting extensively, International Trade Organisations have developed various policies aimed at harmonising the global financial reporting process for the benefit of global economic development. One such initiative was the formation of International Accounting Standards (IAS 10) to harmonise accounting practices across the globe. ...Show more

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FINANCIAL REPORTING Institution’s name: Introduction Finance reporting is a collective term for social, political, and economic progress of an organization. As a result, the single-most effective technique for global development is the creation of a valuable financing reporting policies and ideologies…
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