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Financial statements advice to Sparkle Plc. Finance and Accounting, - Essay Example

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Financial statements advice to Sparkle Plc. Finance and Accounting,

That means the presence of such information would be useful and surely enhance value and goodwill of the company, but it is up to the decision of the directors. To support the significance of such information, theories of concepts are also explained. The recommendations included are from the perspective of a financial account which is responsible to advice the directors of Sparkle Plc. Table of Contents Executive Summary 2 Introduction 5 Research and Discussion 6 Compulsory Information 6 Report Summary 6 Management Commentary – IFRS Standards 6 Auditors Report 7 Directors Report 7 Directors Remuneration Report 7 Circulation of the Annual Report 8 Website 8 Voluntary Information 8 Ethics 10 Corporate Governance 10 Discussion – Theories and Concepts 11 Conclusion and Recommendation 12 References 13 Introduction A comprehensive report which contains the activities, financial and non-financial performance evaluation statements of the company is called the Annual Report. The annual report is prepared to give the stakeholders of the company, mainly the shareholders an elaborate and transparent view of the company (Friedlob, and Welton, 2008, p. 3). It is also essential in attracting prospective investors to make investments. The annual report not only contains the financial statements such as income statement, balance sheet, or cash flow statements, but also other reports such as director’s report, auditor’s report, corporate social responsibility information, etc. In short, the annual report contains company’s business functions, products or services, sources of finances and resources, human resource involvement, countries of operation, responsibilities and contribution towards society, performance in terms of revenue generation, financial and accounting standards that it follows, and future goals or objectives structured for the next year (Thomsett, 2007, p. 5). This report is Sparkle Plc., a company which deals in cleaning products. Sparkle Plc. want to prepare their annual reports to attract more investors and also present a transparent image to their existing shareholders. The board of directors of the company already has the idea that the annual report would include the financial statements of the company. However, as discussed it is not only the financial statements that are important because many investors do not and cannot assess the financial health of the company only through revenue figures. So this report would include a detailed analysis as to what information should be included to make the annual report of Sparkle Plc. complete and appropriate to the shareholders and potential investors. Research and Discussion This section of the report would include the information that should be present in an annual report according to the Company Act 2006. The information can be segregated into two divisions: a) compulsory information, and b) voluntary information. Compulsory information are those which have to be mentioned under the Company Act 2006, while voluntary information are those which are not compulsory but can be mentioned to present a better image of the company. The discussion in this section would include various theories like agency theory, legitimacy theory, stakeholder theory, or relativism/ ethnocentrism theory, for explaining the reasons behind including the above stated information in the annual report. Compulsory Information The compulsory information contains the information required under the Company’s Act of 2006. Report Summary The report summary page in the annual rep ...Show more

Summary

This study aims to advice Sparkle Plc. and its board of directors regarding the information that should be included in the annual report of the company along with the financial statements. …
Author : igerhold
Financial statements advice to Sparkle Plc. Finance and Accounting, Essay essay example
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