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current issues in financial reporting - Essay Example
Finance & Accounting
Pages 5 (1255 words)
Name: Tutor: Course: Date: University: Introduction The transformation of information-based economies to knowledge based requires the procedures that relate to the accounting, management and finance. The increased growth of the service organizations in UK has shifted their focus towards the employee empowerment…
549-586). This paper explains the importance of financial reporting in organization, and gives the reasons for and against capitalising human resources in the financial statements of a company. Discussion Financial reporting entails communication of useful financial information for making credit, investment and other decisions in business. Reports to the stockholders on quarterly and annual basis, financial statement notes, prospectuses on issuance of security and common stock, and the external financial statements, like the income statements, stockholder’s equity statement, cash flow statements and the statements on stock equity. Financial reporting enhances delivery of information to the shareowners and lenders in business; it is usually component of the essential contract between them since they have the right to know the spending of their money and the returning profits (Ballweiser, 2004). In UK, big changes in financial reporting are under the Financial Services sector. The Accounting Standards Board, ASB issued exposure drafts that detail the proposals for financial reporting in UK. ...
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