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Corporate and Financial Accounting (Pdf)

   

Added on  2020-10-22

9 Pages2423 Words123 Views
FinancePolitical Science
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CORPORATE AND FINANCIALACCOUNTING
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Table of ContentsINTRODUCTION...........................................................................................................................4TASK...............................................................................................................................................4CORPORATE REGULATIONS.....................................................................................................4Functions of Financial Accounting and Reporting.....................................................................4TASK .............................................................................................................................................6ACCOUNTING STANDARDS SETTING:...................................................................................6TASK...............................................................................................................................................7List of items of equity of four companies :.................................................................................7Comparative analysis of debt equity position of four companies:..............................................9CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
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INTRODUCTIONCorporate accounting is considered as one of the specialised branch of accounting thatdeals with the accounting for the companies, preparation of their final account and otherstatements. In order to accomplish this particular project there are four companies which aretaken into account such as, Dark horse, Aeon, European lithium and Accent resource. A wellorganise research is done on the financial accounting and reporting that is maintained by themanager of the companies are discussed under this report. Apart from this, critical evaluation ofAASB in international accounting standard setting process is also being done properly. At last,items those are categories into the owner’s equities of the mentioned companies are examineaccordingly (Schaltegger and Burritt, 2017). TASKCORPORATE REGULATIONSFunctions of Financial Accounting and ReportingThe International Accounting Standard Board (IASB) for financial reporting state that theobjective of general purpose financial reporting is to provide financial information about thereporting entity that is useful to existing and potential investors, lenders and other creditors inmaking decisions about providing resources to the entity. Those decisions involve buying, sellingor holding equity and debt instruments, and providing or settling loans and other forms of credit.Moreover, the motivation for all accounting is to provide information, financial or otherwise, thatcan assist the users of financial statements in their economic decision making.The financial accounting is a process which is undertaken with ultimate aim of: IdentifyingMeasuringCommunicating information to the users of accounting information, in order to allow them to make informedjudgements and decisions. The information which is identified, measured and communicated islargely financial in nature. The identification if information is undertaken in the bookkeeping process -covered in financial accounting. Transactions are recorded in the books an records ofbusiness entity by using double entry system of bookkeeping (Panaretou, Shackleton andTaylor, 2013).
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