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International Financial Accounting Reporting

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Added on  2021-01-02

International Financial Accounting Reporting

   Added on 2021-01-02

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FINANCIAL REPORTING
International Financial Accounting Reporting_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31. IASB's conceptual framework and accounting concepts........................................................32. Importance of different accounting concepts in making financial statements.......................4CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................7
International Financial Accounting Reporting_2
INTRODUCTIONFinancial reporting means process of making financial reporting according to prescribedstandards which is known as financial statements. The report shows the importance of financialreporting and its usefulness in decision making. The report consists of framework ofinternational accounting standard board and accounting concepts. The report consists ofobjectives of financial reporting and also concepts of financial reporting. It includes assumptionsthat financial reporting use which includes recognition, financial presentation etc. It evaluatesvarious concepts which are accrual, going concern etc. which are important to taken intoconsideration while making financial statements.MAIN BODY1. IASB's conceptual framework and accounting conceptsThe international Accounting standards board has its own framework for financialreporting. It consists of following rules and regulations that are important when making financialstatements of the company. It addresses the purpose for financial reporting. It focuses onqualitative information as well. It includes financial statements and its elements. It deals withrecognition as well as de-recognition (Henderson, and et.al., 2015). It measures the financialstatements and depicts value of the firm, it discloses concept of capital and maintenance ofcapital.Objectives of financial reporting According to IASB, the objectives of financial reporting is to provide information aboutfinancial position and performances of the finances that changes financial position of thecompany which aid to economic decision making. It provide information to creditors, promoters, investors and help them in makingrational decisions.It help in providing information to management of company that help them in planing,organising and making financial decisions. It provide information on optimisation of resources by the company.It enhances social welfare by taking care of employees, trade unions and government'sinterest.It helps auditors to perform audit in the company.Concept of financial reporting
International Financial Accounting Reporting_3

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