Accounting and Financial Reporting

Running head: Accounting and Financial Reporting
Accounting and Financial Reporting
Name of the Student
Name of the University
Author Note

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Accounting and Financial Reporting
Executive Summary
The report include about the concept of financial reporting and details of the accounting
standard and also show how the company able to present their financial statement properly in
front of the stakeholders. It also shows different accounting standard and how the company
should use in regards of the financial statement. Lastly it show about the financial ratio of the
company and show they are been affected to the investors.

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Accounting and Financial Reporting
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Overview of the company......................................................................................................3
AASB Conceptual Framework..............................................................................................4
AASB 15 – Revenue from Contracts with Customers...........................................................4
AASB 101 – Presentation of Financial Statement.................................................................5
AASB 118 – Revenue............................................................................................................6
Analysis of the company with the help of Financial Ratio....................................................7
Conclusion................................................................................................................................10
Reference..................................................................................................................................11

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Accounting and Financial Reporting
Introduction
Financial accounting is the process from which the company disclose all the material
fact in front of the stakeholder of the company. It show the detail as how the company is been
performing in the market and also how much have increase its business as per the accounting
period (Beatty and Liao 2014). It contains different types of report and help the user to know
the value of the company. The financial reporting have many reports balance sheet, income
statement, cash flow statement and changes in equity statement. Each report so a different
aspect of the company and help the stakeholder to take necessary decision in regards of the
company (Bebbington, Unerman and O’DWYER 2014).
Accounting standard help the company to know the principle while making the
financial statement of the company. It contain all the guidelines which the company should
follow in regards of the preparation of the financial report of the company. It contain the
detail of the account and also have the principle which the company should follow in
different aspects of the account (Francis et al., 2015). It guide the company in regards how it
should record a transaction in the financial statement and how they should do the valuation of
the same. It also help them to present the information properly in the financial statement as
the user is readily available information and it able to understand it properly so it will leave a
good image in front of the financial user. It helps them to follow all the rules and regulation
about the preparation of financial statement (Glover 2014).
Discussion
Overview of the company
The report is been based upon the company name Farm Pride Food Ltd. It is been
based in Kaduna, Kaduna State and it deals with the product like fresh juices and yoghurts.