Assignment on Financial Reporting - Nexia
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Added on 2020-10-05
Assignment on Financial Reporting - Nexia
Added on 2020-10-05
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Financial Reporting
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................3TASKS.................................................................................................................................................31. Context and purpose of financial reporting in UK.....................................................................32. Regulatory framework of financial reporting and their key principles......................................43. The key stakeholders of an organization and their need for financial reports...........................54. Value of financial reporting for meeting organizational growth and objectives........................75. Explaining the meaning and benefits of IAS and IFRS.............................................................86. Evaluating financial reporting in an enterprise by applying theories and models.....................97. Different financial reporting across the globe and the factors that influence these differences.......................................................................................................................................................108. Evaluating the degree of compliance with IFRS by different firms worldwide......................12CONCLUSION..................................................................................................................................13REFERENCES...................................................................................................................................14
INTRODUCTIONFinancial reporting is the presentation of the formal record of the financial activities of abusiness, person, or other entries. It is primarily an accounting function. Financial reports areprepared for external as well as internal users. Financial reporting encompasses the provision offinancial statements and related financial and other information. Corporate financial reporting isa series of activities that allows companies to record operating data and report accurateaccounting statements at the end of each month and quarter. The present study is based on Nexiainternational, a leading global accounting firm that provides a portfolio of services like audit, taxconsulting, accountancy and advisory services to their clients. Furthermore, the report describesthe context, purpose and regulatory framework of financial reporting. The study also includes thedetails about the key stakeholders of the company and their interest in accounting information. Italso explains the importance of financial analysis and description about IAS and IFRS.Evaluation of financial reporting and different reporting standards with compliance rules acrossthe globe are also analyzed under the study.TASKS1. Context and purpose of financial reporting in UK.Financial reports are referred as the documents and the records that are recorded togetherfor the purpose of tracking and reviewing the amount of profits are been gained within thebusiness. The main purpose of the financial reporting is delivering the information to lenders andthe share-owners of the business and in turn helps the organization in meeting its business goals.Financial reportingplays a vital role in world economies.Its primary purpose is toprovide relevant and useful information to the owners of a Nexia international where there is adivision between the ownership and control of that company (Acharya, and Ryan, 2016). Thisoccurs mainly in public limited companies, where share capital is sold to the public through astock market/exchange system. The diverse and potentially geographically dispersedshareholders do not get involved in the management of their Nexia international; they appointdirectors to do this on their behalf. The owners receive an annual statement summarizing theperformance and position of their Nexia international so that they can assess how well theirinvestment has performed during the reporting period.
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