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Current Issues In Company Reporting

   

Added on  2020-09-17

14 Pages3708 Words32 Views
Current Issues InCompany Reporting

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................11 Analysing the financial position of Marks and Spencer with considering UK legal andregulatory influences in reporting techniques.............................................................................12 Determining the requirements of UK IFRS GAAP reporting in referenced with Marks andSpencer's data..............................................................................................................................23 Ascertaining the IFRS and GAAP standards which suits the international harmonisation oforganisational reporting..............................................................................................................4SECTION 2......................................................................................................................................54 Evaluation of the non-financial reporting indicators for Marks and Spencer..........................5SECTION 3......................................................................................................................................65 Ascertaining the forecasting techniques for Marks and Spencer.............................................6CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONTo ascertain the current issues in the company's reporting techniques which are affectingthe operational aspects as well as market value. In the following study there will be analysis andtheoretical observation over the universal financial reporting techniques such as GAAP, IFRSand FRS techniques. The reporting concepts and principles will be implied over Marks andSpencer to determine their responsibility in presenting the effective information to the users ofsuch data set. Te study will present favourable and beneficial terms which are need to beimplicated by the organisation as to have increment in the performance as well as rise in theshare value of the firm. There will be discussion over qualitative and quantitative techniqueswith their advantages and disadvantages as to ascertain their importance in future growth.SECTION 11 Analysing the financial position of Marks and Spencer with considering UK legal andregulatory influences in reporting techniquesTo demonstrate the financial position of Marks and Spencer in accordance with thevarious legal and regulatory factors which determines in the reporting methods of this entity.Therefore, this organisation is one of the leading brand in UK which provides clothes, foods,products etc. Thus, in accordance with the same there will be requirement of well managedfinancial data set with consideration of all the legal method of preparing it. In relation with theUK's legal environment where the focus of government in having appropriate disclosure of allthe financial accounts from every organisation (Bonsall IV and et.al., 2017). There are variousorganisation which in turn facilitating the appropriate guidance and funnelling to the accountingprofessionals in context with preparing and presenting the financial reports. The aim of financialreporting council (FRC) is to funnel and guide the organisations to properly use reportingtechniques as well as make the best quality of corporate governance.Financial reporting council (FRC)This is the independent regulatory framework of Ireland and UK which function with themotive of facilitating the best corporate governance in each organisation. It guides the managers,accounting professionals as well as auditors to make and present the adequate reports in themarket. Thus, on which they would become to gather the large numbers of shareholders(Guidance on the Strategic Report, 2014). In addition, the influence of three committees such1

add executive, conduct and codes & standard committees there has implementation of variouscodes and ethics as well as guidance to perform the better funnelling among stakeholders.Changes in the financial reporting in last few years:There has been changes in the operations of the making and presenting the reports amongthe stakeholders of Marks and Spencer. Therefore, IAS/IFRS has the main provocation inaccordance with having the quality reports made from each business unit. Therefore, suchinformation will be helpful to the market and stakeholders associated with the company. Theywill easily analyse and demonstrate the growth of business in making profitable payments ofdividends (Johnston and Petacchi, 2017). On the European countries are provoking the qualityfinancial reporting technique must be implied over all the countries as a general rule. Therefore,there has been various debates and discussion over the preparation of such reporting techniquesas well as setting the rules and regulations.2 Determining the requirements of UK IFRS GAAP reporting in referenced with Marks andSpencer's dataThere are various reporting technique which will be used universally as to haveappropriate reporting of the financial condition of an organisation. Therefore, the presentation ofthe financial reports of the organisation is on the basis of providing information to all the users aswell as have stable capital structure. Marks and Spencer will have sufficient amount of funds forthe operation as well as they can become able to make utilisation of the resources in appropriatemanner (Cohen, Krishnamoorthy and Wright, 2017). There will be increment in the numbers ofshareholders as the market value of the entity will be reflect in the internal trade market which inturn will be attractive to the shareholder's.International Financial Reporting Standards:This is the reporting standard which in turn helpful for providing the fruitful guidance tothe accounting professionals in terms of following the universally accepted method of presentingreports. Thus, the standard which will be helpful for each individual in understanding thefinancial criteria of the business (Abdullah, Naser and Al-Duwaila, 2017). It is universally beproven and accepted that the revenue must be listed in the income statements, assets andliabilities will be in balance sheet etc. 2

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