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Financial Accounting - Sample Assignment

   

Added on  2021-01-01

10 Pages2651 Words448 Views
FinancePolitical Science
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FINANCIALACCOUNTING
Financial Accounting - Sample Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Significance of GPFRs................................................................................................................3Difference between GPFRs and Special Purpose Financial Statements.....................................5Requirement of producing GPFRs in public companies but not in private companies..............6Principal component of Australian Financial reporting..............................................................6International accounting Standards boards with its impact ........................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
Financial Accounting - Sample Assignment_2

INTRODUCTIONFinancial accounting has key role in different organizations because it helps in tracingfinancial performance along with its stability. The present report is giving brief discussion aboutGeneral Purpose financial reports on basis of public companies which has requirement byCorporation Act 2001 as it should be properly communicated to its users. It has reflected itssignificance with its major importance. In the same series it has justified key differences inGeneral Purpose Financial reports and Special purpose financial reports. Further it has briefedabout requirements for producing GPFRs in public entity but not in private entity. It has alsoelaborated principal component of true and fair view principal need in Australian financialreporting. In the last part, it has stated standards of International accounting with its impact onfinancial regulation in Australia.Significance of GPFRsGPFRs is acronym of General purpose financial statements which produces variousstatements as they are released to wide group of users. It consists of different statements such as:Balance sheetStatement of shareholder's equityIncome statementStatement of cash flowsUsually it had been issued to lenders and investment community. It is applicable fordifferent organizations for forming financial reporting for purpose of communicating itsperformance to outsiders of organisation. The decisions related to all existing and potentialinvestors related to selling, buying or holding instruments of debt and equity which are expectedfrom purpose of investment in specific instruments such as increase in market price, dividends,principal and interest payment. The main purpose of GPFRs is to assess prospects of entity forinvestors, creditors and lenders who has requirement of information relate to resources of anyspecific entity, claims and managing entity in efficient and effective way. The responsibilitieswill be discharged by governing board for using resources of any entity (Robson, Young, &Power, 2017).It is a mode of communication for information which is reliable and relevant of reportingbusiness to various users. The main aim of this statement is to justify information which is
Financial Accounting - Sample Assignment_3

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