Financial Accounting and Reporting

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

1
Financial Accounting and Reporting
Executive Summary
The report includes about financial accounting system as this help the company to prepare
and record all its transaction. It is governed by both local and international accounting
standard and each company should follow this while preparing their financial accounting.
Financial reporting is reporting of its annual report to the financial user. It includes balance
sheet of the company, income statement of the company and cash flow of the company. The
report includes detail about professional judgement and how it affect the public and
individual interest. It also have impairment of asset and how the company deals with the
same and include the different assumption and why the company have taken such
assumptions.

2
Financial Accounting and Reporting
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Overview of the Company.....................................................................................................3
Role of Professional Judgement in Accounting.....................................................................3
Implication of professional judgement upon the users..........................................................4
Impairment written down of the company.............................................................................4
Analysis of the professional judgement in regards with Impairment of asset.......................5
Recommendation regarding impairment of asset...................................................................5
Fundamental Characteristic of Financial Information...........................................................5
Conclusion..................................................................................................................................6
References..................................................................................................................................7
Appendix....................................................................................................................................8