Financial Awareness: Need, Purpose, and Stakeholders

This document provides an overview of financial awareness, including the need for financial information, its purpose, and the stakeholders interested in it. It also discusses the accounting arrangements and conventions used by organizations.

Financial Awareness

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................2
1.1 Discuss the need of financial information, its purpose, limitation and the main
stakeholders interested in the financial information...................................................................2
1.2 Identify accounting arrangements and conventions used by the organizations....................4
TASK 2............................................................................................................................................6
2.1 Analyse that how accounting framework and regulations influence the accounting and
financial arrangements................................................................................................................6
2.2 Evaluate the uses of published financial information...........................................................8
2.3. Usage of management accounting practices by an organisation..........................................9
TASK 3..........................................................................................................................................11
3.1 Explain the above mention term and explain their importance as well..............................11
3.2. Trends in published accounting information......................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Financial awareness related to the financial literacy which is essential for a individual to
have in order to perform their task or accomplish the goals or objectives of the company. It
includes the ability as well as capability to handle financial resources and ensure that on personal
or professional they manage in well manager. In context of organization, individual should have
basic knowledge regarding debit & credit of transaction because in the business all the activities
transaction will be based on these terms so people need to aware about some accounting terms.
In order to manage their financial resources and maintain financial records they need to hire
professional or skilled person (Anees-ur-Rehman and et.al., 2018). Those individuals who have
accounting knowledge and experience of managing money and finance for business point of
view. Main aim of this study is to make learner able to understand the financial system, process
and procedure in the organization. It further helps in proving benefits of having financial
awareness in the business which enhance the performance as well as understanding of financial
resources of business.
This report based on the financial awareness and as a financial director of the company
management need to produce report that is beneficial for the organization and for their
employees as well. For the better understanding of this concept, Brightstar company selected for
the further evaluation. It is American based company which provide the financial solutions to
their client and it is established in 1973. This assessment covers the various topics such as need
of financial information, purpose, limitation, main stakeholders and their interest. Accounting
arrangement or connections used by the business, accounting frameworks & regulations, uses of
published financial information and organization used management accounting practices. In
addition, it includes the trends of publishing accounting information.
MAIN BODY
Overview of the company
Brightstar Corp. is an entity of American origin which is a privately held company. It was
founded in 1973 and offer financial services to their clients. It has large number of customers
which include retailers and enterprises. It is a multinational company that has business in more
than 100 countries. The industry in which it operates in is wireless telecommunication. It is one
of the leading companies in this sector which provides services that of good quality.
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Furthermore, there are different subsidiaries of this company which also deal in IT products
around the world such as Beetel Teletech and Brightstar Device Protection. The headquarter of
the entity is located in Florida, United States. The company understand the importance of
management accounting and to make strong managerial decision.
TASK 1
1.1 Discuss the need of financial information, its purpose, limitation and the main stakeholders
interested in the financial information
Financial information are the records of business transaction which related to the
monetary terms. In context of the organization, management need to record each and every
transaction in structured form which can be easily understood by others (Arhin, 2019). Further
discussion regarding need of financial information, its purpose and stakeholders interest are
mentioned below:
Need of the financial information in context of the organizations:
Financial information arranged in well manner and produce financial statement which
include the income statement, balance sheet, cash flow statement etc. These information used to
evaluate for the analysis of internal or external party. Along with this, accounting information
used to evaluate the various aspect which discussed below:
Profitability: Financial information used for the evaluation of overall profitability of the
company. It further help the management to ensure that how much company profitable for the
specific time period and what further actions required for the improvement in their current
position. Financial director of Brightstar company also need the financial information to produce
various financial statement and with the help of profit & loss account they are able to evaluate
that company's performance (Bazley, Bonaparte and Korniotis, 2019). If they are facing loss then
they have to take necessary actions to improve their performance or generate revenue through
changing their operational policies.
Liquidity: With the help of financial information management evaluate that company
have enough liquidity or not to perform their operational activities. It will be possible through
identifying cash position and ensure that they are able to meet their day expenses of the
operations or not. In order to evaluate these situation, company want financial information and
then further develop strategies in order to maintain the enough liquidity in the organization.
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Solvency: Financial information not only required to maintain the profitability or
liquidity but also required to maintain the solvency. It include the ability to meet their long terms
financial obligations. So management should make their strategies or maintain enough assets to
pay off their debt. As a manager of Brightstar company, they need to maintain solvency
otherwise it further affect the productivity and profitability of the company.
Purpose of financial information:
There are various purposes of financial information which required by the business in
order to formulate strategies to maximise the production and profit margin. Some of the purpose
discussed below:
Provide information regarding operational results: General purpose of financial
statement is to get operational result which make them able to understand the overall output in
comparison to input (Chepkoech, Kurgat and Omboto, 2019). It helps the external as well as
internal parties to make their future decisions regarding investment.
Income statement helps in providing overall profit of the company: With the help of
income statement, potential investors able to get the financial information, specially profit
margin of the duration. If company generating loss, then it affects their image and investors not
investing in the company. If business generate profit then people are interested to become a part
of this company.
Investment decisions: Financial information also help the organization to make
decisions regarding future investment because if company is profit making then they think about
the expansion or if company hardly recover their cost, so they do not think about the investment
(Anyfantis, Boustras and Karageorgiou, 2018). So financial information helps in making
investment regarding decisions.
Stakeholders interested in financial information:
In context of Brightstar company, stakeholders always interested in the financial
information of the company. It includes the various people but some of them discussed below:
Potential investors: These people are interested in the profit of the company and the
return which they can get after investment. With the help of past performance of the company,
investors estimate the potential profit which mentioned in the income statement. Before making
any decisions regarding investment they evaluate the financial position, solvency, liquidity etc.
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Customers: These people are interest to know that company can continue to give their
service in the future or not. It is important if customer only depend upon the company for the
specific products & services.
Government: Government bodies and agencies are highly interested in the company's
financial information. Because they ensure that, at the time of maintaining records company
follow proper accounting standards or not (Chowdhry and Dholakia, 2019). If government found
that, they do not follow it than they will be penalties for that or can face other legal
complications.
On the above discussion, it will be observed that financial information is very essential
for the organization and they need to prepare in well manner to attract more & more stakeholder.
Along with this, Brightstar should focus on legal or regulatory compliances in order to avoid the
government interference.
1.2 Identify accounting arrangements and conventions used by the organizations
In order to arrange accounting information, organizations such as Brightstar have to
implement accounting concepts and conventions in well manner to achieve the financial
accuracy. Further discussion on accounting convention are as follow:
Accounting conventions: It is the accounting practices which majorly focus on the
preparation as well as presentation of financial information. Basically it includes the instruction
or guidelines to record the business transaction. It is used by the management when they does not
have any special instructions for that. In context of organization, there are range of accounting
standards which they have to follow and it is based on the industry specific accounting. It helps
the stakeholders to compare financial results. There are four main conventions which is used as
accounting practices and it mentioned below:
Conservatism: It is the basic concept where organization estimate the possible future
losses and other liabilities rather than recording future profit or any kind of gain. This practice
understates the net assets and net income rather than overstate (Ergün, 2018). So every
organization need to follow this accounting concept and play safe through estimating future loss
but not the profit. In context of Brightstar company, management need to ensure that they do not
record any future gain in their financial records but have to record the future loss and build their
future strategies accordingly.
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Consistency: In this concept, organization have to follow same accounting principle for
the period of an entire accounting cycle so they calculate the profit or loss for the period. They
does not required to change because it will differ the results. In context of Brightstar company,
management should follow the same accounting method or standards to evaluate the results.
Materiality: By using this concept, all the material facts need to recorded in the accounts
of the company. In organizational context, it is important for the business to records each and
every aspect or transaction which is related to the business. So managers of Brightstar company
have to ensure that recorded transactions should have materiality aspect.
Full disclosure: In this convention of accounting, business have to disclose their
financial information. It is not matter that results of accounts are in favour or not but they have to
discover. Disclosed information is beneficial for the stakeholders so they can make their
investment regarding decision accordingly. In order to attract large number of potential investors,
companies change the results and increase the profit margin of the company.
Above mention accounting convention concept help the organization to perform their
operational activities accordingly. In context of Brightstar, management need to ensure that
company follow these concepts which help in maximising their efficiency as well as
effectiveness.
Accounting arrangements: It means arrangement of keeping their accounts or business
transactions in the organization. It is the most essential function which any company have to do
because without recording business transaction, management unable to make any show results or
make decisions. For the effective book keeping in the organization, management have to follow
some tips which discusses below:
Keep their personal or business bank accounts separate: In order to maintain accuracy
in their personal or business expenses, they have to manage separate bank accounts. Individual
also have to ensure that, there is no personal transaction will be done from the business account.
Separate accounts will provide the clarity regarding tax deduction and other expenses.
Avoid paying bills in cash: It is very difficult to tack the expenses which paid in cash, so
try to pay their bills digitally which has proper records and further helps in calculating exact
expenditure for the period. In large organizations, there are various complexity to manage
records, so management try to avoid payment of bills in cash.
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Manage their business transaction digitally: In the current business environment, there
are various accounting software which help the organization to manage their accounts. Manage
accounts digitally will provide accurate information regarding expenses and revenue of the
company.
By using above methods, Brightstar company can arrange their accounts and prepare
financial statement which shows financial position of the business.
TASK 2
2.1 Analyse that how accounting framework and regulations influence the accounting and
financial arrangements
Regulatory framework is the set of rules and regulation which help the organization to
implement and it include the range of accounting principles & standards (Garg and Singh, 2018).
They need to ensure that by following these accounting standards organization get the true & fair
financial position of the company. It further help the management to formulate future strategies
or make decisions which helps in maximising productivity as well as profitability. There are
various regulatory framework which they need to implement and perform accordingly for the
accurate results. In the UK, organizations follow the International Financial Reporting Standards
(IFRS) and some of them mentioned below:
First time adoption of IFRS ( IFRS 1 ): This standards followed by those organization
who prepare financial statement for the first time. Along with this, they need to ensure that
company have to proceed the same standards through out the period for the accuracy of results.
IFRS 1 requires to disclose the financial information by following GAAP to IFRS standards
which further impact the financial position of the company as well as their performances. It help
the organization to arrange their assets & liabilities and other accounts in the standard format
which is beneficial for the people to make effective comparison.
Insurance contract ( IFRS 4 ): This standard include some aspect of financial reporting
for the insurance contract. Because most of the organizations issue such contract but still not
apply the IFRS 17. In this contract, one sided party accept the insurance risk from the another
part. In this contract both parties agreed on the following terms & conditions. So in future they
unable to deny for such conditions or claim for anything. Further it helps the management to
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maintaining proper accounts and mentioned the overall insurance expenses of the company in the
accounts.
Discloser of financial instrument ( IFRS 7 ): It is very essential financial reporting
standards which provides the proper guidelines regarding discloser of financial statement.
Organizations need to disclose every instrument that company have and ensure that they have to
mention the relevant risk as well (Gezmen, 2020). With the help of this IFRS 7, business able to
disclose financial instrument that is beneficial for the stakeholders who analyse each and every
aspect of the company and further make their decisions regarding future investment. For the
discloser of their accounts, company have to arrange their financial resources and arrange in the
standard format.
Consolidated financial statements ( IFRS 10 ): In this regulatory framework there are
various principles for preparing or presenting consolidated financial statements when
organizations handle more than one business. In this IFRS, they define the principles of control
on the basis of consolidation. It also explain the requirement of accounting at the time of
preparing financial statements and also define the process of handling financial information of
subsidiaries companies.
Leases ( IFRS 16 ): This regulatory framework has two objects such as faithful
representation of lease transactions and second one is to provide the information to the users
regarding financial statements which include the uncertainty of cash flow which arises because
of leases. Company have to manage their financial statements and ensure that all the required
information related to lease recorded in the accounts.
Above mention regulatory framework help the organizations to perform their task or their
operational activities through compliance of accounting principles & standards.
Regulatory framework influences the accounts and financial arrangement of the
company. If organization unable to implement these framework in their business than it will
affect the performance. It automatically impact the brand image because now a days stakeholders
and other interested parties also check that company follow the regulation frameworks or not. If
organization does not implement the accounting standards & principle than financial institution
can deny to provide them financial assistance.
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2.2 Evaluate the uses of published financial information
In context of organization, every organization maintain their financial records and they
published for the interest of stakeholders. Business disclose their financial information with the
help of reporting which include the accounting statements which contain the data regarding
business performance and productivity (Gui, Huang and Zhao, 2019). Published or disclosed
data means, company reveal the financial information of the company which helps the
stakeholders to understand the liquidity as well as flexibility of the business. Stakeholders
includes customers, suppliers, potential investors, shareholders, employees etc. These people are
interested in the financial position of the company or make them able to build their future
decisions regarding further investment. Brightstar company disclose their accounting
information with their stakeholders and its utilization of these information are mentioned below:
Regulatory compliances: In order to run business operations in well manner in the
market or perform their operational activities without government interference. Organizations
need to follow all the rules & regulations for the better compliances. With the help of publishing
financial statements or reports, government able to evaluate that organization followed all the
necessary regulations or not. Through publishing financial information, government can inquiries
and take further corrective actions if they find something wrong or any action which is not
according to the regulatory framework. In context of Brightstar, company ensure that they follow
the regulatory framework at the time of producing report and publish their information for the
interest of stakeholders.
Improve corporate image: Through publishing financial information, business able to
improve the corporate image that is beneficial for their overall growth in the market. Company
use the various tools to records, maintain or analyse their financial statements and disclose the
actual performance of their business (Huang). Brightstar company also adopt various accounting
tools or software which make them capable to record and maintain their accounting information
in well manner. Organization also use the computer programs to track their performance from
the past two years. Further these information share with the public and inform that how effective
company perform and it enhance the brand image which further attract the investors to invest in
this company.
Financial transparency: Through disclosing their financial statements such as balance
sheet, profit & loss account, cash flow statement etc. With the help of financial reporting,
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external parties able to see their overall performance in terms of revenue and returns. Due to
increase in the financial fraud, company start hiring accounting crimes experts or set the separate
fraud investigation department. These people may use the auditing program in order to check the
authenticity of each transaction. Accounting experts ensure that at the of producing financial
reports, accountants follow the accounting standards or principles in appropriate way or not. It
further helps in increasing transparency in the financial information. Financial director of
Brightstar company is concern about the financial statement and they ensure that they follow
each standards and accounting principle at the time of recording transaction.
Increases the interest of potential investors: With the help of disclosing financial
information, it will increase the interest the interest of potential investors who can further show
interest to invest in the company for the good returns. In context of Brightstar company,
management publish their financial statement in order to attract potential investors and it will be
possible with the help of profitable income statement and balancing balance sheet which
influence people to make their decision to invest in this company for better returns (Katan and
et.al., 2019). In order to increase the liquidity as well as flexibility in the business operations,
management disclose their financial information or increase the interest of stakeholders. It makes
business able to increase the share value of their company which further provide the market
growth as well.
From the overall discussion it has been analysed that, discloser of financial information is
very essential for the company which improve the brand image, increase the interest of
stakeholders, maximise transparency or force them for the regulatory compliances.
2.3. Usage of management accounting practices by an organisation
Management accounting practices include the costs that are incurred in the operations so
as to make decisions that can help the managers achieve their goals and objectives. It can be used
in number of ways to attain the desired outcomes. Some of the uses of management accounting
practices by Brightstar are as follows:
 Budgeting- Management accounting practices are helpful in assisting the company to
make budgets in order to have adequate funds to carry the operations. Budget helps in
controlling the costs and complete the goals within the available resources. Different
kinds of budgets are prepared as per the needs of entity. Managers of Brightstar may
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consider foundation for deciding the budget according to the types of budget that
company wish to make.
 Cost control- With the use of managerial accounting practices, an organisation can track
the usage of costs attributed to each operations. Every activity requires costs for its
accomplishment of the targets (Lührmann, Serra-Garcia and Winter, 2018). Management
accounting practices provide various techniques and methods by which costs can be
controlled so as to reduce the price of the final product or service.
 Decision making- This is one of the ways in which management accounting practices are
used to make decisions. The information provided by different types of reports in this
practice is used to make decisions. Managers of the Brightstar consider the data in
formulating policies which can be favourable to the organisation. Past information are
considered by conducting assessment so that weak areas can be improved.
 Financial governance- There is no direct connection between management accounting
and financial accounting but the managerial accounting practices help in making financial
position better. It assists in tracking the financial transactions on the basis of vast amount
of data. This in turn is beneficial for enhancing the level of compliance within the
organisation. It is imperative for a Brightstar company to focus on disclosures and
transparency. Hence, management accounting practices help the management to focus on
those areas which are not making any profit.
 Planning- Management accounting practices are useful in continuous and ongoing
processes of the company. After the completion of every process of the products, the
report of the same is presented to the managers for making effective plans to be executed
in future. In this way, sales can be accelerated leading to higher profit.
 Strategic management- Management accounting practices are not compulsory by any
law. There is no legal requirement for a company to engage management accounting
practices hence, an organisation can carry in-depth examination as per its wish and
requirement (Natalia and Shihab, 2018). This is useful in formulating strategies by which
competitive advantage can be gained. There can be number of strategies that can be
implemented within the Brightstar company for gaining the position as targeted by the
company.
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TASK 3
3.1 Explain the above mention term and explain their importance as well
Brightstar corporation bolster up their portfolio to acquire the Australia based Risk Insure
company. Risk Insure company has impressive market share that is beneficial for the Brightstar
company to expand their reach in Australian market as well maximise their market share. Risk
Insure face the continuous growth due to offering its customize solutions for the customers.
Brightstar definite to acquire Risk Insure company which allow the company to strengthen their
presence in the services or wireless industry (Financial Commentary, 2019). This corporation
specializes in the end to end device for the management of life-cycle. Brightstar company taps
the strong market share and it was generated by the Risk Insure which enhance the regional and
global activities. Organization needs to bolster up their portfolio as well as growth potential.
There are various importance which company get through acquiring Risk Insure such as:
Innovative solutions: Risk Insure company introduce onboard services which shows the
real value of devise to the customers in the various countries such as New Zealand, Australia and
other parts of the world. This benefits shift the overall increasing costs of device ownership. As
per McGee, company provide the comprehensive service in comparison to the operators and
retailers. Brightstar Corporation offer the well developed insurance packages which provide the
protection and peace of mind to the Australian or New Zealand consumers.
Global reach and sale: Management of Risk Insure company is happy to get acquire by
the Brightstar's and its agency’s dynamism. Co-Founder of Risk Insure, Grant Goldner believes
that their team members have to give huge efforts in order to get achievement in the Australian
market and attract the attention of Brightstar company. They anticipate the alliance and shift the
device protection market to the next level. Australian and New Zealand insurance company of
mobiles will deduce the real value from the deal.
Customers demanded for the best quality products & services, so it is company's
responsibilities to provide the quality product or service in order to satisfy them. Brightstar give
the commitment to maximise the satisfaction level of consumers through fulfilling their needs &
desires. Dedicated team of Risk Insure delivered the innovative solutions which helps them to
capture market share. As well as they creates value through building a strong base which more
focuses customer engagement. Company manage the around 15 million devices from the global
level and it valued as 80 million high end mobile devices. Risk Insure company founded in 2000
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and they undoubtedly performed well or achieve the markable place in the Australian insurance
market.
It is very essential for the organizations to expand their business in order to capture huge
market share. Acquiring is the best way of expand their business operations which further helps
in maximising productivity as well as profitability. Acquiring is one of the method that is used
by the organizations for the expansion of their market share as well as maximise the operations
in the different location. In addition, it helps the company to increase their customers base and
further they have many benefits which discussed below:
It will reduce the entry barriers, such as in 2019 Brightstar company acquire the Risk
Insure company so they easily enter their market or able to operate the operations. Brightstar is
American based company which get the access to enter in Australian market with the help of
acquisition.
Acquisition provide the fresh ideas to the company so they further get various benefits
from it. In addition they able to get many resources such as existing customer base and market
share as well.
3.2. Trends in published accounting information
Companies always follow the latest trends which can make it easy for them to carry their
business operations smoothly. There are numerous trends which can be adopted for published
accounting information. The same has been described below:
 Cloud computing- This is the latest trend which allows a company to store date with a
view to reduce the costs. It helps in forming better connectivity with the team and
business goals. It is one of the cost-effective trends in which published accounting
information can be stored with the use of internet (Punyani and Deshpande, 2018). It uses
software and accountants can have the access to the accounting information.
 Automation- This trend is useful in saving the business a great amount of time when it
comes to accounting. This removes the requirement of manual labour entry which leads
to minimal production hours. A company can have software which works automatically
by storing the data and processing them finally publishing them for the stakeholders. It is
easy to use which gives number of advantages to the company. Also, the all the activities
are simplified which leads to decline of loss of valuable time.
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 Collaborative accounting- This trend includes software and automation so as to enhance
collaboration of the clients. It comprises of internet and technology for making them
work together. It is beneficial in reducing the time and provide real-time information. It
gives a chance to the company to have access to transactions of the clients so that
changes can be made. These modifications are noted with the use of cloud computing
platforms.
 Outsourcing- This trend is about getting the services from outside the company. The
services include finance and accounting (Szabo,Salah, 2019). With the use of outsourcing
accounting, an organisation can focus on the primary business operations without
developing a separate accounting department. This is helps in lowering down the costs
together with this, risk of fraud is also reduced. Furthermore, it is useful in maintaining
the track record of cash flow.
CONCLUSION
From the above discussion it has been concluded that, every organization as well as
individual have to financially literate and specially the employees who working in the finance
department or manage financial resources. Organization have to perform all the required
activities through following accounting standards and principles. It is also observed that,
discloser of financial information is equally important as recording business transactions. It
further helps the company to attract large number of investors which improve the liquidity as
well as solvency of the business. In context of the organization, management have to ensure that
accountant follow the regulatory frameworks or not.
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