Assignment on Financial Reporting Project

   

Added on  2020-06-04

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Financial Reporting
Assignment on Financial Reporting Project_1
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1(1): IASB's Conceptual frameworks for financial reporting......................................................1Objective of financial reporting:.................................................................................................1Fundamental quality:...................................................................................................................2Enhancing quality: .....................................................................................................................2(2): Appropriate concept/ assumptions as crucial element use in financial statements..............2Basic assumption: .......................................................................................................................3CONCLUSION...............................................................................................................................3REFERENCES................................................................................................................................4
Assignment on Financial Reporting Project_2
INTRODUCTIONIn every industry, whether related to manufacturing or service they have multipledepartments which operate effectively in order to attain organisational objectives. Functioning ofthese departments are not interdependent, but at closing of day they are connected together byone common thread which accounting and reporting of financial transactions. This project reportis providing crucial information about IASB's conceptual frameworks those are use for financialreporting. Further, certain concepts and important elements that are prepare in financialstatements are discuss under this reports (Nobes, 2014).TASK 1(1): IASB's Conceptual frameworks for financial reportingFinance is an essential aspects that can assist an organisation to manager their overallfinancial transactions which are done in an accounting period of time. As financial reportingconsists of disclosure of financial data to various stakeholder regarding the position of anybusiness entity. These stakeholder consists of different types of parties such as investors,creditors, debt providers and government agencies. The international accounting standard boardis a form of conceptual frameworks which is being related to financial reporting. It proves thatstandard references document for developing a perfect accounting standards. The frameworkscan determine as a theoretical base and a statements of principles. It provide various crucialinformation about accounting statements (Costello, 2011). Such as:This would seeks to ensure that accounting standard will have regular approaches toproblem solving. It assist the IASB in formulation of coherent and regulation accounting standards.This is not said to a standard, but rather act as a guide to prepare financial statements inorder to enable them to resolve accounting related problems that are direct in a standard.The frameworks use to considers various nature of reporting entity that addressfundamental question about preparation of financial statements. Objective of financial reporting:The primary purpose of financial reporting is to provide useful information for makingcrucial decisions for betterment of an organisations. The importance to economy forproviding capital marketing participants with data is more critical.Those decision consists of buying, selling and providing loans to other form of credit. 1
Assignment on Financial Reporting Project_3

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