Financial Reporting Assignment (Solution)

   

Added on  2020-10-05

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Financial Reporting
Financial Reporting Assignment (Solution)_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY ..................................................................................................................................3Question 1 : Conceptual Framework for financial Reporting - ..................................................3Question 2 : Various elements for preparing Financial reporting - ...........................................5CONCLUSION................................................................................................................................6
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INTRODUCTIONFinancial reporting includes information regarding company’s internal structure such ascash flow management, balance sheet of the company, and income generated. Final reporting isprepared to help the investors, customers and stakeholders to see the growth structure and cashsecurity (Grimsley, 2019). Its main objective is to provide the complete information of thebusiness workings and utilization of cash and other activities in prescribes format. Report willinclude conceptual framework for financial reporting and also evaluating the concepts andassumption applies in the financial accounting including its fundamental qualities of reporting. MAIN BODY Question 1 : Conceptual Framework for financial Reporting - Overview: IASB issued it conceptual framework to helps the business to prepare a properaccounting statement which helps the investors and customers to analyse the business workingcriteria. It defines the overview of reporting in form of nature, understanding, cash transactionand preparation of the report.Objective: The main objective is to provide the basic and important information to thecustomers and investors (Kimmel, Weygandt, Kieso and Trenholm, 2016). They are the future ofthe business so they have the right to know the business working and activities relating to thecash inflows and outflows and strategy to save business from risk. Fundamental concepts: The main objective of accounting is to keep a systematic record of dataand information and assemble its number and facts of the business on daily basis. This results inhelp the customers and clients to analyse the business overall development plan and can easilycompare with other accounts as well. Its various fundamental concepts are ~Recognition: It recognises the business internal and external matters which helps them tounderstand the business position globally (Cohen and Karatzimas, 2017). The revenuegenerated and utilizes in which manner helps in recognising procedure. Measurement: It measures the actual facts and figures which helps the business toovercome form the risk matters (Flower, 2016). It evaluates the specific value based onthe accounting concept.
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