Financial Reporting - Assignment Sample
Added on 2020-12-10
7 Pages1531 Words481 Views
FINANCIAL REPORTING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Critical assessment of each concept/ assumptions listed under fundamental and enhancingqualitative characteristics............................................................................................................1TASK 2............................................................................................................................................2Illustrating with examples that concepts/ assumptions might be applied to financial statementsto offer quality information for stakeholders..............................................................................2CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
INTRODUCTIONFinancial reporting is defined as disclosure of financial outcome and its relatedinformation to external stakeholders and management that how organisation is performing overspecific duration. The present report will give overview of conceptual framework which isrequired by financial statements and which comply with different accounting concepts. In thesame series, it will articulate about proper assumptions and concept as important element forpreparing financial statements.TASK 1Critical assessment of each concept/ assumptions listed under fundamental and enhancingqualitative characteristicsThe International Accounting standards boards had issued a conceptual framework forpreparation and presentation of financial statements. It sets out multiple concepts which shapethese financial statements for external users as it has absence of status of accounting standardalong with case of Statement of Principles through accounting standards of UK (IASB publishesrevised Conceptual Framework, 2019). This assist for future development of IFRS standards orfor reviewing existing international accounting standards and promotes regulationsharmonisation, procedures and accounting standards related to financial statements to decreasenumber of alternative treatments of accounting. The objective of financial reporting is to offer financial information related to financialposition, performance and alterations in financial position of enterprise which is important forbroad range of users for purpose of undertaking economic and business decisions (Chychyla,Leone and Minutti-Meza, 2019).The fundamental concept of financial reporting is its objective which states that thisreporting helps in bridging the gap between why accounting is done in an organisation and howit is done in an organisation. The two aspects of this bridge states that accounting is done tosuccessfully maintaining records of an organisation by using various financial reporting methodssuch as recognition in which all transactions are identified, measurements in which allcalculations of records are done and financial statement presentation in which all transactions arepresented in relevant records. Fundamental quality:1
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