Financial Reporting Solved Assignment (Doc)

   

Added on  2021-01-02

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FINANCIAL REPORTING
Financial Reporting Solved Assignment (Doc)_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Critically assessing assumptions and concept under fundamental and enhancing qualitativecharacteristics..............................................................................................................................1TASK 2............................................................................................................................................22. Illustrating examples that concepts and assumptions may be applied to financial statementsto give quality information for stakeholders...............................................................................2CONCLUSION ...............................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONFinancial reporting refers to the disclosure of monetary results and performance of anorganization. This in turn provides both internal and external stakeholders with suitable as wellas enough information for decision making purpose. Hence, financial reports are highlysignificant which assists in evaluating company’s performance over the time frame. In this, thepresent report will provide deeper insight about IASB conceptual framework and qualitativecharacteristics pertaining to financial reporting. Further, report will also shed light onaccounting concepts and principles considered in the preparation of financial statements.TASK 11. Critically assessing assumptions and concept under fundamental and enhancing qualitativecharacteristicsThe conceptual framework was issued by IASB for purpose of financial statement'spreparation and presentation. It helps in setting different concept that structre financialstatements for users and without status of accounting standard and case of statement of principlesvia UK's accounting standards (Giner and et.al., 2016). This leads to asses for standards of IFRSwith context of future development and to review existing IAS and promotes procedure ofaccounting standards, regulations harmonisation with reference to financial statements to reducenumber of accounting treatment alternatives. The main objective of financial reporting is to offerimportant information to users of financial reports, disclose economic resources and obligationsof entity and give information about cash flow along with timing and uncertainty of cash flow.The fundamental concept as bridge accounting with help of recognition, measurementand financial statement presentation. This specify item that accomplish criteria of majorcomponents of income statement and balance sheet i.e. assets, liabilities, income and expenses.Recognition is interconnected to relevance and faithful representation about element. Withcontext to measurement, it engage to allocate monetary amount to component where financialstatements are recognised and reported (Kaya and Koch, 2015). The varietal measurement areacknowledged through framework at various degrees to vary combination of financial statementssuch as net realisable value, current cost, present value and historical cost. The relevance and faithful representation are qualitative characteristics as faithfulrepresentation seeks for raising numerous features of completeness, freedom through error andneutrality. This is known as reflection of economic phenomena substance instead of legal1
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