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Financial Reporting Assignment - Mark and Spenser

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Added on  2020-12-29

Financial Reporting Assignment - Mark and Spenser

   Added on 2020-12-29

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FINANCIAL REPORTING
Financial Reporting Assignment - Mark and Spenser_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Purpose of financial accounting...............................................................................................12. Requirement, purpose and key principles of regulatory and conceptual framework.............23. Main Stakeholders of an organisation and their benefits from financial information............34. Value of financial reporting ....................................................................................................45. Financial statements of the organisation.................................................................................5A: Statement of profit and loss:...................................................................................................5B: Statement of financial position:..............................................................................................56. Use of financial statements.....................................................................................................67. Difference between IAS and IFRS..........................................................................................78. Evaluation of benefits of IFRS...............................................................................................89. Ascertaining the varying degree of compliance......................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONFinancial reporting, is consider to be the process of analysing, collecting and postinguseful information in financial report that help internal management to make effective decisions.This process help in formation or accurate and faithful cash flow statements, balance sheet andincome statements (Al-Matari, 2013). With the help of detail statements manager are able tomake decision and improve performance of company if required. For this report Mark andSpenser is selected that is located in UK.In this project report the purpose of financial reporting and its requirement is analysed.The main stakeholder and the value of reporting for growth of company is shown andformulation of financial statements and comparing of two years statements are covered underthis report. Report focuses on difference between IAS and IFRS and various benefit of IFRS. MAIN BODY1. Purpose of financial accounting.The main purpose of financial reporting is to give exact detail about the performance ofcompany. It display the financial position and changes in the market position of company.According to IASB the activity of maintaining financial records about a company is knownfinancial reporting. It is very important for company to record and display their financial status toexternal shareholder do that they are able to make investment decision (Chae, and Oh, 2016).Report must be liable, faithful and transparent enough that shows the current status about anorganisation. There are various objective of financial reporting for M&S that are discussedbelow:It provide suitable information to external shareholder and other investor to makeeffective investment decision. This report help auditors to conduct proper audit to ascertain the financial position ofcompany.With the help of appropriate report manager are able to analyse and measure performanceof operation and employees of company. Financial report gives information to stakeholder about the performance management ofMark & Spencer, that how ethically they are executing job work.1
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