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Financial Reporting Sample Assignment

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Added on  2021-01-03

Financial Reporting Sample Assignment

   Added on 2021-01-03

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Financial Reporting
Financial Reporting Sample Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................31.) IASB's Conceptual Framework for financial reporting.........................................................32.) Appropriate concepts and assumptions..................................................................................5CONCLUSION................................................................................................................................6REFERENCES.................................................................................................................................7
Financial Reporting Sample Assignment_2
INTRODUCTIONThis study will highlight, conceptual framework for financial reporting. It highlightsbasic objectives and fundamental qualities of financial reporting. It further highlights, conceptsand principles of the financial reporting for effective decision making. 1.) IASB's Conceptual Framework for financial reporting.The International Accounting Standard Board (IASB) was replaced in 2001 byInternational Financial Reporting Standards for setting accounting standards at the time ofauditing or using financial reports. A conceptual framework is a theory which helps in settingstandards for which practical problems can be tested effectively and efficiently. The mainpurpose of conceptual framework is to assist IASB in the development of IFRS. Conceptualframework also helps in preparing financial statement by developing effective accountingpolicies for financial transactions which are not covered under existing standards. The keybenefit of conceptual framework is that it helps in providing guidance to set accounting standardswhile developing financial reporting rules (Conceptual Framework for Financial Reporting: an overview,2019). It also helps auditors in resolving the financial problem in the absence of accountingstandards. Conceptual framework consists of set of concepts which helps in preparation offinancial statements for external stakeholders or users. Conceptual framework helps IASB indeveloping revised accounting standards. It consists of objectives, underlying assumptions,qualitative characteristics, elements, measurement and recognition of financial statements andconcept of capital. Financial reporting provides detail information to shareholders which helps in settingbenchmark and taking effective decision. It helps in disclosing financial performance of thecompany. Financial reporting consists of financial statements, i.e., balance sheet, cash flowstatement, statement of owners equity and profit and loss account, annual or quarterly reports,prospectus and management discussion. The key objectives of financial reporting:Financial reporting helps in providing useful and relevant information to variousstakeholders of the company i.e., investors, creditors, owners, managers, lenders,government, agents, general public, shareholders, etc. which helps in strategic decisionmaking (The IASB conceptual framework - an introduction, 2019).
Financial Reporting Sample Assignment_3

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