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Financial Statement Analysis Assignment : IASB

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Added on  2021-01-02

Financial Statement Analysis Assignment : IASB

   Added on 2021-01-02

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Financial Reporting
Financial Statement Analysis Assignment : IASB_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Question 1: Conceptual framework for financial reporting........................................................3Question 2: Concept important in preparing financial statement ...............................................5CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................7
Financial Statement Analysis Assignment : IASB_2
INTRODUCTIONFinancial reporting is the statement shown as financial results of the business and theiroverall development. It is specially prepared by the company for the investors, customers andclients of the business to know the internal and external management of the business. The reportspecified the company’s working over a specific time period and their use of resources managedin business activities. Government also demand the company financial report to know thebusiness working criteria and their management procedure. Report will include the conceptualframework for financial reporting on the basis of various concepts and fundamental quality. Italso includes the various assumption which applied on financial statement to provide qualityinformation to the stakeholders. MAIN BODYQuestion 1: Conceptual framework for financial reportingOverview: International Accounting Standards Board (IASB) helps the business to preparetheir financial statement and reporting (Conceptual framework - Purpose and status (IASB),2019). It assists business to maintain their proper accounts and manage the transaction within thespecified time period. Objective: The main purpose of financial statement is to provide information relating to Cash flows i.e. Inflows and outflows of cash in the organisationUsage of resource and wastages occurs in the internal process.To prepare financial report it provides the integrity and creditworthiness to judge thestatus of the company.Fundamental concepts:The objective of accounting is that IASB set some norms to which the company had towork according to the set standards. As the existing IFRS standards didn't work too much inrelation to accounts that's why the bridge applies in accounting standards (Flower, 2018). Themain objective is to provide transparency, reliability and comparability in the financial report.The various concepts of accounting are-
Financial Statement Analysis Assignment : IASB_3

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