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Concepts of the Financial Reporting Doc

Added on - 28 Jan 2020

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FINANCE REPORTING
Table of ContentsINTRODUCTION...........................................................................................................................3Use of digital communication in communicating financial reporting guidelines to businessusers.............................................................................................................................................3CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................152
INTRODUCTIONThe role of legal regulations has increases which gave birth to the unique concepts of thefinancial reporting to be explored by different business entities. This report is all about explaingthe role of digital communication in presenting reliable and important financial information to allthe business users. The digital mode has achieved greater importance in today's business worldwhich supported the overall business entity. The different forms of digital communication areprimarily focused in defining the importance of financial reporting standards to be complied bythe business in order to please different investors. The hero of the report is the annual reportswhich are presented in front of different individuals in presenting financial performance of theexisting business.Use of digital communication in communicating financial reporting guidelines to business usersAccording to the study ofAkgün, (2016)which suggest that financial reporting council islegalized authority of UK and the republic Ireland who held responsible for framing standards. Ithelps in promoting the quality of structure supplied by this organization in relation to thecorporate governance and reporting standards in improving the current situation of theinvestments applied by the business entity in another firm in accordance with these standards.The higher authority are responsible for handling all kinds of important matters in the businessentity. This authority is legally structured entity who held responsible for handlingresponsibilities of different committees. These exists under the shed of this entity in supervisingand administration in different business contexts. The current board is supported with threedifferent committees who lessens its overall work load and work in accordance in fostering thequality of business statements. It includes various committees such as codes and standards,executive and conduct committee. The role of digital marketing has increases with enhancementof financial reporting awareness among all the business users. This is essential for all users toknow about this as they are using all these standards in their daily routine business. Thecommunication plays a significant role in conveying necessary information supplied to differentbusiness users in improving their current situations (Gullifer and Payne, 2015). These reportingguidelines will help in enhancing the current standards by raising their overall scope by digitallyconveying information to its users. The financial reporting members has agreed with the fact thatdigital communication will be used by different companies in complying with corporate3
requirements. The authority has given flexibility to the stockholders and financiers in makingtheir investments smoothly. The investors have flexibility to open digital forms ofcommunication in supporting theirs various needs and aspirations in maintaining their corporaterelationships. The current mode of digital information interfaces allow companies to usedifferent mediums in communicating financial and non-financial information in raising the levelof investments in the company. The financial reporting council has framed one of the clear andconcise initiative which is programmed with different set of activities. The primary aim of theseactivities will help in ensuring the accuracy of annual reports supplied to investors in conveyinginternal business information related to the finance stream. The reliability of information isessential fore investors as their decision of investment is totally based on the current decisions.This initiative will support an entity in promoting good corporate related information deliveredto the different users of the business. The different elements are the highlighting factors of thisinitiative is communication, placement of finished information and materiality. The currentapproach followed by this entity is to supply information of the financial reporting standardsamong its different users of the business. The long term project of delivery of informationthrough electronic medium to improve the investment community members. There are differentmediums which can be used in conveying information such as websites, videos, application,social media blogs (Beckman, 2016). The demands of the digital world are truly complied bydigitization as these are regarded as the primary concern of globalization. This new approachsupported by this organization in form of future project Digital future: Data that allows the usersto use innovative technology. The technology in present world is the unique and primary elementin supporting business users in complying with the different needs. The investment is theprimary objective of all kinds of users in achieving their investment aims without affecting theircurrent goals and the objectives.From the point of view ofWong, (2016)which says that this unique project of digitalfuture has emphasizes on the usage of technology. The uniqueness of technology are applied inimproving the current objectives taken by the authority which demands external support all kindsof users. The technology trends need to be observed properly before using these technologies inthe existing business. The trends of the business will be properly assessed in order to make futureprojections based on the current technology by analyzing the future outcomes. The primary4
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