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International Financial Reporting - DOC

   

Added on  2020-06-06

15 Pages3498 Words34 Views
International FinancialReporting

ContentsINTRODUCTION...........................................................................................................................11.Context and purpose of financial reporting:........................................................................12. Purpose and principles of Conceptual and regulatory framework.....................................2Q3: Determination of primary stakeholders of M&S and their benefits:...............................3Q4: Value of financial reporting for meeting organisation goals...........................................4Q5: Various financial statement analysis...............................................................................5A: Statement of profit and loss:..............................................................................................5B: Statement of equity:...........................................................................................................6C: Statement of financial position:.........................................................................................7Q6: Interpretation of financial performance of M&S.............................................................8Q7. Difference between IFRS and IAS..................................................................................9Q8. Benefits of IFRS............................................................................................................10Q9: Identification of the varying degrees of compliance with IFRS....................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONEvery firm’s performance is measure by making and analysing the financial andmanagement accounting. As this is the tool which is used by the investors and other stakeholdersfor taking their rational decisions. The performance of the business is totally relied upon theperformance of the company. Financial statement is made by financial experts which helps to theinvestors for taking their rational decisions (Shah, Liang and Akbar, 2013). Financial reportingassumes a great role in international economies. Its main aim is to render appropriate and helpfulinformation to the business owners and other stakeholders so that they could take their decisions.1.Context and purpose of financial reporting:Financial reporting plays an important role for making the business objectives sustainableand reliable. The main aim for making the financial reporting is to render a useful and justifiableinformation to the diverse stakeholders. This occurs mostly in public limited companies, whereshare capital is traded to the general public via stock exchange (Walton, 2012).With the help offinancial reporting, annual reporting is made and it plays an important role for making theirbusiness objectives in an effective manner. With the help of annual return, owners can makestrategy for long term and short term. The owner gets an annual statement which main aim is tosummarise the performance and position of their firm.Without this reporting system, investors will be lower inclined to part with their capital asthey are going to have no way of monitoring how efficient being run by the directors. The choseninterns of the company are assuming to be the operating in the best interests of the shareholders.For satiating the requirements of the users of the financial statements, organisations arerequired to applied accounting systems which renders the information related requirement. Thisis likewise crucial that financial reporting system is regulated in order to ensure that theinformation rendered to the users is in an effective manner and that it is implemented to theirinformational needs. The main purpose of financial reports is to track the financial performance of the business.As this will help out for knowing about the profit amount is making. the main aim of thefinancial reporting is to render this information to the lenders of the business. 1

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