International Financial Reporting (IFRS) INTRODUCTION 1 MAIN BODY 1
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Added on 2020-10-05
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9 CONCLUSION 9 REFERENCES 10 APPENDIX 11 INTRODUCTION Financial reporting is described as the process of recording useful financial information and then communication the same gather data to the financial statement user such as creditor and investor. With the help of report and statements internal manager use to analyse the performance of company and determine the financial status and strength. The main purpose and importance of financial reporting to Mark & Spenser are discussed below: Qualitative Purpose: It provide the useful information to the internal manager
International Financial Reporting (IFRS) INTRODUCTION 1 MAIN BODY 1
Added on 2020-10-05
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International FinancialReporting
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................11. Context and purpose of financial reporting.............................................................................12. Conceptual and regulatory framework and key principle........................................................23. Main stakeholder of companies and their advantage...............................................................34. Values of Financial reporting...................................................................................................45. Financial statements of the organisation..................................................................................46. Use of financial statements of a company to interpret and communicate financialperformance.................................................................................................................................67 Difference between IFRS and IAS...........................................................................................78 Evaluation of benefits of IFRS.................................................................................................89 Ascertaining the varying degree of compliance with IFRS......................................................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10APPENDIX....................................................................................................................................11
INTRODUCTIONFinancial reporting is described as the process of recording useful financial informationand then communication the same gather data to the financial statement user such as creditor andinvestor. This method help information of useful financial statements like balance sheet,statements of equity, cash flow statements and income statements. With the help of report andstatements internal manager use to analyse the performance of company and determine thefinancial status and strength. In this report Mark & Spenser is taken to better understand theimportance of financial reporting.In this report, context and purpose and difference of financial reporting, interpret of lasttwo year financial statements. Report shows the actual difference between IAS and IFRS and themain advantage of IFRS. This assignment also discuss the varying degree of compliance withIFRS. MAIN BODY 1. Context and purpose of financial reporting.Financial reporting is a internal process of gathering, reporting, analysing and presentingthe important financial information to the external parties those are interested in companyoperation. Basically financial statements and report provide relevant financial information tostakeholder so that they make useful investment decision. They also determine the financialstrength and market position of company with the help of cash flow and balance sheet. In Mark& Spencer manager use to formulate important accounting statements that help to ascertain theactual inflows and outflows during a year. The main purpose and importance of financialreporting to Mark & Spenser are discussed below:Purpose:It provide the useful information to the internal manager of M&S that is further used forthe purpose of making effective plans, benchmarking for further activities and aid indecision making. It also provide the information to different shareholder and public at a large platform asM&S hold its business at global level.Financial report provide information to various stakeholder regarding performancemanagement of M&S as to how they execute there jobs and responsibility. 1
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