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International Financial Reporting Standard PDF

   

Added on  2020-12-29

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INTERNATIONAL FINANCIALREPORTING
International Financial Reporting Standard PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................11. Discussing the context and purpose of financial reporting.....................................................12. Examining the conceptual and regulatory framework with their requirement and purposes..23. Identifying the main stakeholder of the organisation and their benefit from financialinformation..................................................................................................................................34. Examining the value of financial reporting in achieving the organisational growth..............45. The financial statements of Goodwin plc as per IAS 1. 150..................................................5a).Godwin PLC Statement of Profit and Loss for the year ended 31 December 2017...............5b). statement of equity change....................................................................................................6c.) financial position or balance sheet of Goodwin plc...............................................................8d). explaining the information that are provided by cash flow in comparison to other financialstatements....................................................................................................................................86. Interpreting the financial performance of Marks & Spencer plc............................................97.Explaining the difference between International Accounting Standard and InternationalFinancial reporting Standard.....................................................................................................118. Evaluating the benefit of IFRS..............................................................................................129. Identifying the various degree of compliance of IFRS across the nation with relevantexample.....................................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
International Financial Reporting Standard PDF_2
INTRODUCTIONFinancial reporting is an important concept for any organisation, it is the process whichhelps in disclosure of the financial results and the related financial information to management ofcompany. It helps the management and external users or stakeholders in evaluating the financialperformance of the company which helps them in making decision regarding investing incompany. As a junior accountant in organisation, present report is prepared which will discussedabout the financial reporting system and different aspects of financial reporting. The presentreport will help in outlines different components and purpose of preparing financial reports.Further, conceptual regulatory framework and its important will be discuss in study. Report willalso help in understanding the importance of financial information to different stakeholder oforganisation and in the organisation's growth. The project will include the financial statement ofGoodwin plc as per IAS 1. Moreover, a comparison will be present on different regulatory boardof accounting with their benefits in financial accounting. Present report will also discuss aboutdifferent compliance with IFRS in different nation with a relevant example.1. Discussing the context and purpose of financial reporting.It the process which helps in transforming the financial information and financialperformance of the company to the management and stakeholders of the company. It is animportant process for Goodwin plc which helps the management and stakeholder to analyse thefinancial information which will help them to decide the financial condition of the organisation.Financial reporting includes the preparation of the financial statements. It in mandatory for allcompany to produce and publish their financial statements.Financial reports are usually prepared on the quarterly or yearly basis. The components ofthe financial reports are as follows:Balance sheet: This report helps in showing Goodwin plc's assets, liability and owner'sequity at a certain point of time. It can be prepared at the end of quarter or yearly basis (Barth,2018).Income statement:It assist in showing Goodwin plc' income, expenses and overallprofit in a year. This reports also includes sales and all other expenses that are incurred in thatyear.1
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Statement of retain earning: it is the report which help in knowing the stakeholder andthe management on the changes in the equity of the company in a specific period.Cash Flow Statement: It is the report which shows the company's cash inflow andoutflow activity.The purpose of the financial reporting are as follows:To provide accurate information to management of Goodwin plc that are beneficial inthe purpose of planning, analysing, benchmarking and other decision making process.The main purpose of preparing the financial report is to provide the information to thecompany' to investors, promoters, debt provider and other creditors. It will help them inmaking decision regarding their investment in Goodwin Plc(Bonsall IV and et.al., 2017).It also assist in showing the performance of the management.2. Examining the conceptual and regulatory framework with their requirement and purposes.In financial reporting, conceptual framework can be defined as the theory according towhich the financial reporting are being prepared. The conceptual framework is helps in dealingwith the issues regarding the preparation of the financial statements of the companies. Theregulatory framework ensures the purpose of preparing the financial statements that aremandatory as it it is essential for the financial statements users in accomplishing their needs fromthis information. The main purpose of the conceptual framework are:Assisting the development of future IFRS and the checking of the existing standard thatare set up in the process of the underlying the concepts.In order to promote the accounting regulation and the standard that are help in reducingthe number of alternative accounting treatments (Leuz and Wysocki, 2016).To assist the preparation of financial statements with the proper application of IFRS, italso includes the dealing of the accounting transaction which do not have properaccounting standard.The key principles of Financial accounting reporting are as follows:Accounting principles includes both accounting concepts and convections that are asfollows:2
International Financial Reporting Standard PDF_4

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