Stakeholder For Financial Information : Assignment
Added on 2020-10-05
20 Pages6343 Words375 Views
FinancePolitical Science
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Financial Awareness
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Need, purpose, limitation and stakeholders for financial information.............................11.2 Accounting arrangements and conventions used by organisations..................................5TASK 2............................................................................................................................................72.1 Influence of accounting framework and regulation on accounting and financialinformation.............................................................................................................................72.2 Uses of published financial information...........................................................................92.3 Usage of management accounting practices by Qupital Limited...................................11TASK 3..........................................................................................................................................123.1 Explaining main items commented in financial commentary and their importance......123.2 Trends in published accounting information..................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONFinancial awareness is the need of financial information about a certain company oreconomy. In this project report, Qupital Limited is selected to develop an understanding for theimportance of financial information and financial awareness. Qupital Ltd. is a Hong King basedcompany which operates in trade finance. Qupital Ltd. is a new company, founded in 2016 andhave been successful in establishing a strong position in the market. As a financial director ofthis company a report is developed in order to serve information about financial awareness to theChief executive officer of this company. Various purposes, limitations, requirements andstakeholders are discussed of financial information. Accounting standards used by this companyis also identified in this report along with several accounting conventions. Influence ofaccounting frameworks and regulations is discussed in order to identify uses of publishedfinancial information (Alessie, Van Rooij and Lusardi, 2011). The main purpose of this report is to serve Qupital Ltd. by contributing towards theirfinancial planning with the use of their financial information. This financial or accounting data isstudies in this report in order to understand the importance of each item of these statements.Trends of published accounting information is also identified.TASK 11.1 Need, purpose, limitation and stakeholders for financial informationFinancial information is a formal record of financial activities of an organisation. Thisinformation includes several documents including income statement, balance sheet, cash flowstatement and other books of original and second entry. This information is the numerical datawhich reflects income, expenditure, assets and liabilities of an organisation. In order to serve theQupital Ltd., need, purpose, limitations and stakeholders of this information is discussed below:Need of financial information:For any business organisation, financial information is the most important aspect as itplays an important role in various strategies, decisions and planning. Decision making – Financial information of an organisation like Qupital Ltd is analysedand interpreted in order to make effective decisions by the management which can beadvantageous for the organisation. Analysing this information is a crucial task to perform and asa financial director this process plays a significant role (Atkinson and Messy, 2012). 1
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