A reporting entity is required to prepare its financial report based on IASB framework and it is so useful for different types of users to evaluate the financial performance of the reporting entity and make suitable decisions. In this essay‚ the usefulness of conceptual framework in preparing of financial report will be discussed. And also‚ 2011 annual report of CLP Holdings Limited will be reviewed to further discuss how its qualitative characteristics of the information are useful for shareholders
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Excello Telecommunication Donna Snead ETH/376 Susan Paris Monday 23‚ 2015 Excello Telecommunication had seen many years of profitable sales. But‚ then in 2010 Excello had seen a drop of sales due to competition of their product by overseas manufactures. With all the years that this company had been in business they were now faced with the fact that their earnings estimates were not going to be met. There were many executive managers that were worried about the kind of effect this would have on
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Microsoft’s Financial Reporting Strategy The case at hand is primarily to discuss the financial reporting strategy adopted by Microsoft Inc. for the period 1996-1999 and the subsequent litigation that arose out of the accounting practice followed by Microsoft. Microsoft’s primary operations has been developing and manufacturing of the software products. As a company‚ it has shown a very stable growth in terms of revenues and profits‚ thus enabling better than industry share price increase over
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BP IFRS (Name) (Institutional Affiliation) Introduction Impact of any change in the business environment is always felt on the processes and procedures into place. In the past few years‚ overall business environment has gone tremendous ups and downs. During the last two decades‚ multinational companies have grown like they had never done ever in the history. Nations like India and China which have great population and market potential but were earlier following socialistic
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accounting firms conduct regular audits of internal controls and to evaluate the consistency of published financial statements. The (IASB) is a global regulatory body which is an offshoot of the International Financial Reporting Standards (IFRS); the (IFRS) sets standards for financial reporting for small to medium businesses which make up
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economy because of the decisions made is relied on the accuracy and the degree of understandability of the financial statements by the users (fasb‚ n.d.). Its mission is to establish and develop standards of financial accounting and reporting which enable financial reporting by non-governmental entities to provide useful information for decision-making to investors and other users of financial reports (fasb‚ n.d.). FASB consists of 7 full-time members who may serve up to two five-year terms (fasb‚ n
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(August 2013) Access controls—Procedures designed to restrict access to on-line terminal devices‚ programs and data. Access controls consist of “user authentication” and “user authorization.” “User authentication” typically attempts to identify a user through unique logon identifications‚ passwords‚ access cards or biometric data. “User authorization” consists of access rules to determine the computer resources each user may access. Specifically‚ such procedures are designed to prevent or detect:
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Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision‚ now would be an opportune time to take a look at what the advantages and disadvantages would be of switching to the new way of financial reporting‚ and doing so‚ shows the beliefs of the costs being too high to adopt a new set of reporting standards. People who support switching from GAAP to IFRS argue that IFRS will offer a general reporting language
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AASB Framework AASB CF 2013-1 December 2013 Amendments to the Australian Conceptual Framework Obtaining a Copy of this Pronouncement This pronouncement is available on the AASB website: www.aasb.gov.au. Alternatively‚ printed copies are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Phone: Fax: E-mail: Website: Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA
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(generally accepted accounting principles). SUMMARY OF LEARNING OBJECTIVES 1. ldentify the major financial statements and other means of financial reporting. Companies most frequently provide (1) the balance sheet‚ (2) the income statement‚ (3) the statement of cash flows‚ and (4) the statement of owners’ or stockholders’ equity. Financial reporting other than financial statements may take various forms. Examples include the president’s letter and supplementary schedules in the corporate annual
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