Ch 8: Financial Reporting and Management Reporting System GL master ledger: the principal file in the GLS database. Based on chart of accounts. FRS draws upon GL master to produce the firm’s financial statements General ledger history file and journal voucher history file- prior period info Responsibility center file: contains revenues‚ expenditures‚ and other resource utilization data for each responsibility center in the organization (used for responsibility reports) Budget master file: contains
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Financial Statements for Internal Reporting Purposes vs. Financial Statements for External Reporting Purposes It is common in most companies to maintain two set of financial statements; one being used/presented for internal reporting purposes and another for reporting externally. Internal reports are used primarily to aid management in the decision making process throughout the course of the business. These are subject to internal audit to make sure that all information reported are fair and correct
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framework for financial reporting Objectives 2.1 Why a conceptual framework? 2.2 IASB Framework for the Preparation and Presentation of Financial Statements 2.2.1 The objective of financial statements 2.2.2 Stewardship as an objective of financial statements: the current debate 2.2.3 Underlying assumptions 2.2.4 A note on the ‘going concern’ assumption 2.2.5 Qualitative characteristics of financial reporting information 2.2.6 Constraints on financial reporting 2.3 Elements of financial statements
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Introduction The purpose of this report is to investigate the current financial reporting environment in Sri Lanka and its impact on the companies listed on the Colombo stock exchange. Hotel SIGIRIYA PLC has been chosen to study the financial reporting requirements‚ cultural impacts and the political influences on the Sri Lankan listed companies. 1. Financial Reporting Environment in Sri Lanka 1.1. Current financial reporting requirements for publically listed companies in Sri Lanka. In August
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Page 1. History of International Financial Reporting Standards (IFRS) …………… 2 2. Advantages and Disadvantages of Adopting IFRS ……………….. 4 2.1. Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5 3. Similarities and Differences between IFRS and
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Introduction The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission (ASIC) Act 2001 and its purpose is to oversee the process of setting accounting & auditing standards. One of the many key roles of FRC includes the maintenance of independence functions of auditor by monitoring and assessing the overall adequacy of the procedures followed by the auditors and their compliance with auditor independence requirements (FRC 2011). It also
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The Similarity and Difference between FASB & GASB Financial Reporting Saintania Bien-Aime Governmental/ Institutional Accounting: ACG4501 Keiser University April 15‚ 2012 Abstract The accounting and financial reporting standards are one of the source that profit businesses and governmental not-for-profit organizations‚ which has been created by the Accounting standards Board (FASB). However‚ accounting and financial reporting standards that apply for state and local governments in America
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24/07/2013 Overview of ACCT2011 Institutional and Conceptual Framework for Financial Reporting Week 1 Lecture Schedule of weekly topics › UoS Outline Assessment › Mid-semester test (7 Sep 2013) 40% 60% › Final exam (final exam period) ACCT2011 Financial Accounting A Dr Eagle Zhang › Please note: You must achieve at least 40% in the final exam to pass the unit AND get an overall mark of 50% or more. 1 4 Overview of ACCT 2011 1. Applying specific accounting standards: • interpreting
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CPA 104 FINANCIAL REPORTING MODULE 1 THE FRAMEWORK AND ITS APPLICATION IN FINANCIAL REPORTING Part A: The role of a framework of accounting in global financial markets Objective of General Purpose Financial Reporting To provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and other creditors in making decisions about providing resources to the entity. Key factors driving the globalisation of financial markets Technological innovation
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The GAP‚ Inc. The Fiscal year Ended January 28‚ 2012 A. INTRODUCTION AND OVERVIEW 1. Financial Statements Included in the Annual Report 2.1. Consolidated Statements of Cash Flow 2. Major Competitors of the GAP‚ Inc. American Eagle Outfitters‚ Inc.‚ J. Crew Group‚ Inc.‚ and the TJX Companies‚ Inc. can be shown as the major competitors for the GAP‚ Inc. Based on the data given in annual reports of the companies‚ gross margin % for GAP‚ Inc. is 36%‚ while American Eagle Outfitters
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