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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and financial control Submission date: 21st September 2012 Submitted by: Ahmed Shahir ATHE registration number: Table of contents Introduction 2 Purpose and requirements for keeping financial records 3 Techniques for recording financial information 3 Legal and organisational requirements of financial purpose 4 Usefulness of financial statements to stakeholders 5 Difference between management and financial accounting
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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 2.4 Measurement
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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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University of Phoenix FIN/571 J. Woods December 11‚ 2013 Interpreting Financial Results Entrepreneurs and corporate owners utilize financial ratios as a tool to measure management benchmarking and performance. Financial ratios consist of asset turnover‚ calculations in productivity‚ liquidity‚ and monetary power. Liquidity ratios support business managers with shaping and fulfilling the business’ short-term financial needs. Asset turnover ratios are indicators that provide a report of revenue
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1 1. The main purpose of financial accounting is to communicate useful financial information to decision-makers both inside and outside of the business organization. True False 2. The Canadian Business Corporations Act mandates that all incorporated companies in Canada follow IFRS. True False 3. Private companies in Canada may choose between IFRS or ASPE. True False 4. Canada has adapted its own pre-existing standards for public companies to IFRS‚ while the U.S has adopted
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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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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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Identify the main users of financial reports‚ explaining to what use(s) they may put such reports. To what extent is there a conflict between different uses? How far are these conflicts resolved in a single set of annual accounts? The financial reports are profit and loss account‚ balance sheet and cash flow statement. There are many users /parties interested in the accounts of a company /organization. These include the following: The owners / shareholders The directors / managers The employees
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Financial Statement Restatement Paper This paper will discuss the financial statement restatement of J.P. Morgan Chase and Company from 2012. When discussing J.P. Morgan Chase and Company from this point‚ it will be shorten to Chase. Chase was found to have discrepancies in their first quarter 2012 income statement. The restatement relates to valuations of certain positions in the synthetic credit portfolio of the Firm’s Chief Investment Office (CIO) (JPMorgan Chase & Co. – Current Report July
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