Financial reporting involves reporting financial performance (profit or loss) information in the income statement and the financial position of the firm in the balance sheet both to management and the public if the company trades in public. Other reports which can be prepared for use in financial reporting include cash flow statements, financial reports to governmental agencies, Press releases and conference calls about earnings, reports to stockholders, financial information on a company’s website, prospectus pertaining to the issuance of common stock and other securities, reports to the Securities and Exchange Commission, statement of stockholder’s equity and notes to financial reports and statements. Compliance of financial statements and reports to US GAAPs (united states generally accepted accounting standards and practices) and more so FASB (financial accounting standards boards) and outside the US compliance to IFRS (international financial reporting standards) is a pre requisite in the preparation of the financial statements and reports.
International accounting standard 1 (IAS 1), sets out clear guidelines for the requirements of preparing financial statements such as the accounting concepts, principles and policies to be adhered to like accruals basis, going concern principle and the non current realization distinction from the current, how the financial statements should be structured and their required contents.
International accounting standard 1 (IAS 1), applies to all financial statements and reports prepared and presented in accordance to IFRS - international financial reporting standards.
International accounting standard 1 (IAS 1.49-51), dictates the structure of the financial statements as follows;
Financial reporting is basic to be done by businesses regarding their performances consistently. Finance scholars and students pursuing MBA learn financial reporting in their course curriculum to know how the performance of a company is evaluated on the basis of financial statements like balance sheet, income statement, statement of cash flows etc. The annual report or financial statements defines the financial health of a company. These statements are given as an assignment task involving evaluation of the financial health of a various listed companies. Students normally face a lot of stress dealing with these complex reports involving lot of figures. That’s when we have the solution in the form of financial reporting assignment help services. We can help student understand how these statements are prepared and how to assess a firm’s financial condition. Correct evaluation can help in conducting SWOT analysis of the firm and devising the right strategies for further growth and sustainability.
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