Financial Statement Financial statements are reports, which portray the financial performance and reflect financial health conditions of a company. The financial statements are usually prepared by experienced professionals, Certified Public Accountants (CPA), following the General Accepted Accounting Principles (GAAP). The GAAP’s are an aggregate accounting rules that framework how firms and corporations prepare their financial statements and report their business transactions. The GAAP
Words: 712 - Pages: 3
do we need financial reporting? What is its purpose? Who are some of the key players in financial reporting? PROVIDER EXTERNAL USERS REGULATORS Your textbook (as most out there) evaluates accounting issues from a FASB perspective. We will discuss issues from the FASB’s conceptual framework, but also will try to think about others’ perspectives as well. Before we talk about the conceptual framework, we will discuss the structure of the ultimate product of the financial reporting process – the
Words: 2307 - Pages: 10
What are the benefits of international financial reforting standards since thier adaption at the beginnng of the 21st? essay EXECUTIVE SUMMARY International Financial reporting Standards IFRS as a recent accounting phenomenon has drawn the attentions of Accountant, financial institutions and financial managers, multinational companies, government, financial regulatory institutions and in all the participants in capital market. This research is aim at examining the benefits of IFRS as against the
Words: 3931 - Pages: 16
Running head: XBRL: THE NEW REPORTING XBRL: The New Reporting Julie Mercer Strayer University Chapter One Introduction This chapter consists of research ideas relating to eXtensible Business Reporting Language or XBRL, also how the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) are moving towards this type of reporting. The chapter consists of context of the problem, statement of the problem, research question
Words: 2115 - Pages: 9
Financial Statement Analysis and Interpretation FIN/571 Corporate Finance November 23, 2015 Financial Statement Analysis The goal of any business regardless of its size should be to obtain and maintain financial profitability and maximize its shareholder’s wealth. The goal of a good manager is to have a solid understanding of his organization’s financial functionality in order to achieve the aforementioned by others. With a thorough understanding of a company’s financial statement
Words: 1957 - Pages: 8
culture and history and also look at efforts to harmonize international accounting standards, international issues in financial statement analysis, and accounting for foreign currency transactions. COURSE OBJECTIVES: Upon completion of this course, students should be able to: 1. Explain and illustrate the principles and processes of foreign currency translation. 2. Analyze financial statements of multi-national corporations. 3. Discuss the economic, political, social and cultural forces that have converged
Words: 1133 - Pages: 5
IFRS vs. GAAP: What are the differences, how does it affect net income reporting and what difficulties may exist in mandating IFRS in the U.S. Introduction I propose to write a paper on some of the major differences which still remain between IFRS and US GAAP. Although the FASB and IASB along with the SEC have been working to converge the two accounting systems, many differences still exist. In particular I plan to show the effects on the reported net income of companies and highlight the
Words: 988 - Pages: 4
HKAS 21 Revised July 2012May 2014 Hong Kong Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates HKAS 21 COPYRIGHT © Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains IFRS Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests
Words: 12583 - Pages: 51
about the financial reporting requirement for publicly listed company and linkages the influence of Sri Lanka’s cultures in the financial reporting as well as the political factor that impact the process of setting accounting standards. The second categories discussed about the expansion project which Aitkin Spence hotel is believed to meet Sekara Hotel Ltd.’s core competencies in developing and management hotels and resort leisure. A briefly summary information regarding to the hotel financial and non-financial
Words: 2687 - Pages: 11
particularly in the accounting field - a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principals (GAAP) and the International Financial Reporting Standards (IFRS). Currently, the majority of countries in the world follow International Financial Reporting Standards guidelines; however, the United States still uses Generally Accepted Accounting Principals. This topic has been a main focus because there is a plan for convergence between the
Words: 795 - Pages: 4
