Tag Archives | Corporate Disclosure

Financial Reporting: Concept, Objectives and Benefits

In this article we will discuss about Financial Reporting:- 1. Concept of Financial Reporting 2. Objectives of Financial Reporting 3. Developments on Financial Reporting Objectives Concept of Financial Reporting: Financial reporting may be defined as communication of published financial statements and related information from a business enterprise to third parties (external users) including shareholders, creditors, customers, governmental authorities and the [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Financial Reporting|Comments Off on Financial Reporting: Concept, Objectives and Benefits

Financial Reporting and Financial Statements

The upcoming discussion will update you about the difference between financial reporting and financial statements. 1. Financial statements are a central feature of financial reporting. They are a principal means of communicating accounting information to those outside an enterprise. Although financial statements may also contain information from sources other than accounting records, accounting systems are generally organised on the basis [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Financial Reporting|Comments Off on Financial Reporting and Financial Statements

Top 11 Qualitative Characteristics of Accounting Information

The following points highlight the top eleven characteristics of accounting information. The characteristics are: 1. Relevance 2. Reliability 3. Understandability 4. Comparability 5. Consistency 6. Neutrality 7. Materiality 8. Timeliness 9. Verifiability 10. Conservatism 11. Substance over Form. Characteristic # 1. Relevance: Relevance is closely and directly related to the concept of useful information. Relevance implies that all those items of [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Financial Reporting|Comments Off on Top 11 Qualitative Characteristics of Accounting Information
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