Skip to main content

ACCAPEDIA

 
 
Kaplan Wiki > ACCAPEDIA > Wiki Pages > The Objective of Financial Reporting

The Objective of Financial Reporting


 
FavoriteFavorite
Click on the link to subscribe to the page and add it to My Subscriptions view.
Subscribe to e-mail alert notifying.
View feeds on this page.
|
DiscussionsDiscussions
|
Print
|
Export to Word
Export to PDF
 
History
|
Incoming Links
Contents [Hide]

The objective of financial reporting

The main objective is to provide financial information about the reporting entity to users of theĀ financial statements that is useful in making decisions about providing resources to the entity, as well as other financial decisions.

Fair presentation

In order to provide useful information to the stakeholders of a business the financial statements must fairly present the position and performance of that business (or show a 'true and fair view'). Whilst this has never been formally defined it embodies the concepts that the financial statements are:

  • compliant with relevant laws and regulations
  • compliant with the relevant financial reporting framework, and
  • they have applied theĀ qualitative characteristics of the Conceptual Framework as far as possible.
Created at 10/23/2012 11:25 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London
Last modified at 11/30/2012 11:38 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London

Rating :

Ratings & Comments  (Click the stars to rate the page)

Tags:

Recent Discussions

There are no items to show in this view.
ACCAPEDIA - The Objective of Financial Reporting