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What does compilation of prospective financial statements by public accountants involve?
Wiki User
∙ 13y ago
the service of preparing the statements in whole or part from information and significant assumptions provided by the responsible party, usually a member of management
Wiki User
∙ 13y ago
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What role do public accountants play in the examination of financial forecasts and projections?
The accountants who examine such statements must consider whether the sources of information used by the client are sufficient to support the assumptions reflected in the prospective statements.
Who prepares financial statements?
Accountants, usually
What is compilation of financial statements?
An annual report
Who are financial statements prepares for?
financial statements are prepared by accountants to submit to the government for taxation purposes.
What internal sources of information must accountants consider in the examination of prospective financial statements?
strategic plans, budgets, contractual agreements, purchase and sale agreements and commitments, intellectual property rights such as copyrights and patents, royalty and commission agreements
What are financial compilation services?
The certified public accountant (CPA) prepares--compiles--financial statements based on information supplied by the company's management.
What challenges are faced by the accountants in different countries in using IFRS as they prepare and present financial statements?
accounting profession challenges when using IFRS
Who is an internal user of financial statements?
Accounting information is presented to internal users in the form of management accounts, budgets, forecasts andÊfinancial statements. External users are communicated accounting information in the form of financial statements. These users are creditors, tax authorities, investors, etc..
Duties and responsibilities of senior accountant?
Senior accountants have a number of duties and responsibilities. The are responsible for preparing financial statements, analyzing financial information, and supporting the closing process at the end of every month.
Duties of financial accountant?
Financial accountants are responsible for preparing monthly, quarterly, and yearly statements based on the company data. They also prepare company budgets and are aware of any tax filing requirements.
Some individuals argue that accountants should focus on producing financial statements and leave the design and production of managerial reports to information systems specialists?
simply because they report the financial statement to the user
Who are the people that are interested in the financial statements of a business?
the people who are interested in the business financial statement are : -- the BIR -- the business's prospective investors -- the management -- the owner of the company/business hope this answer helps you
