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FRS - Financial Reporting StandardsIn UK, the chief standard-setter for financial accounting is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies.IFRS - International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). This is used extensively in EU and there are efforts being made to converge accounting standards globally to IFRS.
The AASB 114 applies to entities that work 'for profit'. Principles for reporting financial information by segment information about its products and services and the location and is used for its financial reports.
Like any other organization, financial manager's job is to monitor and control the financial health of the organization and taking corrective mesures when required. In a non-profit organization, the profits will not be used by the sponsors or stakeholders but will be used towards achieving the organizations vision or goal.
Financial (external) reporting produces information used by external users, investors, regulatory authorities, etc. who are concerned with the overall financial situation of the company. External reporting should put a premium on accuracy and understandability. Cost Management (internal) reporting or accounting focuses on analyzing costs and their drivers--for internal purposes such as measuring efficiency or decision making processes. Although accuracy and understandability are still important, internal reporting focuses more on timeliness and relevance.
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COROLLARY: It is a necessary corollary to enable an adoption to take place. IMPORTANCE: The sequence of topic letters shows the relative importance of the topic. FINANCIAL: In some cases financial assistance may be available to offset the cost of the training. REPORTING: This measure forms the basis of our internal financial reporting and is used by management in deciding how to allocate capital resources among business segments.
auditing
quick ratio
A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency. The system of recording, verifying, and reporting such information is called accounting
Financial system is the processes and procedures used by a firm's management to exercise financial control and accountability. These measures include ecording, verification and timely reporting of transactions that affect revenues, expenditures, assets and liabilities.
An apex organization is a lending company that provides various funding to smaller firms. This term is usually used in relation to financial institutions.
A fiscal year consists of a 12 month period that is used by businesses for calculating financial statements and reporting income taxes. The financial year does not have to follow the calendar year.