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stockholders creditors suppliers and employees
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The primary private sector agency that overseas external financial reporting is?
The primary private sector agency that overseas external financial reporting is?
What is external financial reporting?
stockholders creditors suppliers and employees
In what various ways can and should financial reporting be different from reporting from reporting to management?
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.
Which costing method is used for external reporting purpose?
absorption costing
What are two types of reporting isolating events are?
Two types of reporting isolating events are internal reporting and external reporting. Internal reporting involves documenting events within an organization for management review and decision-making, while external reporting focuses on communicating incidents to stakeholders outside the organization, such as regulatory bodies, customers, or the public, to maintain transparency and compliance. Both types are crucial for effective risk management and organizational accountability.
Which module is used for external financial reporting?
The module commonly used for external financial reporting is the Financial Accounting (FI) module in ERP systems like SAP. This module facilitates the management of financial transactions, accounting records, and reporting requirements necessary for compliance with external standards and regulations. It allows organizations to generate financial statements, balance sheets, and profit and loss reports, ensuring accurate and timely reporting to stakeholders.
What are the 2 types of reporting isolating events?
The two types of reporting isolating events are internal reporting and external reporting. Internal reporting involves communicating incidents within an organization to facilitate immediate response and analysis, often through internal channels like incident management systems. External reporting refers to sharing information about events with outside parties, such as regulatory bodies, stakeholders, or the public, often to comply with legal requirements or maintain transparency.
What are the two types reporting isolating events?
The two types of reporting isolating events are internal reporting and external reporting. Internal reporting involves sharing information about isolating events within an organization, typically for operational improvements or compliance purposes. External reporting, on the other hand, involves communicating these events to stakeholders outside the organization, such as regulatory bodies or the public, often to ensure transparency and accountability. Both types aim to address and mitigate the impact of such events effectively.
What is reporting boundary?
Reporting boundary defines the extent of an organization's reporting scope, outlining what is included in its external reporting. It helps delineate which activities, operations, and entities are covered in the report and which are excluded. This allows stakeholders to understand the full scope of the organization's reporting and the context in which the information is presented.
Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
What is the cornerstone of external financial reporting for governmental units and non profit organizations?
accountability
What are the two types of reporting isolation events?
The two types of reporting isolation events are internal and external reporting. Internal reporting events typically occur within an organization, where employees report issues or incidents to management or compliance teams. External reporting events involve sharing information with outside entities, such as regulators, stakeholders, or the public, often to comply with legal or ethical standards. Both types aim to ensure transparency and accountability in addressing concerns.
