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What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
What is the meaning of statutory and regulatory framework for financial accounting?
Statutory means it is required by Law. Regulatory means it is required my regulatory bodies such as the FSA in Great Britain and Northern Ireland.
What are the differences between GAAP and SAP?
What Does Statutory Accounting Principles - SAPMean?A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.Investopedia explains Statutory Accounting Principles - SAPFilings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.
What are 3 accounting?
There are many branches of accounting. Some of the most important are given below:Annual AccountsManagement Accounts / Monthly ReportingStatutory AccountsMaintenance of Statutory RecordsAccounting for TrustsAccounting for Non-Profit Organisations and Charitable TrustsCompany Incorporations and Administration
The statutory and regulatory framework for accounting profession of Nigeria?
Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.
What are the six distinguished features for cost accounting?
Gaap's statutory requirement focus on segment of organization cost a/c and f/a historic data is put into
What is statutory and regulatory of accounting?
Statuatory Account are custom defined for a particular company if it is following its own accounting principles or a separate ledgers for its accounts then statuatory accounts will come in place where is regulatory accounts are regular accounts which is called as General Chart of Accounts which is already defined.
What is statutory audit What is the exact meaning of statutory audit?
A statutory audit is a required examination that examines the accuracy of a corporation's or governmental entity's financial accounts and paperwork. The primary goal of this audit is to discover whether a company shows a true and exact picture of its financial standing, achieved through the study of details such as bank funds, accounting records, and financial deals. Objectives of a Statutory Audit Spotting Mistakes Auditors look for any errors in the accounts—whether it's a wrong entry, a missing number, or a simple typing mistake. Catching Fraud They also keep an eye out for anything that looks fishy, like unusual transactions or signs of wrongdoing. Finding Hidden Errors Sometimes mistakes cancel each other out and go unnoticed. Auditors dig in to uncover these kinds of issues too. Fixing Accounting Principle Mistakes If the company has used the wrong accounting method or misunderstood a rule, auditors point it out and help set things right. In India, statutory audits are governed primarily by the Companies Act, 2013 and conducted according to standards set by the Institute of Chartered Accountants of India (ICAI). It's an audit you must have by law, conducted by an independent auditor to protect shareholders, creditors, and the public interest. And if someone wants to understand statutory audits in a more practical way, a lot of students find CA Tushar Makkar’s “Master Blaster of Statutory Audit” course pretty useful.
Is SEBI a statutory body or non statutory body?
Statutory Body
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
Define computerised accounting?
An accounting system can either be a manual system or a computerised one and both produce similar results when properly applied. An accounting system is part of the organisation's management information system therefore a good or decent accounting system must be able to produce reports like trial balance, aged debtors and aged creditors. Accounting systems must provide data that should enable the production of management accounts, statutory accounts and must also assist the managers and accountants in discharging their stewardship roles.
What are the Advantages and disadvantages of statutory corporation?
The advantages of statutory corporations are as follows:-(1)Formation: Formation of Statutory Corporations is easy. It can be easily formed by passing Special Act, either at Legislature Assembly or at Parliament.(2) Autonomy: Statutory corporations can have its own working pattern. There is no political interference in day to day working of corporation.(3) Flexibility: Statutory corporations enjoy full flexibility in its operations. It is free to take any decision relating to capital collection. Investment, market, production, recruitment, planning, accounting & the decision once taken can be easily changed.(4)Capital Raising: Government contributes the capital at large for statutory corporations, but statutory corporations are free to collect capital from general public.(5) Quick Decisions: Quick decisions are possible because all policy decisions are taken by the Board & board can implement these decisions easily. There is no interference of government in any type of decisions.(6) Staff Members: Statutory corporations is free to have its own recruitment policy. It can recruit, promote, and transfer any employee / officer as per its requirement.(7) Economies of Scale: Statutory corporations operates on large scale & enjoy the economies of large scale operations.(8) Separate Entity: Like joint stock company, statutory corporations enjoys separate legal status.(9) Self Accounting System: Statutory corporations is free to have its own accounting pattern. It need not follow Budgetary Accounting & Audit Control of government. It is free to prepare its own budget.(10) Social Welfare: The main object of statutory corporations is to provide necessary services at a lower price. It works for protecting the interest of common people. Hence society at large is benefited.The disadvantages of statutory corporations are as follows;-(1) Difficult Formation: It is very difficult to form statutory corporations because it requires lengthy documentation, complicated formalities & passing of statue.(2) Rigidity: The policies once approved, the statue once passed cannot be changed easily. It can be done by the parliament only & this is very time consuming.(3) Political Interference: Statutory corporations are subject to political interference & this affects the efficiency of the corporation.(4)Suitability: Statutory corporations is suitable only for giant size business but is not suitable for small size business.(5) Inefficiency: Statutory corporations always lacks efficiency. This is because of rigid policies of management or the government.(6) Monopoly: Statutory corporations enjoy total monopoly & private sector cannot compete with it. This encourages monopoly & defeats the motive of statutory corporations.(7) Wastage of Resources: There is often wastage of physical, capital and manpower resources in several cases.
