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The key financial reporting objectives outlined in the conceptual framework are as follows:
-Usefulness
-Understandability
-Target audience:investors and creditors
-Assessing future cash flows
-Evaluating economic resourses
-Primary focus on earings
What else can I help you with?
Which of the financial accounting objectives listed below would seem to be closest to the objective of tax reporting?
The financial accounting objective that seems closest to the objective of tax reporting is the objective of providing information to investors and creditors. Both financial accounting and tax reporting aim to accurately report financial information to stakeholders, whether they are investors, creditors, or government agencies. While financial accounting focuses on providing information for decision-making and assessing the financial health of a company, tax reporting is focused on ensuring compliance with tax laws and regulations. Both processes involve reporting financial information in a transparent and accurate manner to different parties.
What was the first objective identified by COSO's Internal Control?
Reliability of financial reporting.
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
When was Financial Reporting Council created?
Financial Reporting Council was created in 1990.
Do financial reporting and financial statement mean the same thing?
"Do the term financial reporting and financial statement mean the same thing?"
What is the difference between financial objectives and strategic objectives?
Any objective that is market based is strategic objective. Any objective that can be derived from financial statements is financial objective.
What determines fair financial reporting?
But in the end, fair financial reporting depends on the integrity of the company's financial team.
What is objective reporting?
Reporting being done without opinion or bias
When was Financial Reporting Council of Nigeria created?
Financial Reporting Council of Nigeria was created in 1982.
Why is accountability considered the paramount objective of governmental financial reporting?
it is based on the transfer of responsibility for resources or actions from the citizens to some other party, such as the management of the governmental entity.
Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
Why may regulation of financial reporting be important?
The regulation of financial reporting is important in order to make sure that said financial reporting is accurate and transparent. This, in turn, is important to prevent fraud and malfeasance.
