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The basic foundation of governmental financial accounting and reporting in the United States was established by the Governmental Accounting Standards Boards (GASB) in its "Objectives of Financial Reporting,"
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 FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
Cost accounting deals with calculating the per unit cost of unit of product while financial accounting deals with reporting of financial performance of the busines
The basic foundation of governmental financial accounting and reporting in the United States was established by the Governmental Accounting Standards Boards (GASB) in its "Objectives of Financial Reporting,"
The objective of an auditof financial-statementsis to enable the auditto auditor-s-report-1whether the financial-statementsare prepared, in all material respects, in conformity with an identified financial reporting framework such as generally-accepted-accounting-principles-1(GAAP).Read more: materiality-auditing
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
The solutions for financial accounting and reporting are maintained by a well developed system. Many are available on the market and integrate the actual data accounting with automated report generation.
Standards of consistency, quality, information sharing between Accountants, and transparency in reporting are the base objectives of public sectors accounting.
The Conceptual Framework has been described as a constitution, a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribe the nature, function, and limit of financial accounting and reporting.- Intermediate accounting , Sixth EditionBySpicelandSepeNelson
differentiate between financial Accounting and management accounting
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 FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
Cost accounting deals with calculating the per unit cost of unit of product while financial accounting deals with reporting of financial performance of the busines