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Why is it necessary for for directors remuneration and bonuses to be disclosed in financial statements?
Wiki User
∙ 11y ago
According to King Code III chapter 2 paragraph 180 requires that companies should disclose the remuneration of each individual directors and certain senior executives
Wiki User
∙ 11y ago
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Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
Who is responsible for preparation and integrity of the financial statements?
board of directors
What are the roles played by directors in terms of the published statements of a company?
Directors are responsible for overseeing the preparation and approval of a company's published financial statements to ensure they accurately reflect the company's financial position. They also play a key role in ensuring the statements comply with relevant accounting standards and regulations. Additionally, directors are responsible for reviewing the statements for accuracy and providing assurances to shareholders and other stakeholders regarding the company's financial performance.
Why company directors fees disclosure is important?
all types of accounting information disclosed in financial statements are important. it is legal and mandatory in many countries . also the ISAAB board under IAs 700 the report formats dictates a lot of expressions and disclosures required .
Who must prepare financial statements?
Business firms, particularly those with stockholders, must prepare honest and conservative financial statements.
What is the financial remuneration?
Payment of money.
Is depreciation schedule required to be disclosed in the notes to financial statements?
Yes depreciation schedule is required to disclose for the better understanding for the reader of the books of accounts.
Who is an internal user of financial statements?
Accounting information is presented to internal users in the form of management accounts, budgets, forecasts andÊfinancial statements. External users are communicated accounting information in the form of financial statements. These users are creditors, tax authorities, investors, etc..
How does the Sarbanes-Oxley Act describe an audit committee?
established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
How might changing one of the financial statements affect the other financial statements?
How might changing one of the financial statements affect the other financial statements?
Why is it important to adopt a consistent basis for the preparation of financial statement?
Comparability. It is important to allow users of financial statements to compare statements in order to identify trends within an industry or entity and to assist the relative performance of a company across time and across a specific industry. See IFRS: Frame work for the Preparation and Presentation of Financial Statements (A39- 42) Further as the basis by which the entity prepares its financial statements needs to be disclosed ( And changes in policy elaborated upon) it also inhibits adopting favourable accounting policies on a whim in order mislead users of financial statements
