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Yes, privately run hospitals typically have to present financial statements to their board of directors. This is crucial for ensuring transparency, accountability, and informed decision-making regarding the hospital's financial health and operational performance. The board uses these statements to assess the hospital's financial status, set strategic goals, and manage resources effectively. However, the specific requirements can vary based on the hospital's governance structure and regulatory environment.
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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
Which accounting principle requires that transaction should be recorded in the period they occurred?
There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.
Why do public companies publish annual reports?
A company that is publicly owned is required to issue an annual report to stockholders. The annual report includes a wide variety of financial information and a discussion and analysis of operations by management. Many of the financial disclosures found in an annual report are required by regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). A typical annual report will contain sections on financial statements, letter to shareholders, footnotes to the financial statements, and an auditor's report.
What are the main objectives of International Accounting Standard Board?
The main objectives of the International Accounting Standards Board (IASB) are to develop and maintain a single set of high-quality, understandable, enforceable international financial reporting standards (IFRS) that enhance the transparency and comparability of financial statements globally. The IASB aims to promote the adoption and consistent application of these standards to ensure that financial reporting provides relevant information to investors and other stakeholders. Additionally, the board seeks to facilitate the convergence of national accounting standards with IFRS to improve consistency in financial reporting worldwide.
Who is responsible for providing fiscal year end?
The responsibility for providing the fiscal year-end financial statements typically lies with the finance or accounting department of an organization. They compile and analyze financial data, ensure compliance with accounting standards, and prepare the necessary reports for stakeholders. Leadership, including the CFO or finance director, often oversees this process to ensure accuracy and completeness. Ultimately, the final financial statements are usually approved by senior management or the board of directors.
Who is responsible for preparation and integrity of the financial statements?
board of directors
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
What are importance of footnotes?
The footnotes to the financial statements should describe the earnings impact of any changes in accounting policy, or changes in estimates (Financial Accounting Standards Board Statement No. 154)
Who is responsible for the preparation of the financial statement in Apple Inc?
The responsibility for the preparation of financial statements at Apple Inc. lies primarily with its management team, specifically the Chief Financial Officer (CFO) and the finance department. They ensure that the financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and that they accurately reflect the company's financial position. Additionally, the Board of Directors oversees this process, while external auditors review the statements for accuracy and compliance.
How is the openness of the Financial Accounting Standards Board ensured?
Because the board's Rules of Procedure require a supermajority of five votes to approve the issuance of any new standard, no more than four board members can meet privately to discuss technical issues
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 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 are authoritative pronouncements?
Authoritative pronouncements are formal statements issued by governing bodies, such as regulatory authorities or standard-setting bodies like the Financial Accounting Standards Board (FASB) or the International Accounting Standards Board (IASB). These pronouncements provide guidelines and rules that entities must follow in preparing their financial statements to ensure consistency, transparency, and comparability.
Who is responsible for the preparation of a company's financial statements for public?
The responsibility for the preparation of a company's financial statements for public disclosure primarily lies with the company's management, including the Chief Financial Officer (CFO) and other accounting staff. They must ensure that the financial statements are accurate, complete, and compliant with relevant accounting standards and regulations. Additionally, the company's board of directors and audit committee oversee this process to ensure accountability and integrity in financial reporting. External auditors also play a role by reviewing the statements for accuracy and compliance before they are made public.
What is purpose of standards?
A standardized accounting system has predictable elements and structure. A standard system produces financial statements that make it easy (at least possible) to compare results for businesses within the same industry. And, since the structural elements are the same across the board, once you understand the financial elements of the system, it is possible to understand any financial statements for any industry.
What are GAAP Financial statements?
Generally Accepted Accounting Principles. These are a framework of guidelines for financial accounting. The GAAP in each country differs and the standards are shaped by the relevant country company law and governed by an accounting standards board.
Is it possible to study 12th in kerala board privately?
Yes. It is possible to study Kerala Borad Plus Two privately.
