0
The module commonly used for external financial reporting is the Financial Accounting (FI) module in ERP systems like SAP. This module facilitates the management of financial transactions, accounting records, and reporting requirements necessary for compliance with external standards and regulations. It allows organizations to generate financial statements, balance sheets, and profit and loss reports, ensuring accurate and timely reporting to stakeholders.
What else can I help you with?
Which costing method is used for external reporting purpose?
absorption costing
What is frs and ifrs?
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.
Is it true The Modified Accelerated Cost Recovery System must be used for both financial and tax reporting?
False
Accounting information is used only by external users with a financial interest in a business enterprise. true or false?
false
Deferred taxes arise from the use of the same method of depreciation for tax and reporting purposes. True or false?
False. Deferred taxes typically arise from differences in accounting methods or timing between tax reporting and financial reporting, such as using different depreciation methods for tax purposes than for financial statements. When the same method is used for both, there is generally no temporary difference, and therefore, no deferred tax implication.
In what various ways can and should financial reporting be different from reporting from reporting to management?
Financial (external) reporting produces information used by external users, investors, regulatory authorities, etc. who are concerned with the overall financial situation of the company. External reporting should put a premium on accuracy and understandability. Cost Management (internal) reporting or accounting focuses on analyzing costs and their drivers--for internal purposes such as measuring efficiency or decision making processes. Although accuracy and understandability are still important, internal reporting focuses more on timeliness and relevance.
Which costing method is used for external reporting purpose?
absorption costing
What accounting standards are used in maldives?
In the Maldives, the accounting standards primarily used are the International Financial Reporting Standards (IFRS), which are adopted by many companies and financial institutions for financial reporting. The Maldives Accounting and Auditing Organization (MAAO) oversees the implementation of these standards. Additionally, smaller entities may use the Maldives Financial Reporting Standards (MFRS), which are simplified versions aligned with IFRS. The adoption of these standards aims to enhance transparency and accountability in financial reporting within the country.
What is frs and ifrs?
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.
Importance of segment reporting AASB 114?
The AASB 114 applies to entities that work 'for profit'. Principles for reporting financial information by segment information about its products and services and the location and is used for its financial reports.
Who uses the IFRS?
IFRS, or International Financial Reporting Standards, are used by public companies in many countries around the world as the accounting standard for financial reporting. It is also often used by private companies, non-profit organizations, and government entities in countries where IFRS is adopted.
Is sap-fica correct or sap-fico correct?
Both of them are correct. They are just different modules. FI-CO is Controlling module FI-CA is a module for running Contract Acoounts. Usuallu used for Utilities in cooperation with IS-U module.
Is it true The Modified Accelerated Cost Recovery System must be used for both financial and tax reporting?
False
What are contained in the reports required by Section 404 of the Sarbanes-Oxley Act?
"The Company must report on internal controls over its financial reporting. Four key elements must be included in this report:Statement of Responsibility by Company Management (the CEO and CFO) for establishing and maintaining an adequate internal control structure and procedures for financial reporting.Statement identifying the framework used by management to evaluate the effectiveness of the Company's internal control over financial reportingManagement's Assessment of the effectiveness of Internal Controls over financial reportingAttestation by the company's external auditor on Management's assessment of the effectiveness of the company's internal controls and procedures for financial reporting."
Why are companies required to prepare a statement of cash flows and what is its significance in financial reporting?
Companies are required to prepare a statement of cash flows to show how cash is generated and used in their operations. This statement is significant in financial reporting because it provides insights into a company's liquidity, operating activities, and ability to meet financial obligations.
Can you help make a sentence with these words please Corollary importance financial reporting?
COROLLARY: It is a necessary corollary to enable an adoption to take place. IMPORTANCE: The sequence of topic letters shows the relative importance of the topic. FINANCIAL: In some cases financial assistance may be available to offset the cost of the training. REPORTING: This measure forms the basis of our internal financial reporting and is used by management in deciding how to allocate capital resources among business segments.
Difference between cost accounting and costing?
Ans. (1) Costing is a dynamic technique in which changes may take place from time totime in comparison to cost accounting that enables to determine and controlthe cost of manufactured goods.PDF Created with deskPDF PDF Writer - Trial ::
