It is commonly know that the ever increasing number of frauds has lessened the trustworthiness of financial reports, destroyed the confidence of investors with respect to the reliability of financial reports and has also contributed to some economic losses. Corporate financial scandals are becoming more frequent and complex. One of the most famous corporate financial scandals is that of Enron. Enron has been acknowledged to be one of the largest bankruptcy and biggest audit failure in US history
8.6 Notes to the Financial Statements: Theses financial statements are the consolidated financial statements of First Bank Nigeria Limited and its subsidiaries, hereafter referred to as the Group. The principal activities of the Bank are mainly retail banking and corporate banking. Retail banking provides banking activities relating to individuals, such as savings accounts, investment savings products, loans and money transfers. Corporate banking includes activities relating to multinational and
management accounting different from financial accounting? The financial accounting and management accounting are both of them serve different purposes. For financial accounting, they are concerning about providing accurate information of entire organization or materially significant business units (accounting statements for the company during the year) to external people for instance, stakeholders, creditors, investors and others who are outside an organization. Financial accounting is more focuses on
INTRODUCTION The crucial part of the financial statement is the revenue. Investors look at these statements to judge the financial position of an entity during economic decisions. The FASB and the IASB initiated their joint project on the revenue recognition during the year September 2002 to clarify the principle of the revenue recognition. There were various compromises made to bring in new accounting standard. Since 2008 the boards are working together to bring in a single principle based model
They are responsible for making both long term and short term decisions that will benefit the company in the long run. •Accounts department- the accounts department also has an interest in the financial statements of CPL so that they can be able to prepare budgets for the upcoming financial year. •Employees –these are the key staff members at Chic Paints Limited, they are responsible for the day to day business interactions. It is very important for them to know the performance
1.0 Malaysian Financial Reporting Standards (MFRS) Framework 1.1 INTRODUCTION ON MFRS FRAMEWORK The Malaysian Financial Reporting Framework inculcates 3 prime areas which are the Malaysian Financial Reporting Standards (MFRS), International Committee Interpretations (IC Interpretations), and Conceptual Framework for Financial Reporting (Conceptual Framework). The concept of MFRS Framework is MFRS Framework which comprises of standards issued by IASB that are effective on 1/1/2002 and the new standards
Accuracy of Financial Information Sime Darby stated that accounting records is very crucial thing in their organization to creating a report, so the record must obey to the principles also laws and regulations as their created. As the Group relies on accounting records to produce reports, you must ensure that all business records and documents are prepared accurately, reliably and in a timely manner. Financial records also essential to the company decision making processes and the proper financial, legal
INTRODUCTION The rule of conduct in the business world means extensively more than simply complying employees to standard and codes, yet to reside in soul of the concept. A few eras back, it was believed that to obtain great business, managers ought to use power towards employees. However, these days, the thought is dissimilar and ideas have been established to lead organizations utilizing no power yet by fortifying employees to uphold of good standards, guidelines of conduct or sets of qualities
concerns about the extensive cost that relate to reporting and preparation of financial statements is justified, as did many other companies. In response to this the AASB released a new standard, AASB 1053 Application of Tiers of Australian Accounting Standards in June of 2010. This standard means that companies are split into 2 different tiers, companies that are required to prepare full general purpose financial statements and companies that can have reduced disclosure requirements. Tier 1 is the
IN A WAY WHICH WILL ACHIVE THE BUSINESS OBJECTIVE. THERE MAY BE VARIOUS PROS AND CONS IN STATING THE STRATEGIES IN THE ANNUAL REPORT, SOME OF ARE AS FOLLOWS Advantages Encourages Investment An annual report that delivers good news in the form of financial results encourages stockholder investment and higher stock value. A company planning a strategic corporate move may receive less resistance from interest groups and competitors and could gain support for business decisions and perhaps attract new