Globally, financial reporting is notably an important concept for achieving effective functioning of corporate governance systems in banking industry. It is evident that financial accounting reports are produced in banking industry to indicate the true and fair state of affair of banking companies’ entities (Arnold, 2009). The financial accounting reports are essential since it helps stakeholders and other banking industry users to make informed decisions (Schipper, 2003).The current accounting practices
An investment in knowledge pays the best interest. Several Salient attempts to undertake significant roles in addressing challenges in corporate reporting ended up in a development in certain areas of financial accounting, if not all. The idea of financial accounting as a whole has the responsibility to identify the parties in business transactions and provide them with the information they need to do business in a fair and objective manner. In the same vain, the content of such information should
Ethics in Financial Reporting The definition of ethics is how to tell apart the wrong from right. Although ethics may have a slightly different meaning in financial reporting the foundation of it is the same. Furthermore, ethics just doesn’t apply to reporting alone, it applies to almost every aspect of our lives, in our working area, in schools etc. ethics is present everywhere, but to choose to follow it is a different question. Because of its definition, ethics was present thousands of years ago
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
First of all, we have to know what’s the difference between IFRS and GAAP. IFRS: stipulate on the general principles of economic transactions accounting principles. It is simple and clear, and emphasize the content of understanding and application. It emphasis on substance does not stick to the form, which will help to truly reflect the financial status and business performance. It possesses forward-looking, withstand the trial of space-time evolution and transaction innovation. GAAP: specific detailed
Technology has on Accounting System and it is the ability of companies to develop and use computerized system for tracking and recording the transaction in finance. By using IT network and computer, the accountants have compressed the time necessary for preparing and presenting financial information to management. This type of system helps the companies to make individual reports quickly and effortlessly for Management in Decision Making. Other advantages of using IT on Accounting Systems It Increase
deal in Successful way and Accounting is also an integral part of our life. This Research provides the Methodology of Islamic Accounting, discussed the features, the objectives and the principles of Islamic accounting, the differences between Islamic and conventional accounting, the different Islamic accounting practices and the way it is presented in the balance sheet. The objective of the research is to increase the knowledge of the readers about the Islamic accounting and to know the extent of
Forensic Accounting’s main role is preparing statements that’s suitable to be presented in court depending on the auditing, investigation and accounting skills. It is a practice that emphasis the use of accounting skills to investigate fraud in the corporates and organizations, and analyze information drawn from such investigations for the purposes of use in legal proceedings. There are a common confusion between forensic accounting and forensic auditing. Forensic auditing displays a system of engagements
In matric accounting, we learn mainly about companies as a form of ownership as in previous years we learnt about sole proprietorship and partnerships. A company is a form of a business enterprise which is created by a group of people that all share a profit motive. A company can either be public or private, and for it to operate it must be registered with CIPC. I will be discussing a few concepts that are unique to companies. 1. The Companies Act The purpose of the companies act is to promote compliance
profit, and different heads of expenses and incomes from one period to another. The significant points to be measured in this analysis are: a) The effect of inflation on value of the currency needs to be considered as absolute changes without accounting for real price changes may not accurate results. b) It involves only horizontal comparisons. Comparative statements pay no attention to the interrelationship