Tag Archive: objective

The Objective Of Financial Reporting

Financial ReportingFinancial Reporting involves the disclosure of financial data to the various stakeholders about the financial overall performance and monetary position of the organization more than a specified period of time. Copyright in the International Financial Reporting Standards (like International Accounting Requirements and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) Interpretations), International Accounting Standards Board (IASB) Exposure Drafts, and other IASB publications belong to the IFRS Foundation.

The principal financial reporting frameworks in use in Ireland and the UK are IFRS (as endorsed by the EU), issued by the International Accounting Standards Board (IASB) and Irish and UK GAAP, issued by the Financial Reporting Council in the UK (FRC) and promulgated for use in Ireland by Chartered Accountants Ireland.

The 1-day course aims to equip directors of listed and large non-listed companies who have no financial or accounting background, with the basic accounting expertise as nicely as practical suggestions and considerations when reviewing their company’s economic statements for approval.

Pursuant to the MASB Notice issued on 28 October 2015 entitled ‘Amendment to the efficient date and applicability of the Malaysian Financial Reporting Standards’, entities that have in the alternative selected to apply FRSs shall comply with MFRSs for annual periods beginning on or soon after 1 January 2018.

While economic statements can be compiled employing Microsoft Excel , specialists advise automating the financial reporting process by either utilizing an enterprise resource arranging ( ERP ) system’s finance module or market-specific financial reporting software.…