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Introduction to financial_research

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Unit 5 Global Financial reporting Objectives of Accounting in global context • To standardize Accounting methods , procedures, and treatments. • To lay down principles for preparation and presentation of financial statement uniformly. • To establish benchmark for evaluating the quality of earnings and reporting internationally. • To ensure that international community of users of financial statements get creditable financial information. Efforts towards Global Harmonisaton • • • • There are two bodies working for this concept. International Accounting Standard Board(IASB) Institute of Chartered Accountants of India(ICAI) International Financial Reporting Standards(IFRSs) and International Accounting Standards are issued by IASB. Difference between IAS/IFRS and GAAP(Indian and U.S.) • There are so many dissimilarities in these three aspects. • Contents of Financial Statements. • Cash and Cash equivalents. • Classification of Assets and liabilities • Classifications of incomes and expenditure • Preparation of cash flow statement • Spin off/carve Out Accounting • Fixed Assets Cont… • • • • • • • • • Depreciation Miscellaneous Expendeture Revenue Recognisation: Changes in policy or rule Intrime Financial reporting. Post balance sheet events. Contengenses Earning per Share Correction of fundamental errors. Need for uniform Global Financial Reporting. • Globlisation of Economies • Companies are collecting capital ...
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