Introduction to financial_research

May 28th, 2015
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A. T. Still University
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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.

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Unit 5Global Financial reportingObjectives of Accounting in global context To standardize Accounting methods , procedures,and treatments. To lay down principles for preparation andpresentation of financial statement uniformly. To establish benchmark for evaluating the qualityof earnings and reporting internationally. To ensure that international community of usersof financial statements get creditable financialinformation.Efforts towards Global HarmonisatonThere 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 byIASB.Difference between IAS/IFRS andGAAP(Indian and U.S.) There are so many dissimilarities in these threeaspects. 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 AssetsContDepreciationMiscellaneous ExpendetureRevenue Recognisation:Changes in policy or ruleIntrime Financial reporting.Post balance sheet events.ContengensesEarning per ShareCorrection of fundamental errors.Need for uniform Global Financial Reporting. Globlisation of Economies Companies are collecting capital

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