G-8 and Reconciliation: Difference between pages

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Loosely, a group of 8 industrialised countries comprising Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States.  The European Union is also represented.  
1. ''Cash management and accounting''.  


More strictly, a meeting of the heads of government from those countries.
A reconciliation is a quantified explanation of the differences between two related amounts.


Also known as the 'Group of Eight' or 'G8'.
Reconciliation checks are an important feature of internal control systems, to provide additional assurance about the completeness and accuracy of recording financial and other information.




==== Suspension of Russia ====
A very important example is the reconciliation of bank statement balances with the amounts in the customer organisation's internal records.


Meetings of the G-8 were suspended in March 2014 due to Russian involvement in Crimea. Subsequently, the member countries of the G-8, excluding Russia, have met as the G-7.  
 
Another common accounting example is the reconciliation of reported operating profit to net operating cash flows. 
 
This statement explains why the figure for accounting profit differs from the net operating cash flows for the same period. 
 
Each item contributing to the net difference is quantified within the reconciliation statement.
 
 
Another example is the comparison of a physical count of stock or other assets, compared with the amounts in financial or other records.
 
 
 
2.
 
More generally, a reconciliation is a quantified explanation of the change in any balance, over a time period.
 
 
''Sometimes abbreviated to 'rec'.''




== See also ==
== See also ==
* [[G20]]
* [[Accounting records]]
* [[G7]]
* [[Bank reconciliation]]
* [[G77]]
* [[Cash flow]]
* [[Cash management]]
* [[Conciliation]]
* [[Full reconciliation]]
* [[Profit]]
* [[Tax reconciliation]]
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 11:36, 7 December 2021

1. Cash management and accounting.

A reconciliation is a quantified explanation of the differences between two related amounts.

Reconciliation checks are an important feature of internal control systems, to provide additional assurance about the completeness and accuracy of recording financial and other information.


A very important example is the reconciliation of bank statement balances with the amounts in the customer organisation's internal records.


Another common accounting example is the reconciliation of reported operating profit to net operating cash flows.

This statement explains why the figure for accounting profit differs from the net operating cash flows for the same period.

Each item contributing to the net difference is quantified within the reconciliation statement.


Another example is the comparison of a physical count of stock or other assets, compared with the amounts in financial or other records.


2.

More generally, a reconciliation is a quantified explanation of the change in any balance, over a time period.


Sometimes abbreviated to 'rec'.


See also