Coronavirus Act and Financial reporting: Difference between pages

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''COVID-19 - UK.''
1.  


The UK's Coronavirus Act 2020 broadened the range of emergency powers available to UK public bodies to respond to the COVID-19 pandemic.
Financial reporting is traditionally external.


It is concerned with collating and providing information to external stakeholders, the financial markets and the public.


The Coronavirus Act was designed to:
Contrasted with management accounting, which provides information for internal stakeholders.


*Give further powers to the UK government to slow the spread of the virus, including more stringent 'lockdown' measures.
*Reduce the resourcing and administrative burden on public bodies.
*Limit the impact of potential staffing shortages on the delivery of public services.


External reporting is mandatory for all limited liability companies, regardless of who owns them.


==See also==
However, smaller and privately owned companies do have relatively lighter (mandatory) reporting requirements.
*[[COPD]]
*[[Coronavirus]]
*[[Coronavirus Business Interruption Loan Scheme]]
* [[Coronavirus crisis]]
*[[COVID-19]]
*[[Disaster recovery planning]]
*[[Financial stability]]
*[[Liquidity]]
*[[Lockdown]]
*[[WFH]]


All companies may choose to publish more than the minimum mandatory information.


==Resources for COVID-19==
[https://www.treasurers.org/hub/technical/covid19 ACT technical - COVID-19]


[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses]
2.  


[https://www.gov.uk/coronavirus UK government: COVID-19 support hub]
The term 'financial reporting' is also used by some organisations in a broader sense, to include internal reporting (as well as external).
 
 
Financial reporting is also known as ''financial accounting''.
 
 
:<span style="color:#4B0082">'''''The objective of financial reporting (International Financial Reporting Standards overview)'''''</span>
 
:The users of financial information need to assess:
 
:*Prospects for future net cash inflows to the reporting entity; and
:*Management's stewardship of the entity's economic resources.
 
 
:Accordingly, financial reporting seeks to provide information about:
 
:*The entity's economic resources (assets), claims against the entity (liabilities) and changes in those resources and claims; and
:*How efficiently and effectively management has discharged its responsibilities to use the entity's economic resources.
 
 
== See also ==
* [[Accounts]]
* [[Annual report]]
* [[Assets]]
* [[Closing exchange rate]]
* [[Conceptual framework]]
* [[Credit]]
* [[Entity]]
* [[Equity]]
* [[Finance]]
* [[Financial accounting]]
* [[Fiscal]]
* [[FP&A]]
* [[Incremental]]
* [[International Financial Reporting Standards]] (IFRS)
* [[Liabilities]]
* [[Limited liability company]]
* [[Management accounting]]
* [[Management efficiency ratio]]
* [[Primary statements]]
* [[Private company]]
* [[Small and Medium-sized Enterprises]]
* [[Stakeholder]]
* [[Stewardship]]
* [[Useful financial information]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Revision as of 15:04, 31 December 2020

1.

Financial reporting is traditionally external.

It is concerned with collating and providing information to external stakeholders, the financial markets and the public.

Contrasted with management accounting, which provides information for internal stakeholders.


External reporting is mandatory for all limited liability companies, regardless of who owns them.

However, smaller and privately owned companies do have relatively lighter (mandatory) reporting requirements.

All companies may choose to publish more than the minimum mandatory information.


2.

The term 'financial reporting' is also used by some organisations in a broader sense, to include internal reporting (as well as external).


Financial reporting is also known as financial accounting.


The objective of financial reporting (International Financial Reporting Standards overview)
The users of financial information need to assess:
  • Prospects for future net cash inflows to the reporting entity; and
  • Management's stewardship of the entity's economic resources.


Accordingly, financial reporting seeks to provide information about:
  • The entity's economic resources (assets), claims against the entity (liabilities) and changes in those resources and claims; and
  • How efficiently and effectively management has discharged its responsibilities to use the entity's economic resources.


See also