Eurozone and Financial reporting: Difference between pages

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''The euro.''
1. ''External.''


The Eurozone is the collective name for the 19 countries adopting European Monetary Union (EMU) in full.
Financial reporting is traditionally external.
Sometimes written 'Euro zone', 'eurozone' or 'Euro-zone'.


More formally known as the 'euro area' and more informally as 'euroland'.  
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.


The 19 countries in the euro area are:


Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.


:<span style="color:#4B0082">'''''The objective of financial reporting (International Financial Reporting Standards overview)'''''</span>


The nine European Union (EU) countries which are not in the euro area are:
:The users of financial information need to assess:


Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Poland, Romania, Sweden and the United Kingdom (UK).
:*Prospects for future net cash inflows to the reporting entity; and
:*Management's stewardship of the entity's economic resources.




====Brexit====
:Accordingly, financial reporting seeks to provide information about:
A referendum in the UK in June 2016 resulted in a vote for the UK to begin the process of leaving the EU.


:*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.
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.
Financial reporting is also known as ''financial accounting''.
2. ''Internal.''
The term 'financial reporting' is also used by some organisations in a broader sense, to include internal reporting (as well as external).


== See also ==
* [[Bank supervision]]
* [[Brexit]]
* [[Central bank]]
* [[Core countries]]
* [[ESCB]]
* [[Euro Stoxx 50]]
* [[Eurobond]]
* [[European Central Bank]]
* [[European Financial Stability Facility]]
* [[European Monetary Union]]
* [[European Union]]
* [[Eurosystem]]
* [[Grexit]]
* [[Periphery countries]]




== See also ==
* [[Accounts]]
* [[Annual report]]
* [[Assets]]
* [[Balance sheet]]
* [[Cash flow statement]]
* [[Closing exchange rate]]
* [[Company]]
* [[Conceptual framework]]
* [[Credit]]
* [[Entity]]
* [[Environmental profit and loss]]
* [[Equity]]
* [[Finance]]
* [[Financial accounting]]
* [[Financial planning and analysis]]
* [[Fiscal]]
* [[Income statement]]
* [[Incremental]]
* [[International Financial Reporting Standards]] (IFRS)
* [[International Integrated Reporting Council]] (IIRC)
* [[Liabilities]]
* [[Limited liability company]]
* [[Management accounting]]
* [[Management efficiency ratio]]
* [[Performance]]
* [[Position]]
* [[Primary statements]]
* [[Private company]]
* [[Shareholder]]
* [[Small and Medium-sized Enterprises]]
* [[Stakeholder]]
* [[Stewardship]]
* [[Sustainability Accounting Standards Board]] (SASB)
* [[Sustainable Finance Disclosure Regulation]] (SFDR)
* [[Useful financial information]]
* [[Value Reporting Foundation]] (VRF)


==== Currencies of EU countries not in the euro area ====
[[Category:Accounting,_tax_and_regulation]]
* [[BGN]]
* [[HRK]]
* [[CZK]]
* [[DKK]]
* [[HUF]]
* [[PLN]]
* [[RON]]
* [[SEK]]
* [[GBP]]

Revision as of 00:41, 10 August 2021

1. External.

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.


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.


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.


Financial reporting is also known as financial accounting.


2. Internal.

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


See also