Financial reporting and Office for National Statistics: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
(Add links.)
 
imported>Doug Williamson
(Classify page.)
 
Line 1: Line 1:
1. ''External.''
''UK''.


Financial reporting is traditionally external.
(ONS).  
 
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.
 
 
 
:<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.
 
 
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).


The executive office of the UK Statistics Authority (a UK government department) responsible for the collection of various categories of financial and demographic statistics, including census information and inflation indices.




== See also ==
== See also ==
* [[Accounts]]
* [[Continuous Mortality Investigation]]
* [[Annual report]]
* [[CPI]]
* [[Assets]]
* [[Demographic]]
* [[Balance sheet]]
* [[Office for Budget Responsibility]]
* [[Cash flow statement]]
* [[RPI]]
* [[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)


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

Revision as of 00:01, 15 May 2020

UK.

(ONS).

The executive office of the UK Statistics Authority (a UK government department) responsible for the collection of various categories of financial and demographic statistics, including census information and inflation indices.


See also