imported>Doug Williamson |
imported>Doug Williamson |
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| 1.
| | ''Payment systems''. |
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| Financial reporting is traditionally external.
| | Micropayments are those other than business to business (B2B) transactions. |
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| It is concerned with collating and providing information to external stakeholders, the financial markets and the public.
| | For example, the large number of relatively small payments made by customers to businesses (C2B). |
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| Contrasted with management accounting, which provides information for internal stakeholders.
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| The term 'financial reporting' is also used by some organisations in a broader sense, to include internal reporting (as well as external).
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| Financial reporting is also known as ''financial accounting''.
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| :<span style="color:#4B0082">'''''The objective of financial reporting (IFRS)'''''</span>
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| :The users of financial information need to assess:
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| :*Prospects for future net cash inflows to the reporting entity; and
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| :*Management's stewardship of the entity's economic resources.
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| :Accordingly, financial reporting seeks to provide information about:
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| :*The entity's economic resources (assets), claims against the entity (liabilities) and changes in those resources and claims; and
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| :*How efficiently and effectively management has discharged its responsibilities to use the entity's economic resources.
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| == See also == | | == See also == |
| * [[Accounts]] | | *[[C2B]] |
| * [[Assets]] | | *[[C2C]] |
| * [[Closing exchange rate]] | | *[[P2P]] |
| * [[Conceptual framework]] | | *[[Payments and payment systems]] |
| * [[Credit]]
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| * [[Entity]]
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| * [[Equity]]
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| * [[Finance]]
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| * [[Financial accounting]]
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| * [[Fiscal]]
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| * [[FP&A]]
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| * [[International Financial Reporting Standards]] (IFRS)
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| * [[Liabilities]]
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| * [[Management accounting]]
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| * [[Management efficiency ratio]]
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| * [[Primary statements]]
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| * [[Stakeholder]]
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| * [[Stewardship]]
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| * [[Useful financial information]]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:The_business_context]] |
| | [[Category:Technology]] |
