Financial Reporting Council and Financial reporting: Difference between pages

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imported>Doug Williamson
(Link with Audit & Assurance Council page.)
 
imported>Doug Williamson
(Link with Fiscal page.)
 
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''Financial reporting - UK''
1.


(FRC).  
Financial reporting is traditionally external.


The regulatory body in the UK that sets, monitors and enforces accounting, auditing and actuarial standards.
It is concerned with collating and providing information to external stakeholders, the financial markets and the public.


The FRC's other functions include overseeing the regulatory activities of the professional accountancy bodies regulating audit, and promoting high standards of corporate governance.  
Contrasted with management accounting, which provides information for internal stakeholders.
 
 
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''.
 
 
:<span style="color:#4B0082">'''''The objective of financial reporting (IFRS)'''''</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 ==
== See also ==
* [[Accounting standards]]
* [[Assets]]
* [[Accounting Council]]
* [[Closing exchange rate]]
* [[Audit & Assurance Council]]
* [[Conceptual framework]]
* [[Auditing Practices Board]]
* [[Credit]]
* [[Actuarial Council]]
* [[Entity]]
* [[BEIS]]
* [[Equity]]
* [[Financial Reporting Review Panel]]
* [[Financial accounting]]
* [[Professional Oversight Board]]
* [[Fiscal]]
* [[UK Corporate Governance Code]]
* [[FP&A]]
* [[UK Stewardship Code]]
* [[International Financial Reporting Standards]] (IFRS)
* [[Conduct Committee]]
* [[Liabilities]]
* [[Management accounting]]
* [[Management efficiency ratio]]
* [[Primary statements]]
* [[Stakeholder]]
* [[Stewardship]]
* [[Useful financial information]]


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

Revision as of 09:54, 8 July 2019

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.


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 (IFRS)
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