imported>Doug Williamson |
imported>Doug Williamson |
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| Financial reporting is traditionally external.
| | The most junior digit in a foreign currency quotation. |
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| It is concerned with collating and providing information to external stakeholders, the financial markets and the public.
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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).
| | More generally, a minimum price movement for any quoted instrument or asset. |
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| Financial reporting is also known as ''financial accounting''.
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| ===The objective of financial reporting (IFRS)===
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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 resouces.
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| == See also == | | == See also == |
| * [[Closing exchange rate]] | | * [[Basis point]] |
| * [[Conceptual framework]]
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| * [[Credit]]
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| * [[Entity]]
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| * [[Financial accounting]]
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| * [[FP&A]]
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| * [[International Financial Reporting Standards]] (IFRS)
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| * [[Management accounting]]
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| * [[Management efficiency ratio]]
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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]]
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