Compliance and Financial reporting: Difference between pages
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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. | |||
:<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). | |||
== See also == | == See also == | ||
* [[ | * [[10-K]] | ||
* [[10-Q]] | |||
* [[Accounting]] | |||
* [[Accounts]] | |||
* [[Annual report]] | |||
* [[Assets]] | |||
* [[Audit]] | |||
* [[Audit, Reporting and Governance Authority]] | |||
* [[Balance sheet]] | |||
* [[Boilerplate]] | |||
* [[Cash flow statement]] | |||
* [[Closing exchange rate]] | |||
* [[Company]] | |||
* [[Conceptual framework]] | |||
* [[Credit]] | |||
* [[Entity]] | |||
* [[Environmental profit and loss]] | |||
* [[Equity]] | |||
*[[False accounting]] | |||
* [[Finance]] | |||
* [[Financial accounting]] | |||
* [[Financial planning and analysis]] | |||
* [[Financial Reporting Council]] | |||
* [[Fiscal]] | |||
* [[Income statement]] | |||
* [[Incremental]] | |||
* [[International Financial Reporting Standards]] (IFRS) | |||
* [[Liabilities]] | |||
* [[Limited liability company]] | |||
* [[Management accounting]] | |||
* [[Management efficiency ratio]] | |||
* [[Operating segment]] | |||
* [[Performance]] | |||
* [[Position]] | |||
* [[Primary statements]] | |||
* [[Private company]] | |||
* [[Reportable segment]] | |||
* [[Shareholder]] | |||
* [[Small and Medium-sized Enterprises]] | |||
* [[Stakeholder]] | |||
* [[Statement of changes in equity]] | |||
* [[Statement of comprehensive income]] | |||
* [[Stewardship]] | |||
* [[Sustainability Accounting Standards Board]] (SASB) | |||
* [[Sustainability reporting]] | |||
* [[Sustainable Finance Disclosure Regulation]] (SFDR) | |||
* [[Useful financial information]] | |||
* [[Value Reporting Foundation]] (VRF) | |||
[[Category: | [[Category:Accounting,_tax_and_regulation]] | ||
Revision as of 23:51, 6 July 2022
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
- 10-K
- 10-Q
- Accounting
- Accounts
- Annual report
- Assets
- Audit
- Audit, Reporting and Governance Authority
- Balance sheet
- Boilerplate
- Cash flow statement
- Closing exchange rate
- Company
- Conceptual framework
- Credit
- Entity
- Environmental profit and loss
- Equity
- False accounting
- Finance
- Financial accounting
- Financial planning and analysis
- Financial Reporting Council
- Fiscal
- Income statement
- Incremental
- International Financial Reporting Standards (IFRS)
- Liabilities
- Limited liability company
- Management accounting
- Management efficiency ratio
- Operating segment
- Performance
- Position
- Primary statements
- Private company
- Reportable segment
- Shareholder
- Small and Medium-sized Enterprises
- Stakeholder
- Statement of changes in equity
- Statement of comprehensive income
- Stewardship
- Sustainability Accounting Standards Board (SASB)
- Sustainability reporting
- Sustainable Finance Disclosure Regulation (SFDR)
- Useful financial information
- Value Reporting Foundation (VRF)
