imported>Doug Williamson |
imported>Doug Williamson |
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| 1. ''External.''
| | ''European Union (EU)''. |
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| Financial reporting is traditionally external.
| | Formerly, the EU's Directive on the prospectus to be published when securities were offered to the public or admitted to trading (2003/71/EC). |
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| It is concerned with collating and providing information to external stakeholders, the financial markets and the public. | | It was amended five times in the period 2008 to 2014, the 2014 amendment being Directive 2014/51/EU. |
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| Contrasted with management accounting, which provides information for internal stakeholders.
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| :<span style="color:#4B0082">'''''The objective of financial reporting - International Financial Reporting Standards overview'''''</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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| External reporting is mandatory for all limited liability companies, regardless of who owns them.
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| However, smaller and privately owned companies do have relatively lighter (mandatory) reporting requirements.
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| All companies may choose to publish more than the minimum mandatory information.
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| Financial reporting is also known as ''financial accounting''.
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| 2. ''Internal.''
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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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| | With effect from 21 July 2019, the Prospectus Directive was replaced by the EU Prospectus Regulation. |
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| == See also == | | == See also == |
| * [[10-K]] | | * [[Directive]] |
| * [[10-Q]] | | * [[Offering memorandum]] |
| * [[Accounting]] | | * [[Prospectus]] |
| * [[Accounts]] | | * [[Prospectus Regulation]] |
| * [[Annual report]]
| | * [[Regulation]] |
| * [[Assets]]
| | * [[Security]] |
| * [[Audit]]
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| * [[Audit, Reporting and Governance Authority]]
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| * [[Balance sheet]]
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| * [[Boilerplate]]
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| * [[Cash flow statement]]
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| * [[Closing exchange rate]]
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| * [[Company]]
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| * [[Conceptual framework]]
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| * [[Credit]]
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| * [[Entity]] | |
| * [[Environmental profit and loss]]
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| * [[Equity]]
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| *[[False accounting]]
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| * [[Finance]]
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| * [[Financial accounting]]
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| * [[Financial planning and analysis]]
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| * [[Financial Reporting Council]]
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| * [[Fiscal]]
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| * [[Income statement]]
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| * [[Incremental]]
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| * [[International Financial Reporting Standards]] (IFRS)
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| * [[Liabilities]]
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| * [[Limited liability company]]
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| * [[Management accounting]]
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| * [[Management efficiency ratio]]
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| * [[Operating segment]]
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| * [[Performance]]
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| * [[Position]]
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| * [[Primary statements]]
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| * [[Private company]]
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| * [[Reportable segment]]
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| * [[Shareholder]]
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| * [[Small and Medium-sized Enterprises]]
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| * [[Stakeholder]]
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| * [[Statement of changes in equity]]
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| * [[Statement of comprehensive income]]
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| * [[Stewardship]]
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| * [[Sustainability Accounting Standards Board]] (SASB)
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| * [[Sustainability reporting]]
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| * [[Sustainable Finance Disclosure Regulation]] (SFDR)
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| * [[Useful financial information]]
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| * [[Value Reporting Foundation]] (VRF) | |
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| [[Category:Accounting,_tax_and_regulation]]
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