Financial reporting and TheCityUK: Difference between pages

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imported>Doug Williamson
(Expand first definition. Source: IFRS Conceptual Framework.)
 
imported>Doug Williamson
(Create the page. Sources: The Treasurer, March 2017, p07; TheCityUK webpage https://www.thecityuk.com/about-us/our-mission/)
 
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1.
''UK''


Financial reporting is traditionally external.
A lobbying group established to:


It is concerned with collating and providing information to external stakeholders, the financial markets and the public.
*Demonstrate the national value to the UK of financial services and related professional services.
 
*Work to sustain and enhance the UK's position in the EU.
 
*Work to ensure that the UK is globally successful and competitive.
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 resouces.




== See also ==
== See also ==
* [[Closing exchange rate]]
* [[Article 50]]
* [[Conceptual framework]]
* [[Brexit]]
* [[Credit]]
* [[Passporting]]
* [[Entity]]
* [[The City]]
* [[Financial accounting]]
* [[FP&A]]
* [[International Financial Reporting Standards]] (IFRS)
* [[Management accounting]]
* [[Management efficiency ratio]]
* [[Stakeholder]]
* [[Stewardship]]
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 16:11, 9 March 2017

UK

A lobbying group established to:

  • Demonstrate the national value to the UK of financial services and related professional services.
  • Work to sustain and enhance the UK's position in the EU.
  • Work to ensure that the UK is globally successful and competitive.


See also

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