Purpose and Financial Reporting - A detailed report on financial Reporting

July 2022 | 13 pages | ID: P58D86CD1B46EN
Sadia Saeed

Abstracts

In this report, a detailed analysis will be provided regarding the financial report, accounting standards, and the accounting reporting. The basic aim of any financial reporting is to provide a list of decision making important information whereas accounting reporting is somehow related to the financial reporting in many ways. The accounting reporting is the process in which any organization or company's financial statements are created based on the organization's financial information.(continued...) wordcount of report:2400 words

The influence of factors such as cultural, political, economic, legal system and the regulatory system will be presented in detail. Additionally, the IASB framework will be discussed and valid arguments will be presented regarding the cost of capital and convergence standards relation.

Contents

Introduction
Financial Reporting
Purpose of Financial Reporting
Factors Affecting the Financial Reporting
Economic Influence
Influence of Cultural & Political Variables
Cultural Variables Influencing Financing Reporting
Political Variables Affecting the Financing Reporting
Difference between Common Law and Code Law
Code Law
Common Law
Differences
Effects of Common Law and Code Law on Accounting Standards and Reporting
Harmonization and Convergence