Critically discuss how financial information is co

Critically discuss how financial information is communicated with stakeholders.

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Important stuff for first assignment

• LO2 Critically discuss how financial information is communicated with stakeholders.
• LO3 Identify key financial data and information from an organisation perspective and apply appropriate accounting techniques.
• LO6 Apply appropriate accounting techniques to create a financial plan for an organisation ((for both))

From slide 28 first week:

• Going concern concept – the principle that financial statements are normally prepared on the basis that the entity is a going concern and will continue in operation for the foreseeable future unless it is known otherwise

–     Assumed that the entity is not intending to close down or significantly reduce its activities. If that presumption is not valid, the financial statements must show the assets of the business at their break-up value and any liabilities that are applicable on liquidation

• IAS 1, Presentation of Financial Statements requires management to look at least one year ahead to assess going concern ((talk about it (IAS 1) THTIS IS THE THIRD QUESTION FROM ASSIGNMENT BRIFF

• LO2 Critically discuss how financial information is communicated with stakeholders.
• LO4 Interpret the results of financial data and explain their relevance to organisational stakeholders

For each of the users below identify what information you would or would not give them and why:

• Shareholders                                       Government
• Employees                                          Customers
• Banks / other lenders                            Suppliers
• HMRC                                                Investors

–     Sub-classification of line items (eg tangible assets are classified by into land and buildings, plant or equipment as required by IAS 16 Property, Plant and Equipment)

• Liabilities are separated into two groups and are normally shown in reverse order of immediacy

–     Non-current liabilities – amounts due to be paid after more than one year from the date of the statement of financial position (eg mortgages and long-term loans, employee benefit obligations such as pensions and obligations under finance leases)

–     Current liabilities – amounts due to be paid within one year of the date of the statement of financial position (eg bank overdrafts, trade and other payables, interest payable and current tax liability)

Q/ Who will  interest in for the profit of the year?

4Q

Q1/ which users (stakeholders) are interested in receiving financial information about the company and why (20%)

1/ ANSWER:  

Q2/ critically discuss how financial info is communicated with organisational stakeholders …… use the (IAS) -----20%

2/ ANSWER:

Q3/ IDENTIFY and explain the different types of financial date and information required for decision making contemporary organisation (30%)

we talked about (agent theory / internal and external / budgets /

3/ ANSWER:

Q4/ evaluate the importance of the different types of financial statement (the income statement / the statement of financial position / (balance sheet) and the statement of cash flows) and discuses the appropriate accounting techniques used to produce them (30%)

4/ ANSWER