Home Solutions Critically discuss how financial information is communicated with stakeholders.
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Important stuff for first assignment
From slide 28 first week:
– 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
For each of the users below identify what information you would or would not give them and why:
– 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)
– 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)
Cost of sales
Salaries and wages
Rent and rates
Heat and light
Telephone and postage
Motor vehicle running expenses
Depreciation – fixtures and fittings
Depreciation – motor van
Interest received from investments
Interest on borrowings
Profit for the year
Q/ Who will interest in for the profit of the year?
Q1/ which users (stakeholders) are interested in receiving financial information about the company and why (20%)
Q2/ critically discuss how financial info is communicated with organisational stakeholders …… use the (IAS) -----20%
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 /
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%)
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