What is the objective of financial reporting


Homework

Question I: As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the IASB's Framework for the Preparation of Financial Statements.

Instructions

Access the IASB Framework at the IASB website (https://eifrs.iasb.org/ ).when you have accessed the documents, you can use the search tool in your Internet browser to respond to the following items. (Provide paragraph citations.)

• What is the objective of financial reporting?
• What other means are there of communicating information, besides financial statements?
• Indicate some of the users and the information they are most directly concerned with in economic decision-making.

Question II: Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting.

Instructions

Access the TASB Framework at the TASB website. When you have accessed the documents, you can use. the search tool in your Internet browser to prepare responses to the following

• How is "materiality" defined in the Framework?

• Briefly discuss how materiality relates to (a) the relevance of financial information, and (b) completeness.

• Your aunt observes that under IFRS, the financial statements are prepared on the accrual bases. According to the Framework, what does the "accrual basis" mean?

Question III: As a junior accountant of a company you are required to download financial statements of your company to answer the following questions.

• Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step.

• Give details of Revenue along with NOTE Number from the Notes disclosures portion.

• Details of Operating expenses (Administrative and Selling and Marketing).

• What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number.

• Show a picture of Retained Earnings statement or Equity Statement as an reverence to your assigned work with highlighting last year retained earning balance.

Format your homework according to the give formatting requirements:

• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.

• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.

• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.

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Financial Accounting: What is the objective of financial reporting
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