1.what are the main financial information requirements for quoted company annual reports?
Answer: Next question plz
2.accounting seeks to satisfy a wide range of user groups.can you identify five of these and explain why they need financial information relating to the business?
Answer: uhhh man uv got me there...
3.what do you understand by'GAAP' and 'IAS'?
Answer: Quit hassling me with such mumbo jumbos
4.why dose management need good accounting records?
Answer: Go ask management
1.what are the main financial information requiremens for quoted
company annual reports?DONT KNOW
2.accounting seeks to satisfy a wide range of user groups.can you
identify five of these and explain why they need financial
information relating to the business?
There are two groups of users: external and internal.
Internal users include managers, financial controllers and etc. they must have financial data for planning and controlling the operations of the business entity.
External users include external resource providers, creditors, investors, customers, unions, government agencies and etc. they need accounting information for making decisions concerning the granting of credit, investing, purchase, complying tax laws and other regulatory requirements
3.what do you understand by'GAAP' and 'IAS'?
The acronym "IAS" stands for "international accounting standards". This is a set of accounting standards set by the International Accounting Standards Committee (IASC), located in London, England. The IASC has a number of different bodies, the main one being the International Accounting Standards Board (IASB), which is the standard-setting body of the IASC. The acronym "GAAP" stands for "generally accepted accounting principles".
The IASC does not set GAAP, nor does it have any legal authority over GAAP. The IASC can be thought of as merely a very influential group of people who love making up accounting rules. However, a lot of people actually do listen to what the IASC and IASB have to say on matters of accounting.
When the IASB sets a brand new accounting standard, a number of countries tend to adopt the standard, or at least interpret it, and fit it into their individual country's accounting standards. These standards, as set by each particular country's accounting standards board, will in turn influence what becomes GAAP for each particular country. For example, in the United States, the [url=javascript:ol('http://www.investopedia.com/terms/f/fasb.asp');]Financial Accounting Standards Board[/url] (FASB) makes up the rules and regulations which become GAAP.
The best way to think of GAAP is as a set of rules that accountants follow. Each country has its own GAAP, but on the whole, there aren't many differences between countries - interpretations might vary from country to country, but everyone tends to agree that a company can't simply make up billions of dollars worth of revenue and put it on its books. Every country, in turn, influences the other countries that follow GAAP. >
>4.why dose management need good accounting records?
Management need reliable and accurate accounting records to make efficient and effective decisions.
Decision making involves planning, organising, controlling and directing. All decisions are concerned with selecting between alternatives and have one thing in common-the need for reliable information.
4.why dose management need good accounting records?
Management need reliable and accurate accounting records to make efficient and effective decisions.
Decision making involves planning, organising, controlling and directing. All decisions are concerned with selecting between alternatives and have one thing in common-the need for reliable information.
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