We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Finance Accounting - Essay Example

Comments (0)
Summary
Keeping the records true and fair is the heart of any financial dealing. The accounts above are made in light of portraying a true picture to the shareholders as well as any investors interested in the company.
The true and fair view concept has been at the heart of financial reporting in the UK for over forty years…
Download full paper
GRAB THE BEST PAPER
Finance Accounting
Read TextPreview

Extract of sample
Finance Accounting

Download file to see previous pages... The accounts above are made in light of portraying a true picture to the shareholders as well as any investors interested in the company.

The true and fair view concept has been at the heart of financial reporting in the UK for over forty years. In recent years there has been a major increase in the international importance of this concept. This has come about with its adoption by the European Community in the Fourth Directive on company law and its implementation in all Community countries. However, this concept has never been defined in UK legislation, and a variety of meanings can be attributed to it. In view of the recent international developments and given that the UK is the source of the concept, this study sought to elicit the views of senior UK practitioners on the true and fair concept.

The FRC has laid three points: that the concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.

To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently.

The most commonly encountered convention is the 'historical cost convention'. This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost. This is applicable when the calculations were made for the fixed assets of plant and machinery, fixtures and fittings and buildings. Under the...
In view of the recent international developments and given that the UK is the source of the concept, this study sought to elicit the views of senior UK practitioners on the true and fair concept.
The FRC has laid three points: that the concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.
To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently.
The most commonly encountered convention is the 'historical cost convention'. This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost. This is applicable when the calculations were made for the fixed assets of plant and machinery, fixtures and fittings and buildings. Under the "historical cost convention", therefore, no account is taken of changing prices in the economy.
The other convention used is the monetary measurement concept. ...Download file to see next pagesRead More
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Project Finance, Accounting and Control
The layout of a distinctive annual budget plan comprises a comprehensive line-by-line and department-by-department estimations of the income and expenses which are most likely to arise during organisational operations. Notably, the variables causing income and/or expenses are strongly influenced by the accuracy and the efficacy in executing the budgeting process (Siciliano, 2003).
8 Pages(2000 words)Essay
Finance accounting
Thus the current and the non-current assets and liabilities of the company has been assessed so as to investigate on the valuation method thus adopted by the company. At time the valuation of the assets of the company gets inflated due to the method of valuation thus adopted by the company.
6 Pages(1500 words)Essay
Finance & Accounting
all exception the control testing stage)" (n.d., para 1.). With this, it can be summarized that the analytical procedures aim at having a deeper and more substantiated understanding of the client's business, through examining the consistency and validity of the business entity's account balances, transaction details and financial statements.
4 Pages(1000 words)Essay
Corporate finance (Accounting)
Gosling and Hopkins (G&H) PLC, the producer of food products in UK market, have now decided to expand its business operations. For this, the company requires adequate source of funds, the quantum of which should be relevantly decided by the Finance Department of the company in detail.
8 Pages(2000 words)Essay
Finance: accounting
Different accounting policies can provide different estimates of earnings therefore accounting profit is not only an arbitrary figure but also subjective in nature. Accounting income can also be misleading because of the fact that it can distort the figures like Earnings per share (EPS) due to its subjectivity.
2 Pages(500 words)Essay
Finance/Accounting
(Murphy, 1999). However there are other related issues also which must be taken into consideration while setting up the compensations for the executives. I believe in our case the
3 Pages(750 words)Essay
Finance/Accounting
Most developing countries concentrate on developing their banking system, who act as the transmitter between the savers and the ultimate consumers of this credit. The bank is considered as the legal means of providing lending and most attention is paid
2 Pages(500 words)Essay
Accounting/Finance
‘Issuance of stock’ is simply when shares are given out to investing people in the stock exchange – a market for shares. These generate funds for an organization, for the time being, but have to be given a return on, to the
2 Pages(500 words)Essay
Finance/Accounting
In the case of sole proprietorship and partnership, both the assets invested and the personal assets of the sole proprietor or of the partners can be held to answer for
3 Pages(750 words)Essay
Finance accounting
existence of accounting records is to minimize or reduce the effect of principal-agent problem; its impact is reduced by measuring and close monitoring of the performance and reporting the results to parties concerned. Financial accounting is a discipline which has evolved over
12 Pages(3000 words)Essay
Let us find you another Essay on topic Finance Accounting for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us