The company faces issues about compliance with different accounting policies. The following are the three matters the company faces: first, the impairment review of intangible assets (research centers)…
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accounting practices in different countries, the International Finance and Reporting Standards has established guiding principles to facilitate the convergence of the international accounting practices and to improve the quality of the information presented to different users. In the attempt to achieve the convergence in accounting practices, the IFRS has established the following principles: information relevance, information reliability (faithful presentation, neutrality, complete and free from material error and prudence), comparability (consistency and disclosure of accounting policies), understandability and materiality. In addition, the IFRS has also provided a standard definition and guides in recognition of various elements of the financial statements such as revenue recognition, definition of different assets and liabilities (ZüLch & Hendler 2011, pp. 12-18).
In response to the needs and requirements of various bodies such as the FASB and the IFRS, and different stakeholders in the government and their agencies, customers, the investors, the employees, lenders, suppliers and other trade creditors and the public, it is necessary to create financial statements. The needs of the mentioned stakeholders are as follows: the investors, who provide capital to a company are concerned about the levels of risk and return on their investments. They need financial information to help them decide whether they should buy or sell shares of a particular company. They also need the information that enables them to assess the ability of the business to pay the cash dividend. The second category of people is employees. Employees need to know whether their employer is financially stable. They use this data to evaluate the employer’s ability to implement a fair remuneration package, provide retirement benefits and be able to offer employment chances (Saudagaran, 2009, pp. 150-155). Lenders use financial information to access the ability of a company promptly to pay both
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The three main operating segments are retailing in the form of convenience stores and supermarket; financial services such as the bank joint ventures of Sainsbury and investment in properties. It runs nearly 872 stores of which 537 are supermarkets and 335 are convenience stores.
They are nonmonetary in nature. They are capable of being separated and arising out of contractual and other legal rights. Such rights need not be transferable and separable from the entity owning them or other rights and obligations of the entity (IFRS.org).
The accounting standards are however regulated in every country differently as in some these are set as rules whereas in some these are treated as principles. The accounting standards are aimed to form symmetry and harmony in the accounting treatments around the globe but there are restrictions so as to the extent of legislation.
Further to the concepts, there are other rules that guide the reporting that is known as the International Accounting standards which are slowly being replaced by the International Financial Reporting Standards. In the financial statements of Next PLC, sales increased by 3.1% as well as a growth in profit which grew by 9%.
This is done by case studies, interviews, focus groups, and literature review, the latter being a form of secondary research. Primary search in the form of live case studies, interviews and focus groups are redundant now as there is considerable literature already available for the proposed study.
It was not, after all, a game-ending home run.
As a result, financial executives won't face the most sweeping expansion f financial reporting requirements since 1933. Instead, the long-running contest between preparers f financial statements, who almost universally want to streamline disclosure, and the auditors and regulators, who have pushed for expanded standards piece by excruciating piece, appears certain to go.
The company has four divisions which include Capital One Auto Finance, Capital One 360, The National Direct Bank as well as divisions in Canada and the UK. Its headquarters in UK is in Nottingham (Wachter, Cho & Tcha 2014, p.45).
The Santander Group, an
The IASB Conceptual Framework elaborates on the main typical concepts that underlie the design and preparation of statements. The main idea behind the introduction of the conceptual framework lies in the provision of the structure for creating accounting standards that act as the main center for resolving emergent accounting disputes.
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