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The Financial Accounting Report should focus on two companies that you may choose. The companies should operate in the same industry and prepare Financial Statements using International Accounting Standards - Research Paper Example

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According to the financial reporting theory, the financial reports of companies should be prepared in such a way that the external users and the stockholders may be able to obtain the information they need in financial and economic decision-making. According to corporate…
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The Financial Accounting Report should focus on two companies that you may choose. The companies should operate in the same industry and prepare Financial Statements using International Accounting Standards
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Extract of sample "The Financial Accounting Report should focus on two companies that you may choose. The companies should operate in the same industry and prepare Financial Statements using International Accounting Standards"

Download file to see previous pages The two companies Fidesa Group plc and The Sage Group plc are listed in London stock exchange and liable to prepare their financial report as stipulated in the international financial reporting standards and therefore their report should present a true and fair information to the stakeholders.
Hussey and Ong, (2005:50-65) argue that international Financial Reporting standards (IFRS), require each and every company to adhere to some regulation when it is publishing its statements. The most basic requirement is identifying the company by name or any other mean that will make people recognize it. This requirement is met with no reasonable doubt by these two companies. To what extent the reports cover (groups or individual enterprise) should as well be indicated in the report (Ogilvie, 2006:477). The reporting currency, in this case, US cent should also be indicated. The precise figure of the amount for example, in billion, millions, and ‘000’ as indicated in these two companies should be indicated. The trading period, for example Sage ends on 30th September and begin on the 1st October whereas that of Fidessa ends on 31st December and start at January 1st.
According to IAS 1, the major report that should be included in company’s report includes the income statement, the balance sheet, the statement of change in equity, the cash flow statements and the notes to account where according to the two companies report year 2014, all are present. Other requirements as per IFRS is that the company should lay the final accounts to members at the annual general meeting, giving members the necessary document, for example balance sheet for preview before the annual general meeting and directors emoluments disclosure which are all included in these companies report (Ankarath, Mehta, Ghosh and Alkafaji, 2010:38-50)..
The audit should be made by an independent auditor where at Fidessa KPMG are in charge, whereas in Sage price house coopers are in charge. In the ...Download file to see next pagesRead More
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