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Company Reporting Rules and Regulation - Coursework Example

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This discussion talks that financial reporting can be simply defined as setting relevant documents, which are normally prepared by government agencies (external auditing) or prepared internally by internal company auditors, at the end of the company’s accounting cycle…
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Company Reporting Rules and Regulation
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Extract of sample "Company Reporting Rules and Regulation"

Download file to see previous pages The company financial reporting principles and guidelines are commonly applied to the reporting standards of registered organizations. The Lloyd’s banking is one of the most prestigious British financial institutions. The company offices are situated at 25 Gresham Street in the city of London. The activities of the Lloyd’s Banking Group involve retail banking, pensions and insurance, wholesale and wealth and international. It has extensive operations in the Middle East, Europe, USA, Africa, and Asia. Lloyd’s Banking Group usually releases its financial results semi-annually and annually. When preparing its company report for the year, the company usually ensures that it has followed the established rules and regulations as stipulated by accounting bodies like GAAP and IFSR.
The Lloyd’s Banking Group annual financial reports must comply with the Generally Accepted Accounting Principles (GAAP). These common sets of principles, guidelines, procedures, and standards are used in compiling financial statements. They are a combination of standards set by policy boards and are accepted universally as ways and principles of recording, analyzing and reporting the various accounting information. GAAP deals with pertinent issues like recognizing revenue, classifying items on the statement of financial position, and the outstanding shares information. All companies, whether private or public are required to comply with GAAP rules when they are compiling and reporting their financial reports.
When preparing the annual report, the Lloyd’s Banking Group is guided by the International Financial Reporting Standards (IFRS). To summarize, the Lloyd’s Banking Group report should be covered by the auditor’s unqualified report and opinion when they have discovered that the financial report of the company is fair and true (Porter et al, 2009). His or her unqualified report should include at least three paragraphs-the introductory, scope and the opinion paragraph. Apart from the unqualified opinion, the auditor can come up with a qualified opinion, a disclaimer opinion, or an adverse opinion. The auditor’s conclusion that the report is true constitutes a qualified opinion. He or she issues an adverse opinion when they think that the financial reports are inaccurate or incompliant with the GAAP. Disclaimer opinions are issued when the auditors lack enough information to roll out an unqualified opinion or when they are dependent on the companies which they are auditing their annual reports (Epstein, 2008). ...Download file to see next pagesRead More
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