Aspects of interntional accounting & finance - Essay Example

Around the world the names and formats of the additional information do very, but the actual information included is often of a similar nature.'' Use recent journals as source of information 2008/2009, these journals will be the main source of information, also use latest books as source of information as the tutor does not accept older sources of information. (2008/2009), and only official websites to be used as sources of information. Financial results are objective numerical yardsticks designed to simplify the assessment of financial strength and progress over a period of time (Hanna et al 2002).

Indeed, the increase in academic papers emphasizing on the importance of corporate reporting and financial results of late seems to have outpaced following the Enron Accounting Scandal (Hanna et al 2002:496). According to Hensmans (2003), Adam Smith the founding father of Economics has long acknowledged the important role of financial reporting when he argued that, "the common sense basis of a prospering economy could only be provided by prudence" (Hensman 2003:563). According to Lev (2003), financial results serve as major inputs into investor's valuation models, affecting securities prices and in turn managers compensation and wealth.

The figures from financial results are also being used by institutional investors to gauge enterprise performance and the quality of management (Lev 2003). The aim of this paper is analyse BP's 2005 through 2008 annual reports so as to assess the influence of