Financial statements

The Accruals and Going Concern Concepts Are Regarded

The accruals and going concern concepts are regarded as fundamental in the preparation of financial statements. Discuss the advantages and disadvantages of these concepts, explaining why they may be difficult to apply. Two financial statements that are regarded as fundamental in the preparation of financial statements are the accruals and going concern concepts. The accruals […]

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Evaluate and Examine the Four Qualitative Characteristics of Accounting Information

One of the most significant purposes of General Purpose Financial Reports is providing useful and valuable accounting information, which is an important basis to making appropriate decisions for information users. The quality of accounting information is directly related to information users in decision-making and its consequences. Hence, the four qualitative characteristics, namely Understandability, Relevance, Reliability […]

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The Impact of Culture on Conservatism

Discuss the implication for the global harmonization of financial reporting standards raised by gray’s model? If cultural values affect the development of financial reporting rules, and countries differ with respect to cultural values, then financial reporting rules will differ across countries. If financial reporting rules are strongly influenced by culture and cultural values do not […]

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Financial and Non Financial Analysis of Vestas

To analyse the performance of a company could be made by analysing the financial performance or the non-financial; in the financial analysis there is two ways: horizontally and vertically analysis. By using the comparison the preformation over the years (Vertical analysis) or using different ratios to analyse and evaluate the performance of the company (horizontal […]

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Consolidated Financial Statement

Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge the overall health of an entire group of companies as opposed to one company’s stand alone position. A consolidated financial statement gives investors a clear view of a corporation’s global activities. A […]

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What Is a Conceptual Framework and Why Is It Needed

What is a conceptual framework for financial accounting and why is it needed? The purpose of this essay is to address the definition of a conceptual framework (CF) for financial accounting and why it is needed. The CF can be described as a “coherent system of inter-related objectives and fundamentals that should lead to consistent […]

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