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Chapter

Financial reporting

Chapter

Financial reporting

DOI link for Financial reporting

Financial reporting book

Financial reporting

DOI link for Financial reporting

Financial reporting book

ByGary Bandy
BookInternational Public Financial Management

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Edition 1st Edition
First Published 2018
Imprint Routledge
Pages 27
eBook ISBN 9781351128308

ABSTRACT

Financial reports are produced to provide information to stakeholders and one of the important features required by stakeholders is consistency between organizations and over time. First-time Adoption of International Financial Reporting Standards (IFRSs) sets out the precise way in which companies should implement a change from local accounting standards to International Accounting Standards and IFRSs. Financial statements must provide information to users about an organization's assets, liabilities, equity, income, expenses, contributions from and distribution to owners, and cash flows. Accounting policies are the principles, bases, conventions, rules, and practices adopted in preparing and presenting financial statements. Accounting policies are the principles, bases, conventions, rules, and practices adopted in preparing and presenting financial statements. The capitalization of the interest means that the amount of interest paid is included in the cost of the asset when it is recognized as a non-current asset in the statement of financial position.

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