Analyse the importance of accounting concepts

Reference no: EM133039725

D/615/3241 Corporate Reporting

Unit Level 7

Aim:

The aim of this unit is to develop learners' ability to prepare and interpret financial statements for a range of business organisations. Learners will be able to apply relevant accounting concepts and principles. The unit provides an opportunity for learners to enhance their quantitative and qualitative analytical skills through the interpretation of financial data.

Learning Outcome 1: Understand the accounting and finance regulatory framework.
1.1 Explain the main sources for regulatory framework.
1.2 Evaluate the impact of the accounting and finance regulatory framework on business organisations.
1.3 Assess areas of abuse and exploitation in accounting and financial reporting.

Learning Outcome 2: Understanding accounting concepts, principles and theories.
2.1 Explain key accounting concepts, principles and theories
2.2 Analyse the importance of accounting concepts, principles and theories

Learning Outcome 3: Be able to prepare and interpret accounting information.
3.1 Prepare accounting information.
3.2 Interpret published accounting information. 3.3 Assess published accounting information.

Learning Outcome 4: Be able to demonstrate specific policies, practices and regulations within corporate accounting.
4.1 Explain specific policies, practices and regulations within corporate accounting.
4.2 Assess accounting regulations for a named business sector.
4.3 Critically assess the key accounting practices and policies identified for a named business sector.

Scenario

Corporate reporting is an area of Accounting and Finance that incorporates Regulatory Framework, Financial Reporting and Ethical considerations.

You are required to choose a Public Limited Company on which to base your assignment. You are advised to check with your tutor that your choice of company is appropriate.

Task 1 - Business Report

Prepare a formal business report, to be presented to the Directors of your chosen company. You must include the following:

1. An explanation of the main sources for regulatory framework, accounting and corporate concepts, principles and theories.

2. An explanation of the impact of the accounting and finance framework on business organisations in general and your chosen company.

3. Explain and assess specific policies, practices and regulations for your business and the business sector it operates within.

4. An assessment of areas of abuse and exploitation in accounting and financial reporting.

5. An assessment of the importance of accounting concepts, principles and theories.

6. An interpretation and assessment of the published accounting information of your chosen company. You should prepare additional accounting information, for example ratios, in your interpretation and assessment.

You should analyse and assess the following financial statements:

a. Income Statement
b. Statement of Financial Position
c. Cash Flow Statements

- Each section must reflect any supporting Harvard style citations.

Verified Expert

This is a financial paper where interpretation of corporate accounting, accounting and finance have been done carefully. These have been substantiated by company based real time analysis. Some of the main areas of concern are income statement, profit and loss that have been determined. In overall, it has shown progress rate for future.

Reference no: EM133039725

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