Reference no: EM132903788

Unit 13 - Financial Reporting Introduction

The overall aim of this unit is to develop the knowledge, understanding and skills which are required in the preparation of financial statements. Students will become aware of the appropriate financial standards which influence and inform the production of financial statements. They will also explore the conceptual frameworks for financial reporting and how they are related to the reporting of financial information.

Essential Content

LO1  Analyse the context and purpose of financial reporting

Influence of culture: Context of financial reporting:Complying with regulatory frameworks.

The governance of financial reporting including duties and responsibilities of responsible officers.

Unincorporated or incorporated organisations.

Purpose of financial reporting:Meeting user expectations and legislation.

Ensuring all organisations comply with the same rules and standards. Seeking funding/investment.

Predicting future financial positions and cash flow.

Question:

M1 Appraise the context and purpose of financial reporting in meeting stakeholder needs and expectations.