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Introduction to financial accounting and reporting 2004 – 2005
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118 CBS Introduction to financial accounting and reporting 2004 - 2005 Assignment four The financial reporting framework Mariom Jafar Business and Accounting 22nd March 05 DUE DATE: 23rd March 05 Jenny Maynard Using examples from the annual report, explain how Companies Act legislation and other regulations influence the information contained therein. It is important for a business to create and maintain accurate financial records and to know about the different users of financial information. Every business has to meet internal and external reporting requirements to show its financial health and to meet legal and other requirements. The reasons why businesses therefore keep accurate records are: · Assessing its financial position - businesses assess their financial position every year so they know the business is making efficient use of resources to provide the necessary financial return to achieve a profit or suffered a loss. Businesses can find out if it as the ability to generate cash to ensure continued...
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