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The concept of financial statement
Member rating: No Rating | Words: | Submitted: Fri Mar 31 2006
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Introduction Accounting identifies the transactions taking place in an organisation regularly and preparing relevant documents i.e. financial accounts. Reports such as the balance sheet, profit and loss account, income statement and the statement of cash flow, which shows or summarize the financial status and results of operations of a business entity are called financial statements. These statements are made on the basis of accounting standards, Companies Act, corporate governance and auditor's report. European Union (EU) and stock exchange also regulate certain rules and regulations on the basis of which financial statements are made. Companies Act 1985 The present British statutory requirements are contained in an Act of Parliament known as the Companies Act 1985 (CA85). This Act is a consolidating measure and it includes the earlier Companies Act 1948, 1967, 1976, 1980 and 1981 respectively. It lays down the minimum amount of information that must be given to company shareholders. The Act...
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