26 Dec The aim of the project is to understand the context of financial re
I have a presentation that is due in less than 8 hours. I have the paper ready but It needs full paraphrasing. Not using a paraphrasing tool but through proper paraphrasing.
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The aim of the project is to understand the context of financial reporting standards and the variation of the regulatory framework of financial reporting in Oman, India and Singapore. Some of the stakeholder who will benefit from the data given by financial reporting are investors, creditors, public, debt providers, governments & government agencies.
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Financial statement is inclusive of the crucial report of the business which offers financial information which can be utilized by the stakeholders.
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The financial reporting helps to provide vital information of the purpose of making decisions and benchmarking. The financial reporting is vital for offering data to the public regarding the company data which can help while making investment etc.
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The financial reporting helps to claim the resources based on the liabilities and the equity of the owner. It helps the stakeholders to understand how diligent the performance of the company is.
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This helps to meet the standards of financing by ensuring that the financial statements are filed with the government. The financial statements need to be audited by the statutory auditors for viewing their opinion. Some of the stakeholder who will benefit from the data given by financial reporting are investors, creditors, public, debt providers, governments & government agencies.
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Financial reporting for the different stakeholders as well as management reporting for company’s internal management is crucial for the firm.
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IAS 12 states that accounting of the deferred tax is desired for temporary variation happening from unremitted foreign income, the SFRS does not need accounting for unremitted foreign income if the entity is capable of handling the reversal timing of the slight variation. One off reevaluation of the assets is permitted in SFRS which took place in duration of 1984 to 1996 without demanding the ongoing practice of the reevaluation model. One off reevaluation states that the instance in which the PPE item is reevaluated just once from 1984 to 1996. Elimination of para 14 and 15 which states that there is unlimited economic life of the land and when the title is anticipated to pass to the lessee by the lease term, then the lessee does not conquer the ownership risks or rewards. The presentation of consolidated financial statement and accounting is also different
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The Indian Accounting Standards is based on the IFRS standards.
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Ind AS comprises of balance sheet, profit and loss statement, cash flow statement, statement of variation in equity, notes of the financial statement and disclosure of accounting policies as the components. While IFRS comprises of financial position statement, profit and loss statement, variation of equity statement for a particular time span and cash flow statement for a span of time as components. Ind AS lacks any particular format of balance sheet and only comprises guidelines, IFRS has strict guidance for the balance sheet format and requires the entity to represent the liabilities and assets and to categorize them as current or non – current items Ind AS lack any specific format for the income and only comprises guidelines, IFRS comprises of two kinds of presentation: single statement format or dual statement format. The single statement just includes of the profit and loss but the dual statement includes segregation of the different elements of the income statement. Ind AS allows the accounting policy to be changed when there usage of different accounting policy but IFRS states that accounting policy can be varied when it is mandatory for IFRS and when outcome in amplified relevant financial statement
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