Financial Accounting and Reporting Assignment Example | Topics and Well Written Essays - 3750 words

Financial score and Reporting - Assignment Example4).iii. They need the information about the resources of the organization not only to measure out the prospects for future organizations net cash inflows barely also to identify how efficiently and efficaciously the organizations management has discharged or performed their duties and responsibilities in using the existing resources of the organization. For instance, it helps them to portray the results of the stewardship management hence existence able to assess the managements accountability so that their decision making process is influenced for their progress (Weygandt et al 2010, pg. 4).Q1.2. Regulatory agencies and bodies are basically formed to address the needs of various user groups of pecuniary statements. They usually address these needs by specifying procedures and requirements that should be followed in preparing and presenting financial statements. The different aspects used in addressing these needs includeThis Framework states the basic concepts that should be followed in preparing and presenting the financial statements particularly for the external users. It addresses the needs of different user because by addressing the reporting of the financial reporting, qualitative characteristics of the useful financial information, and by stating the definition, metre and recognition of different elements of the financial statements (Alexander & Archer, 2008, pg. 2.20).IAS on the other hand, addresses the needs of the users by detailing the preparation of financial statements and by explaining the accounting treatment of various items in the financial statements, for instance inventories, leases, intangible assets to mention but a few.IFRS on the other hand, are designed in order to make company accounts similar and understandable across international boundaries because it acts as a common global language particularly for international corporations. They specify accounting rules to be followed by accountants in