Q. What is Instance financial reporting?

For instance financial reporting should

- Provide information concerning an enterprise's past performance because such information is a basis for predicting future enterprise performance.

- Focus on earnings as well as its components despite the emphasis in the objectives on cash flows. Earnings calculated under the accrual basis generally provide a better indicator of ability to generate favourable cash flows than do statements prepared under the cash basis. On the other hand financial reporting doesn't seek to

- Measure the value of an enterprise however to provide information useful in determining its value.

- Calculate management's performance, assess risk, predicts earnings or estimate earning power but to provide information to persons who wish to make these evaluations.

These conclusions are a few of those reached in Statement of Financial Accounting Concepts As the Board stated these statements are intended to establish the goals and concepts that the Financial Accounting Standards Board will use in developing standards of financial accounting and reporting. How flourishing the Board will be in the approach adopted remains to be seen.

Posted Date: 7/5/2013 1:49:01 AM | Location : United States

Ask an Expert

Related Discussions:- What is instance financial reporting, Assignment Help, Ask Question on What is instance financial reporting, Get Answer, Expert's Help, What is instance financial reporting Discussions

Write discussion on What is instance financial reporting
Your posts are moderated

Write your message here..

Related Questions

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t... SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Liquid extracts company, Liquid Extracts Company makes a line of fruit extr... Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces.  Fruits enter the production process in pounds; the prod

I need help understanding my accounting 205 class., I need help understandi... I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.

Mr, 2. One never goes alone, hens operation research employs different tool... 2. One never goes alone, hens operation research employs different tools to accomplish: its own tasks, discus each and every tool employed by or throughout its doers.

What is classified balance sheet, Q. What is classified balance sheet? ... Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li

Wormhole, Sucked into a wormhole while spending time in outer space, you la... Sucked into a wormhole while spending time in outer space, you land in a perfect world where accountants are worshipped and paid extravagantly. As an accountant, you're immediately

Quickbooks help, I need the answers to the following questions in Quickbook... I need the answers to the following questions in Quickbooks 2012, 1-write dividend checks, 2- sell fixed assets, 3-update the asset tracking report, 4-pay sales taxes and payrol

Prepare the adjusting entry needed for hi-tech, Scenario Sara Jones ope... Scenario Sara Jones opened a technical consulting business called Hi-Tech For the Future earlier in the year. So far, she has been successful in providing services and selling

Activities in business organization, what are the activities in the busines... what are the activities in the business organization

Explain about depreciation expense, Q. Explain about Depreciation expense? ... Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense