Financial Accounting Corporate Report 1975 - 1563 Words

INTRODUCTION In 1975 the Corporate Report was published, this was the outcome from the Accounting Standards Steering Committees wide ranging discussion paper and in part considered the usefulness of financial statements (Dunn, April 2002) discusses that to meet their basic objective financial statements must be useful; and the information relevant and reliable. Information will have relevance if it influences the decisions of the users. Relevance and reliability are primary characteristics relating to content together with the threshold quality,materiality. The primary characteristics relating to presentation include comparability, clarity and understandability. The Corporate Report in 1975 identified the major user groups listed below†¦show more content†¦They consider the following information for their use. • NRV (Net realisable value of companys assets) • Cash position of the company/business • Future cash positions (Projected cash flows) • Financial Viability of the company in future The above mentioned information again can only be estimated by the group and does not give the creditor a clear foresight of the actual position the company will be in future. EMPLOYEES This type of group requires information on the performance of the company for: • wage and salary negotiation; • Assessment of economic stability and future viability of the business. In addition to the above they may require information which is 1. non-financial 2. non-technical (less jargon) 3. detailed information for a particular department/function or a geographical level (regional level) The information thus provided in the financial statements is not of much relevance to the employees as they have other needs which are not fulfilled by the existing reporting format. THE ANALYST ADVISOR GROUP This group which is a collection of experts advising other groups like • Stockbrokers advising shareholders • Trade unions advising employees • Govt statisticians advising government Thus the information present to them in the financial statements does not suffice their particular requirements and this group also need detailed information to perform their duties efficiently. THE BUSINESS CONTACT GROUP ThisShow MoreRelatedBusiness Analyst1008 Words   |  5 Pages Cell: (678) 227-9497 Email: lgsalmon@hotmail.com BACKGROUND SUMMARY Accounting and Financial professional with considerable experience in various ERP Systems. Very proficient in the GL, AP, AR, AM and eProcurement modules of PeopleSoft. Advanced skills in Financial, Accounting and business Analyses Experienced in Tier 2 support of PeopleSoft, Blackbaud Financial Edge, Concur, AP Secure and PaperSave applications. PROFESSIONAL EXPERIENCE S.P. RICHARDS, (SubsidiaryRead MoreCompany Reporting Shareholders2729 Words   |  11 Pagesof finding the information by the respective readers. It does not necessarily mean that adding bulks of information make the report a good one. It is the quality of information that counts. Government is highly dedicated to affirm that reports maintain a certain degree of quality rather than large and unwieldy information. 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