(25 words or less) As we have seen in this course, the financial reporting process involves...

(25 words or less) As we have seen in this course, the financial reporting process involves many estimates and judgments that are made by management. In your own words, why do people have trust in the financial reporting process?

IMPORTANT:

Expert Solution

Why do people and organizations need to have trust in the financial reporting process ?

Answer

Main objective of financial reporting process is to report useful information for making decisions about the reporting entity. The financial reporting process helps to create trust in the users of financial information. Financial reporting process provide a clear and unbiased picture of a company's financial health.

Additional points For Understanding

The financial reporting process helps to develops trust, but it also has to be trusted. Reporting and Auditing standards also help in building trust in financial repoting process. Financial statement are developed as result of financial reporting process. Financial statement are analysed for various purposes and by various users/stakeholders. Purposes could be to analyse credit worthiness, profitability, make cash flow projection, revenue projections etc. Users of fiancial statemnet are shareholders, lenders, bank, creditors emplyees etc. Thus users have trust in financial reporting process.

ekkarill92 answered 2 years ago

We [49] have seen that the capitalist process of production is a historically determined form of...

We [49] have seen that the capitalist process of production is a historically determined form of the social process of production in general. The latter is as much a production process of material conditions of human life as a process taking place under specific historical and economic production relations, producing and reproducing these production relations themselves, and thereby also the bearers of this process, their material conditions of existence and their mutual relations, i.e., their particular socio-economic form. For the...

Throughout this course you have seen how reading and understanding a company’s financial statements, and analyzing...

Throughout this course you have seen how reading and understanding a company’s financial statements, and analyzing ratios based on the reported numbers, can provide valuable information about the financial condition of the company. For this discussion, please look at a resource – either an online database or financial site, industry Information, or an annual report or 10-K form for any company. Find an interesting fact or comparison to discuss. You may browse until you find something interesting, or look up...

Financial Reporting III Choose two concepts (Consolidations and Partnership) you have learned in this course and...

Financial Reporting III Choose two concepts (Consolidations and Partnership) you have learned in this course and explain how you may use them in a future accounting position. Make sure you provide details to include how each concept will help you support the financial goals of the company you currently work for or will work for in the future. *Consolidations: -Subsequent to the Date of Acquisition -Ownership Patterns and Taxes *Partnership: -Formation and Operation -Termination and Liquidation In your reflection, include...

This course emphasized the use of a rational, objective risk management process that involves knowledge of...

This course emphasized the use of a rational, objective risk management process that involves knowledge of the organization’s objectives, the identification of risks that could potentially hamper achieving those objectives, an assessment of the likelihood and impact of those risks on objectives, an analysis of alternative methods of managing the risks (retention, mitigation, insurance, hedging, etc.). Identify and briefly explain a common behavioral bias that can derail this rational, objective process. Briefly describe some actions or processes that could be...

In this course we have examined the importance of setting financial goals and strategies to achieve...

In this course we have examined the importance of setting financial goals and strategies to achieve these goals. For this assignment students will research the practical aspects of financial planning. Assume you have graduated from UOIT and now work in your desired field. You are now 40 years old, have paid off your student loans, you have a life partner and 1 child. You just purchased your first home and are now ready to start saving for retirement which you...

In this course, we have examined the importance of setting financial goals and strategies to achieve...

In this course, we have examined the importance of setting financial goals and strategies to achieve these goals. For this assignment students will research the practical aspects of financial planning. Assume you have graduated from UOIT and now work in your desired field. You are now 40 years old, have paid off your student loans, you have a life partner and 1 child. You just purchased your first home and are now ready to start saving for retirement which you...

Year-to-date 2020 we have seen dramatic collapse of financial markets globally as economies have struggled with...

Year-to-date 2020 we have seen dramatic collapse of financial markets globally as economies have struggled with the "one-two punch" of the COVID-19 pandemic and the OPEC-Russia oil wars. 1) To what extent could investors be protected from these events impacting the performance of their securities portfolios? is there any protection when events are global in nature? 2) How do you anticipate these events will impact the cost of capital used by firms to evaluate their capital budgeting projects? 3) How...

Briefly explain why we have seen less specialization within marriage, ie. more dual income families. Your...

Briefly explain why we have seen less specialization within marriage, ie. more dual income families. Your explanation should focus on changes in men’s and women’s comparative advantages in market and home production respectively.

What are the expectations of studying advance corporate financial reporting course in relation to; a) Debating...

What are the expectations of studying advance corporate financial reporting course in relation to; a) Debating the professional and eithical duties of the accountant. b) Assessing the financial reporting framework c) Assessing the financial performance and position of firms. d) Preparing consolidated financial statements. e) Explaining reporting issues relating to spcialized entities. f) Discuss the implications of changes in accounting regulation on financial reporting. g) Assess contemporary developments in financial reporting.

What is Jenny’s responsibility regarding mandatory reporting requirements? (Approx. 25 words).

Question