should accounting information provide presentation and disclosure and what are the reasons?

Expert Solution

Accounting information is a data about a business entity’s transactions. Once identified, the information is then classified and recorded, and it eventually finds its way into various reports of financial statements like balance sheet, the statement of cash flows, the income statement, and the statement of stockholders’ equity Such reports from accounting information shall provide presentation and disclosure.

Since Presentation and Disclosures are requirement from IFRSs, to maintain the transparency and standardised reporting format which can easily be compared to the similar companies in same industry, and give the reader enhanced understanding of company's financial position and financial performance.

The reports generated from accounting information also discloses the financial strategies that are being used by the company and reveals things like costs and profits for a certain accounting period. Financial Statement generated from accounting information also inform both current and potential investors of the accounting strategies and methods used.

ekkarill92 answered 1 year ago

Compare the requirements for presentation and disclosure as to financial statements of a bank and that...

Compare the requirements for presentation and disclosure as to financial statements of a bank and that of an organisation.

The accounting system should provide information for five broad purposes. Describe them.

What are the two reasons that limit the ability of correlational studies to provide information on...

What are the two reasons that limit the ability of correlational studies to provide information on causal relations between measured variables?

Within the VA, we are required to keep an accounting of disclosure, which tracks the information...

Within the VA, we are required to keep an accounting of disclosure, which tracks the information we release to patients and other third parties. Generally, our release of information software keeps the accounting without any additional steps or actions taken by our release of information clerks. The process, however, is different for other individuals in the facility who might be releasing; such as social working, patient advocate, infectious disease, etc. Their process is generally a manual one, in which, they...

Discuss the requirements for presentation and disclosure of an organization (manufacturing and merchandise) which are not...

Discuss the requirements for presentation and disclosure of an organization (manufacturing and merchandise) which are not banks.

What disclosure are required in the notes in regard to accounting policy judgements?

A summary of the company’s significant accounting policies is a required disclosure. Why is this disclosure...

A summary of the company’s significant accounting policies is a required disclosure. Why is this disclosure important to external financial statement users?

1. Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give...

1. Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use.' 2.Companies like Enron, HealthSouth, and Xerox Corporation have been caught in the midst of ethical lapses that led to fines, firings, and criminal and/or civil prosecution. List and briefly describe two factors that are responsible for what went wrong in these companies. 3. What is the major difference between the objective...

Management accounting and financial accounting provide different information for different purposes. Explain what this means and...

Management accounting and financial accounting provide different information for different purposes. Explain what this means and provide an example that illustrates the differences between management and financial accounting.

1. Discuss internal and external users of accounting information. What areas of accounting provide them with...

1. Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use. 2. Explain the meaning of the business entity concept. 3. What is the major difference between the objective of financial accounting and the objective of managerial accounting?

Question