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Definitions about financial standards and reporting

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Please answer the following questions about financial accounting

1. Differentiate broadly between financial accounting and managerial accounting.

2. Differentiate between financial statements and financial reporting.

3. What are the major objectives of financial reporting?

4. What is the likely limitation of 'general-purpose financial statements'?

5. If you had to explain or define 'generally accepted accounting principles or standards', what essential characteristics would you include in your explanation?

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1. Financial accounting produces financial reports for the entity as a whole. They are used inside the company and outside to stakeholders such as investors, creditors, unions and governmental agencies. Managerial accounting is a tool used to analyze, measure and communicate certain financial information needed by management to evaluate and control operations.

2. Financial statements comprise the package of data ...

Solution Summary

The solution discusses definitions and differences between financial accounting, managerial accounting, financial reporting and 'generally accepted accounting principles or standards'

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1) Critically assess how the use of principles-based standards will aid effective standard-setting by the IASB, and aid decision-usefulness for stakeholders.
2) Who is the accounting standard board in UK? What are their objectives?
3) Who is the accounting standard board in US? What are their objectives?
4) Describe in detail the difference between the rules v principles debate, please provide generalised theoretical argument, with examples, about the rules v principles debate.
5) Critically debate the arguments of rules and principles, rather than a conclusion either way as to whether UK are moving towards or away from a rule or principle-based approach.
6) Critically debate whether the UK (via the IASB) is now moving back to a principles-based approach, after a spell at the beginning of the ASB's period of office where rules were definitely in (FRS1, for example).
7) Debate whether the US definitely has a rule-based approach at the moment, but has tasked a group to consider a possible move to principles-based standards. Whether the current convergence project between the FASB and the IASB is the result of this.

From the point of view of the link to accounting theory, you should consider the perspective of the standard-setters, their Worldview, Concepts, Assumptions, Assertions, Implications and Consequences.

2,154words, 7 references

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