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Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  Study Notes

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  : To serve the public interest, IFAC will continue to strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to highquality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. The International Public Sector Accounting Standards Board (IPSASB) is a standing board of IFAC. It develops accounting standards for the public sect.

Download here Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Semester 3 Delhi University  Study Notes in pdf format 

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  Study Notes

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  : Measurement in Financial Reporting, published in October 2006, is the sixth report in our Information for Better Markets campaign.

About the report

Measurement in Financial Reporting considers five principal measurement bases

  • historical cost
  • value to the business
  • fair value
  • realisable value
  • value in use

It does not recommend one basis as the best for all items in accounts in all circumstances, but suggests that in making decisions on measurement requirements it may be appropriate:

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  • to adopt a mixed approach for different items in accounts
  • to distinguish between different types of entity in accordance with their industry, ownership and governance structure, and size.

The report also argues that standard-setters’ decisions on financial reporting measurement should be subject to the same principles of good regulatory practice as other forms of regulation.

This implies a significantly more evidence-based approach to measurement issues than has typically been the case hitherto. To support an evidence-based approach, the report suggests topics for research on measurement issues.

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  Study Notes

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  : Financial reporting is a vital part of corporate governance. In this lesson, you’ll learn what financial reporting is, its primary components, its purpose, and be provided with some examples. A short quiz follows the lesson.

Financial reporting involves the disclosure of financial information to management and the public (if the company is publicly traded) about how the company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis. This is different from management reporting, which is financial information that is disclosed to those inside the company to be used to make decisions within the company. Financial reports are included in a public company’s annual report.

Purpose

Financial reporting serves two primary purposes. First, it helps management to engage in effective decision-making concerning the company’s objectives and overall strategies. The data disclosed in the reports can help management discern the strengths and weaknesses of the company, as well as its overall financial health. Second, financial reporting provides vital information about the financial health and activities of the company to its stakeholders including its shareholders, potential investors, consumers, and government regulators. It’s a means of ensuring that the company is being run appropriately. You should note that if a company is publicly traded, it is subject to some very strict reporting regulations enforced by the Securities and Exchange Commission (SEC).

Financial Statements and Analysis

Let’s take a look at the primary financial statements used in financial reporting and what each will tell you about the company.

balance sheet is a snapshot of what the company owns and how it financed what it owns, through borrowing or through the company owners’ investments. Now, let’s look at it in a more technical sense. A balance sheet is based on the standard accounting model: Assets = Liabilities + Equity. The balance sheet breaks down these components and reports the company’s assets, liabilities, and equity.

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Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  Study Notes

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  :  Financial reporting for various stakeholders & Management Reporting for internal Management of an organization. Both these reporting are important and are integral part of Accounting & reporting system of an organization. But considering the number of stakeholders involved and statutory & other regulatory requirements, Financial Reporting is very important and critical task of an organization. It is vital part of Corporate Governance. Let’s discuss about various aspects of Financial Reporting in following paragraphs.

Basis of Financial Statements and Business Activities

The accompanying financial statements include the accounts of United Parcel Service, Inc., and all of its consolidated subsidiaries (collectively “UPS” or the “Company”). All intercompany balances and transactions have been eliminated.

UPS concentrates its operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global provider of specialized transportation, logistics, and financial services.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

STYLE=”margin-top:6px;margin-bottom:0px; text-indent:4%”>The accompanying financial statements include the accounts of United Parcel Service, Inc., and all of its consolidated subsidiaries (collectively
“UPS” or the “Company”). All intercompany balances and transactions have been eliminated.

UPS concentrates its
operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global provider of specialized transportation, logistics,
and financial services.

The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The accompanying financial statements include the accounts of United Parcel Service, Inc., and all of its consolidated subsidiaries (collectively “UPS” or the “Company”). All intercompany balances and transactions have been eliminated.

UPS concentrates its operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global provider of specialized transportation, logistics, and financial services.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The accompanying financial statements include the accounts of United Parcel Service, Inc., and all
of its consolidated subsidiaries (collectively “UPS” or the “Company”). All intercompany balances and transactions have been eliminated.

<font
FACE=”Times New Roman” SIZE=”2″>UPS concentrates its operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global
provider of specialized transportation, logistics, and financial services.

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SIZE=”2″>Revenue Recognition

U.S. Domestic and International Package Operations—Revenue is recognized upon delivery of a
letter or package, in accordance with EITF 91-9 “Revenue and Expense Recognition for Freight Services in Process”.

Forwarding
and Logistics
—Freight forwarding revenue and the expense related to the transportation of freight is recognized at the time the services are performed, and presented in accordance with EITF 99-19 “Reporting Revenue Gross as a Principal
Versus Net as an Agent”. Material management and distribution revenue is recognized upon performance of the service provided. Customs brokerage revenue is recognized upon completing documents necessary for customs entry purposes.

<p
STYLE=”margin-top:12px;margin-bottom:0px; text-indent:4%”>Freight—Revenue is recognized upon delivery of a less-than-truckload (“LTL”) or truckload (“TL”) shipment, in accordance
with EITF 91-9.

Financial Services—Income on loans and direct finance leases is recognized on the effective interest method.
Accrual of interest income is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days delinquent. Income on operating leases is recognized on the straight-line method over the terms of
the underlying leases.

Unit I Basis Of Financial Reporting For Financial Analysis And Reporting Bcom Sem 3 Delhi University  Study Notes

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