Corporate resources financial reporting

Corporate Financial Reporting-Concept  November 24, 2010 – 02:17 pm
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A corporate undertaking is always external resource-based, whether it is a question of financial resource or human resource. Those who contribute the financial resources, present or prospective, have the right to know how best their resources are used. It is perhaps in recognition of this right at the corporate legislations all over the world, from the very inception imposed a responsibility on the corporate undertaking of communicating their state of affairs to the contributor of the resources. Corporate financial reporting includes dissemination of ‘material’ and ‘relevant’ facts through its published financial statement. According to FASB, financial reporting includes not only financial statements but also other means of communicating information directly or indirectly, to the information provided by the accounting system— that is information about an enterprise resources, obligation, earning, etc.

According to Trueblood Report, the following are some of the important objectives of corporate reporting:

  • To serve primarily those users who have limited authority, ability or resources to obtain information and who rely on financial statements as their principal source of information about the enterprise;
  • To provide information useful to investors and creditors tor predicting, comparing and evaluating potential cash flows in terms of amount, timing and related uncertainty; and

Source: Free Articles Directory

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