Chapter Name: Financial Reporting Standards
Description:Refers to generally accepted accounting principles (e.g., IFRS or GAAP) used in preparing financial statements.
Purpuse:To ensure transparency, comparability, and accountability in financial reporting.
Rational:Essential for consultants when analyzing financial health and advising on performance and compliance.
Chapters Topics
Purpose of the Financial Reporting Standards
Explains the goals of financial reporting standards, which are to ensure consistency, transparency, and reliability in financial statements across businesses and industries.
Commitment to Global Financial Reporting Standards
Discusses the importance of adhering to internationally recognized financial reporting standards (e.g., IFRS), ensuring that financial statements meet global expectations.
Application and endorsement of Financial Reporting Standards
Focuses on how businesses and accounting bodies apply and endorse financial reporting standards, ensuring that companies produce accurate, comparable, and transparent financial reports.
Application of Financial Reporting for SME’s Standard
Describes how SMEs are required to apply specific financial reporting standards that are tailored to their scale and complexity, balancing simplicity with regulatory compliance.