This unit module gives a detailed account of the genesis of 'accounting' and 'reporting' and latest developments in the domain of reporting by business entities.
Learning Objectives
After studying this chapter, you will have learnt the following.
1. Need for ‘Accounting and financial information’ in decision making and the role and importance of Accounting in an Organization
2. Nature of accounting and financial Information provided by accounting in relation to information needs of different stakeholders and the resultant value addition by the accounting process in an entity
3. Meaning and conceptual definition of ‘Financial Accounting’ and related terminologies as per the International Financial Reporting Standards
4. Origin of Accounting and the developments that bring in multidimensional perception about accounting and reporting including integrated reporting
5. Classification of Accounting as a discipline
6. Different Stages involved in Financial Accounting and Reporting Process
7. Important Issues and Challenges relevant to Financial Accounting and Reporting process
After completing this lesson, you would have learnt the following.
1. Meaning of Generally Accepted Accounting Principles (GAAP)
2. Different constituents and Sources of GAAP
3. Factors that influence effective and efficient Implementation of GAAP
4. Golden Rules of Double Entry Book-keeping and principles underlying classification of ‘accounts’ and their application
5. Role of key authorities in developing the Accounting and Financial Reporting Standards
6. Key objectives of the various standards issued by the International Accounting Standards Board
This course provides focus on detailed elements of a complete set of financial statements that are prepared under IFRS or any other set of standards that are aligned with the IFRS.
After studying this chapter, you will have learnt the following
1. Meaning, Importance, objectives and characteristics of financial Statements or General Purpose Financial Statements
2. Constituents of a complete set of Financial Statements
3. Different formats followed in presentation of financial statements
4. Meaning of financial statements prepared under different situations such as consolidated Financial Statements, abridged financial statements etc.,
5. Illustrative formats of standalone and consolidated financial statements
6. Meaning, Classification and sub-classification of major elements of Financial Statements and relationship between such financial elements
7. Indicative Generic Contents of Financial Statements as required under Financial Reporting Standards