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