Details

Task 1
Write a REPORT BoD explaining to them the importance of financial accounting and reporting to the company emphasizing the following:
1: first heading, Introduction to financial accounting and reporting, and its importance (800words).
2: Little historical perspective (2-3 sentences,no more)
3: Definition of financial Accounting and reporting (+reference)
4: why Financial Accounting and Reporting is required?
5: procedure involved in financial report (financial data,record,financial statement, (3-4sentences)
6: what is meant by financial statements (cash flow,balance sheet,profit and loss account), what is it and significance of each three.

Task 2

LO 1.1 describe different users of financial statements and their needs.(example:owners managers,lenders,suppliers,government employees,customers). choose 3-4 users and explain
LO 3.1 explain how information needs of different use groups vary (these users use financial statements for making varied financial and economic decision:1 profitability (owners),2 continuity(employees), 3 cash position,4 liquidity and so on) .
LO 1.2 explain the legal and statutory influences on FS(background inf)
EU directives(2-3 sentences), code of corporate governance(SOX Act 2002), Companies house UK, Companies Act 2006, Accounting Standards.
LO 1.3 Asses the implication (of the legal and statutory on FS) for the users. (proper accurate)

All this information is very important to be mention as it is required in order to pass.

Pages: 11, double spaced