Accounting & Financial Management



Accounting & Financial Management

A,

Financial Reporting

Reporting - a set of information about the results and working conditions of the company during a specified period provided the relevant business entities in order to analyze, control and management activities. Reported information includes information about sales, works and services, the costs of their production, the state of economic resources and sources of their education, financial performance, taxation and dividends.

The main task of reporting - The search for reserves for future growth and improvement of the market by improving the quality and range of products, "know-how" and other developments. According to the report manager is accountable to the owners, founders and other members of management and supervision (banks, financial institutions), the higher authorities of power and control.

First, we note that the company (except enterprises with foreign investment) are mandatory quarterly and annual statements of the following users:

•Owners (bodies authorized to manage the property, participants, founders) according to the constituent documents;

•State Tax Inspectorate;

•Other state agencies that are in accordance with the laws of the country charged with checking various aspects of the company and obtaining the relevant statements.

The idea of the effectiveness of any company gives financial reporting a set of reporting forms, compiled on the basis of accounting (financial), that is useful for different stakeholders. The financial statements to evaluate property status, financial stability and solvency of the company and other results, necessary to support many of the decisions (for example, the appropriateness of granting or extension of credit, reliable business relationships.) Financial statements must meet the requirements of internal and external users.

According to the report, the report identifies funding needs, evaluate the effectiveness of the capital structure, projected financial results of enterprises, as well as solve other problems related to the management of financial resources and financial activities. The latter is particularly true for financial firms engaged in production and placement of securities.

The accounting statements reflect the financial position of property and businesses and the results of its economic activity. It is compiled on the basis of accounting data in the prescribed form.

Financial Statements of the organization includes the performance of branches, representative offices and other units (including the balance allocated to the individual). For balance sheet reporting date (the date as of which financial statements shall be drawn up) believe the last calendar day of the reporting period.

The reporting year is the calendar year from January 1 to December 31 inclusive.

The first reporting year for newly created organizations is the period from the date of their registration to 31 December of the year, and for the organizations established after October 1 - December 31 next year.

The financial statements consist of:

balance sheet

Profit and loss account, annexes and explanatory notes;

auditor's report confirming the reliability of reporting, if an organization is in compliance with federal in-

Balance Sheet to determine the financial condition on a certain date (for example, at the end of the ...