Research Proposal





Policies and Procedures Followed In Financial and Non-Financial Company Reporting

Introduction

The nature of business is getting complex every now and then. The need for accountability is increasing along with the management of business, therefore, the importance of prompt and accurate financial reporting is very significant for effectiveness and efficiency of the businesses (Roh, 2011, pp. 2-6). The paper pertains to study the importance of financial reporting along with its different paradigms. For this reason, external auditing has given much consideration by the investors since it reduces the risk of accounting frauds (CICA, 2011, n.d.).

Background

The premise of financial reporting pertains to several policies and processes that pertain to financial reporting. Every form of organization encompasses of different policies and procedures for financial reporting (levy, 2011, pp. 2-8). These policies, as well as, their respective implications and propositions that deal with the idea of promptness of reporting and reporting procedures, whereas, the accuracy of the data that is reported has to be accurate and relevant to financial operation and indicators. The correspondences of these figures pertain to anticipate a picture of financial status of the firm for current assessment, as well as, for future growth. The financial reporting policies and procedures assure that company financial reporting is completed according to the standards states by Accounting Board of Standards, as well as, possess total conformity towards the financial and ethical requirements in a given state or country. (ACCA Global, 2011, pp. 2-6)

Aim and Objective

The aim of this study is to identify Policies and Procedures that are followed in Financial and Non-Financial Company Reporting. The reason for this study is to see how financial company report requirement differs from Non-Financial Company Reporting and how current problems are mitigates from formulating different standards for different nature of organizations (Lee, 2007, pp. 210-217). The main focus of the paper pertains to the UK company act, 2006 with its respective implication towards the financial Financial and Non-Financial Companies.

Literature Review

As discussed in the paper, financial reporting is a very essential and basic premise of the overall organizational operation. The paper encompasses of issues and problem, with regard to, financial reporting for the existing companies whether they are for profit or non-profit organizations. The study encompasses of investigation pertaining to existing policies and procedures, as well as, their effectiveness and application in appropriating the corporate reporting, as well as, building a base against fraudulent side of business. The paper encompasses of several paradigms discussed through the reference of relevant literature, that is discussed us under;

Reports

The paper refers to several reports and discovers that there are stringent procedures for financial reporting, as well as, the complications pertaining to them.

Books

Another view of systematic literature pertains to examination of several books and text material that encompasses of description and application of the accounting standards.

The UK companies act: 2006

The UK companies act 2006, pertains to the idea that financial reporting should be focused upon accurate and relevant information flow in the most significant manner, so that, the company ...