By Barry Elliott, Jamie Elliott

Monetary Accounting and Reporting is the hottest textual content out there. Now absolutely up to date in its fourteenth variation, it comprises wide assurance of foreign Accounting criteria (IAS) and overseas monetary Reporting criteria (IFRS).

This market-leading textual content deals scholars a transparent, well-structured and accomplished remedy of the topic. Supported via illustrations and workouts, the e-book presents a robust stability of theoretical and conceptual insurance. scholars utilizing this e-book will achieve the data and abilities to assist them practice present criteria, and significantly appraise the underlying options and monetary reporting tools.

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Extra info for Financial Accounting and Reporting (14th Edition)

Sample text

With cash flow accounting, the information is not subject to management selection criteria. 3 Completeness characteristic The cash flows can be verified for completeness provided there are adequate internal control procedures in operation. In small and medium-sized enterprises there can be a weakness if one person, typically the owner, has control over the accounting system and is able to under-record cash receipts. 4 Faithful representation characteristic Cash flows can be depended upon by users to represent faithfully what they purport to represent provided, of course, that the completeness characteristic has been satisfied.

We now consider the steps required to provide relevant information for internal users. 6 Procedural steps when reporting to internal users A number of user steps and accounting action steps can be identified within a financial decision model. 1. Note that, although we refer to an accountant/user interface, this is not a single occurrence because the user and accountant interface at each of the user decision steps. At step 1, the accountant attempts to ensure that the decision is based on the appropriate appraisal methodology.

Cash flow information is relevant: ● ● ● as a basis for making internal management decisions in relation to both non-current assets and working capital; for stewardship and accountability; and for assessing whether a business is a going concern. Cash flow information is reliable and a fair representation, being: ● ● ● ● objective; consistent; prudent; and neutral. However, professional accounting practice requires reports to external users to be on an accrual accounting basis. This is because the accrual accounting profit figure is a better predictor for investors of the future cash flows likely to arise from the dividends paid to them by the business, and of any capital gain on disposal of their investment.

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