Importance of Other Accounting Representations to Accountability

Introduction The function of accounting is not solely limited to the production of the basic financial statements of the organization. Aside from balance sheets, income statements, statements of cash flows and statements of retained earnings, other accounting representations include annual reports (World Finance 2013) and management representations which support the basis for audits (Public Company…

Sample Finance Essay: How and to whom do the financial statements make firms accountable? (Demo)

Introduction International accounting policies and practices in financial reporting are adopted to create equilibrium within the global context. Public interest theory motivates regulatory bodies such as the International Accounting Standards Board (IASB). Financial reports are important to both shareholders and investors. The main objectives of financial reporting are to ‚Äúprovide information useful to potential investors…