Amy Hansen’s Post

Our latest article is aimed to enhance your financial reporting skills with detailed guide on compiling Annual Financial Statements. Learn about key requirements under the Companies Act, the significance of the Public Interest Score, and a step-by-step breakdown of the compilation process. Whether you're new to compilations or aiming to refine your approach, this comprehensive resource will help you deliver accurate and compliant financial statements that provide real value to your clients. Read more in the article below. CIBA - Chartered Institute for Business Accountants Accounting Weekly | CIBA

The Financial Accounting Standards Board (FASB) issued last Friday a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. The new chapter becomes Chapter 6 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, and represents the completion of the FASB’s Conceptual Framework. #FASBconceptualframework

Crafting Financial Statements: A Guide for the Modern Accountant Financial statements are fundamental in offering a transparent snapshot of an entity's financial health, equipping stakeholders with the essential data needed to make informed decisions about investments, lending, and strategic planning. Accounting Weekly is a publication of Chartered Institute for Business Accountants (formerly SAIBA) https://lnkd.in/dQmSWuBT

Some of the major events that have shaped accounting and financial reporting standards as well as a few fun facts: https://lnkd.in/gCpPVTMh #accounting #finance

Management Judgment A conclusion that is made by an entity’s management in applying accounting policies. It reflects the ability of a management to reach sensible conclusions as to certain aspects of financial reporting. The preparation of financial statements requires management to make... https://lnkd.in/diubKbk9 #judgement #judgment #estimation #policy #policies #value #valuation #accounting #finance #financial #fincyclopedia #estimate #glossary #dictionary #tutorials #financialencyclopedia #financialeducation #فنسايكلوبيديا

Another chapter by the Financial Accounting Standards Board (#FASB) has been released ... #read "The publication of Chapter 6 completes the FASB's Conceptual Framework — an important tool used by the Board in our decisions," said FASB chair Richard Jones in a statement. "We thank the FASB members, staff and stakeholders whose input helped us achieve this milestone, one that's been several decades in the making." #financialstatements #liability #measurement #accountingstandards #accountingpracticemanagment

Annual financial reporting: illustrative accounts FRS 102 Download Grant Thornton's illustrative accounts to understand best practice in financial reporting under UK GAAP. #GrantThornton, #FRS102

Accounting is the language of business, providing a systematic way to track, analyze, and communicate financial information. Here's a quick rundown of its key components: 1️⃣ 𝗔𝘀𝘀𝗲𝘁𝘀, 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀, 𝗮𝗻𝗱 𝗘𝗾𝘂𝗶𝘁𝘆: At its core, accounting revolves around the fundamental equation: Assets = Liabilities + Equity. Assets are what a company owns, liabilities are what it owes, and equity represents the owners' stake in the business. 2️⃣ 𝗗𝗼𝘂𝗯𝗹𝗲-𝗘𝗻𝘁𝗿𝘆 𝗦𝘆𝘀𝘁𝗲𝗺: Transactions are recorded using the double-entry system, where each transaction affects at least two accounts, with debits and credits ensuring that the accounting equation stays balanced. 3️⃣ 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀: These are the primary outputs of the accounting process, including the Income Statement (shows revenue and expenses over a period), Balance Sheet (displays assets, liabilities, and equity at a specific point in time), and Cash Flow Statement (details cash inflows and outflows). 4️⃣ 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 𝗮𝗻𝗱 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) provide the framework for accounting practices, ensuring consistency, comparability, and transparency in financial reporting. 5️⃣ 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗮𝘁𝗶𝗼𝘀 𝗮𝗻𝗱 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: Accounting data is used to calculate various financial ratios, such as profitability, liquidity, and solvency ratios, which help assess a company's financial health and performance. Do share this post if it helped you! #accountingbasics #financialliteracy #learningjourney

Explore the latest in financial reporting from the AICPA & CIMA SEC and PCAOB Conference: Segment reporting, deferred costs, cash flow statements, and fair value measures decoded. Stay ahead with the 2023 insights! #accounting #news #finance https://lnkd.in/eW2DKzpe

ICYMI: The Financial Accounting Standards Board recently issued the final chapter of its Conceptual Framework, which focuses on the measurement of items in financial statements. Read more: https://ow.ly/6xUK50SInEM. #FASB #accounting #standards #financialaccounting #financialreporting