Thu Nov 21 EAT - Fri Nov 22 EAT (almost 2 years ago)
In your timezone (EDT): Thu Nov 21 12:00am - Fri Nov 22 6:00am
Oloo St, Eldoret, Kenya
Financial reporting is a dynamic area which has been evolving over time to match the everchanging demands within the business environment. The primary goal of financial reporting in organizations is to provide enough information for decision making by both internal and external stakeholders, and qualities such as uniformity and comparability of statements across organizations are crucial in achieving this goal. To be of value, the statements should also reflect the true and fair financial position of an economic entity.
International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent and comparable around the world. They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company and country to country.
As new standards and interpretations continue to be pronounced, management and professional accountants are required to keep abreast with developments and ensure compliance. Recent issuances significantly impact areas of accounting that include measurement, recognition, disclosures and presentation of financial statements. In certain cases, they have the potential to impact other aspects of entities such as business structures and information systems.