Framework for preparation and presentation financial statement
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Framework for preparation and presentation financial statement- for May 2018 (FR rapid revisionNew Scheme) . Made by Disha Mamtora
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BSBFIM501 Manage budgets and financial plans
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Manage budgets and
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Housekeeping
Emergency procedures
Mobiles, security issues
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Objectives
Discover how to plan financial management approaches
Know how to implement financial management approaches
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Gain the skills and knowledge required for this unit.
FIVE MAJOR FUNCTIONS OF
BUSINESS MANAGEMENT
1. Planning
2. Organising
3. Staffing
4. Directing
5. Controlling
Budgeting is about Planning and Controlling
Planning and Budgeting
Planning and budgeting are essential for management control.
Effective planning and budgeting require looking at the organization as a system and understanding the relationship among its components.
Planning consists of developing the objectives, timetables, and performance standards needed to implement the organization's strategy and assigning individual accountability for results.
Budgeting involves identifying, prioritizing, acquiring, and allocating the resources needed to carry out the plan.
Basic principles of accounting
Revenue
Expense
Matching
Cost
Objectivity
Continuity assumption
Unit-of-measure assumption
Separate entity assumption
Cash v Accrual Accounting
Accrual accounting is the practice used by most businesses, and matches the revenue earned in a period, against the expenses incurred to generate that income in the period.
Revenue is recognised when the transaction takes place, rather than when the cash is collected.
Expenses are recognised when they are incurred, not when they are actually paid.
Clearer overall picture of the performance of the business
The notion of receiving or paying cash is not relevant in determining profit
Cash v Accrual Accounting
Cash accounting basis means:
Revenues are recorded when they are actually received
Expenses are recorded when cash is paid
Clearer picture of ‘cash flow’
Plan financial management approaches
1.1 Access budget/financial plans for the work team
1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
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Strategic Plan and Budget
A business needs to have both a strategic plan and a budget.
The strategic plan lays out the direction and goals of the business and guidelines for actions to achieve those goals
The budget looks at the money needed to support achieving those goals.
Budgeting is only one part of the strategic planning process.
Budget
A budget is a forecast of all income and expenses, and helps a business identify future financial needs and plans based on expected profit, expenses and cash flow.
If a business does ...
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The document discusses the meaning, objectives, principles and factors affecting financial planning. It defines financial planning as deciding the future course of action for financial management. The objectives of financial planning are to determine financial resource needs, forecast internal and external funding sources, establish financial controls and analyze operational results. Principles include adequate funds, balancing costs/risks, flexibility, simplicity, long-term view and profitability. Factors affecting plans are costs, risks, repayment dates, asset claims, needs and regulations. It also discusses estimating long-term and short-term financial needs like fixed assets, working capital, and limitations of financial planning.
Whbm01
Accounting provides information to both internal and external decision makers. It links economic activities with the decisions that influence those activities. There are two main types of accounting - financial accounting which provides external reports for investors and creditors, and managerial accounting which provides internal reports for managers. Financial accounting aims to provide useful information about resources, claims on resources, and cash flows for investment and credit decisions. Managerial accounting aims to provide timely information to support decision making, assess performance, and help the organization achieve its goals.
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Boards need to establish appropriate policies, budgets, and controls and exhibit fiduciary responsibility that:
Are mission and priority driven
Promotes accuracy, integrity, compliance, and transparency
Promotes quality of service (and has a system to monitor and improve)
Builds confidence at all levels
Creates on-going viability and maximizes utility
Develops appropriate accountability
Ensures proper controls at all levels including the Board
Fosters education
Develops proper communication channels with internal and external sources (i.e. compliance officer, internal auditors, external auditors)
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Accounting provides information to both internal and external decision makers. It links economic activities with the decisions that influence those activities. There are two main types of accounting - financial accounting which provides external reporting to investors and creditors, and managerial accounting which provides internal reporting to managers. Financial accounting aims to provide useful information about resources, claims on resources, and changes to help users make investment and credit decisions. Managerial accounting aims to provide timely, decision-oriented information to help managers evaluate performance and make future decisions to help the organization achieve its goals.
Qc 10 08 2008 Final Final
The document discusses Capital Financial Solutions' (CFS) expertise that could help Freddie Mac address quality control issues. CFS offers strategic consulting services utilizing decades of mortgage industry experience. CFS experts can perform quality control file reviews, loss mitigation programs, and technology solutions to help optimize Freddie Mac's operations and minimize losses. The document also provides an example model for how CFS could help triage and resolve issues with Freddie Mac servicers.
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This document outlines the components and types of disclosures required under disclosure based regulation in India. It discusses initial and continuous disclosures that must be provided by public companies to shareholders, stock exchanges, and regulators. These include financial reports, details on board composition, related party transactions, risk management procedures, and certifications from CEOs and CFOs on internal controls and financial reporting. The goal of these extensive disclosure requirements is to promote transparency and investor protection.
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The document summarizes data governance best practices at CIT Group, a bank holding company. It discusses building a data culture through shared goals and change management. It also outlines a five-level data governance maturity model, from initial/ad hoc to optimized processes, and the importance of effective communication for cultural change.
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This document discusses methods for measuring corporate performance, including the balanced scorecard and stakeholder measures. It outlines the advantages and limitations of each. The balanced scorecard takes a holistic view across four perspectives: learning and growth, internal business processes, customers, and financials. It aims to align business activities with organizational strategy but can fail if not properly communicated. Stakeholder measures evaluate performance based on key stakeholder groups' priorities but balancing different stakeholders' interests can be challenging. The document provides an in-depth examination of these two approaches to corporate performance assessment.
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Framework for preparation and presentation financial statement
- 1. FRAMEWORK AND ITS PURPOSE:Development of Existing and future Ind AS Assist preparers in applying Ind AS Assist users in interpreting Assist auditors in forming opinion Provide Interested about approach to their formulation. Assist in harmonising of regulations, accounting standards and procedure. MADE BY: DISHA MAMTORA
- 2. Scope of the framework Objectives Info about fin position Provide useful info to user To know about management style of working Characteristics to determine use full ness of info Assumptions Accrual basis Going concern Quantitative Aspects Understandability Relevance Materiality Reliability Faithful representation Substance over form Neutrality Prudence Completeness comparability 1 MADE BY: DISHA MAMTORA
- 3. Scope of framework Elements of FS Assets Controlled by entity Result of past event Future economic benefit to entity Liability Present obligation From past event Settlement of which results in outflow from entity’s eboyding benefits 2.1MADE BY: DISHA MAMTORA
- 4. Elements of FS Equity Residual interest in assets of entity Income Increase in economic benefit in period In terms of inflows Other than relating contribution from equity holders Expense Decrease in economic benefits in period In terms of outflows Other than those relating to distributions to equity participants 2.2 MADE BY: DISHA MAMTORA
- 5. Scope of framework Concept of capital maintenance Physical capital maintenance Requires adoption of current cost Changes in price of assets and liabilities are treated as capital maintenance adjustments and not as profit Financial capital maintenance No basis of measurement is required Increase in part of assets exceeds general level prices is termed as profit 3 MADE BY: DISHA MAMTORA