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Essay / Research Paper Abstract
This 6 page paper looks at use of financial reports, the difference in concepts between the use of IRFS and US GAAP and then consider two companies annual reports; BA and Singapore Airlines and the results they show, with one set prepared under each regime. The bibliography cites 8 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEBAGAAP.rtf
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Unformatted sample text from the term paper:
in previous years where there was a restatement of the results. In oared to understand what this means to the shareholders ad for the firm it is important to look
at the concept of financial reporting, why there are benefits for the harmonization standards and the way that this will impact or effect those who read the annual reports. However,
when comparing BA to other competitors, such as Singapore Airlines, the differences in the accounting regulation that are used in the preparation of the accounts needs to be appreciated.
Financial reporting may be seen as very useful, the defined stakeholder for the use of the annual accounts is the shareholder (Elliott and
Elliott, 2007). The development of the annual reporting system was to help adjust the asymmetry that existed between shareholders and the management who effectually ran the company on the part
of the shareholders, who are the owners (Vaitilingham, 2001). The concept of auditing was to support this use of the accounts, to serve as a form of accountability for investors
to assess the performance of the firms (ACCA, 2009). They are also likely to use the accounts in order to make comparison with other firm is the same, and in
different industries, to compare performance results. The use of auditors has been undertaken as an assurance that the annual accounts are accurate.
The job of the auditor can be summed up simply; their job is to ensure that the accounts prepared by a company are a true and fair picture of the
financial position of the company. If this is the case they make a statement on that, this may need to be qualified with an explanation or the auditors may, in
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