Financial Reporting

 UNIT 1 : 1***. concept of corporate financial reporting, objectives, characteristics 2. financial reports  3. issues and problems with published financial statements 4. recent changes in the published financial statements UNIT- 2: 1.**  Discuss briefly accounting for corporate restructuring. 2**. inter company transactions 3. purchase consideration 4. inter-company holdings 5.** purchase consideration problems ( REFERENCE - RSN PILLAI VOL-II TEXT BOOK ) UNIT-3 1. **Concept of group & purpose of consolidated financial statements 2.** computation of goodwill (cost of control) & minority interest 3. wholly-owned subsidiary company & partially owned subsidiary company. 4.* pre-acquisition & post-acquisition of profits 5. unrealized profits 6. holding company advantages & disadvantages. 7. ***problems ( REFERENCE - RSN PILLAI VOL-II TEXT BOOK) UNIT-4 1**. The procedure of preparing the consolidated balance sheet 2. cash flow statement, benefits, adv & ...

Concept of Group & purpose of Consolidated Financial Statements   Holding company subsidiary company Computation of goodwill minority interest pre-acquisition and post-acquisition profits inter-company transactions treatment of unrealized profits 1Q)Concept of Group & purpose of Consolidated Financial Statements        It is an era of business growth many organizations are growing into large corporations by the process of acquisition, mergers, gaining control by one company over the other company, restructuring, etc. Acquisition & mergers ultimately lead to cost reduction / controlling the market / sharing the material supplies /product diversification / availing tax benefits. Whatever may be, the ultimate result is a large-scale corporation. The formation of a holding company is the most popular device for achieving these objectives.              Many a time, a company expands by keeping intact its separate id...

1Q) ACCOUNTING AND REPORTING OF FINANCIAL INSTRUMENTS    Definition :    Financial instruments means any contract that gives rise to a financial asset to one entity & financial liability / equity instrument to another entity.             As the definition of financial instrument indicates that there must be a contractual right / obligation in existence for something to be deemed to be a financial instrument if there is no contractual right / obligation then there is no financial instrument.        Financial instruments are classified in to financial asset & financial liability. Financial asset : Financial asset is an asset whose value comes from contractual claim. These assets are frequently traded. Financial asset include the following items : a) Cash b) Equity of another entity c) A contractual right to receive cash / similar from another entity / a potentially       f...

                      UNIT -1 1Q) Define corporate financial reporting. Explain the concept, objectives, and characteristics.   Corporate financial reporting is a series of activities that allows companies to record operating data and accurate accounting statements at the end of each month, quarter, and year. Bookkeepers record operating data by debiting & crediting financial accounts. Accountants prepare financial statements following corporate policies, industry practices, and regulatory guidelines.                 Financial reporting is the communication of the financial information of an enterprise to the external world. The process of financial reporting consists of four procedural steps which are as follows: 1. perception of the significant activity of the accounting entity / in the environment in which the entity performs. ( financial transactions) 2. Symbolising the perceived ...