FINANCIAL ACCOUNTING ASSIGNMENT

Financial Accounting Assignment



FINANCIAL ACCOUNTING ASSIGNMENT

Introduction

The paper shall help us understand and comprehend the various formalities and procedures involved in the objective of making certain amends and specifications for the purpose and objective of making significant changes accordingly. Since the discipline itself spreads over an ocean of endless and endlessly upgraded information, w e shall keep our focus limited to the context of Malaysia. For undertaken a more detailed understanding, we have undertaking three companies of conduct an d consideration of highlighting importance of the public disclosure of published financial accounting.

Purpose of financial statements

When dealing with accounting prowls and procedures related to accounting discipline, it is clearly suggested that bookkeeping should be attempt with serious concern and consideration, especially at the time when you intend to share this valid information with the public you reside in the industry. The basic purpose of financial statements is to help identify the financial portfolio of a company which helps others make viable predictions and projections and also draw significant conclusions in order to make significant and justified amends accordingly (Elliot, 2004, 3). In addition, regulatory authorities like International Accounting Standards Board can ensure through financial statements analysis whether the company is following accounting standards or not. Finally, analysis of financial statements can help the government agencies to analyze the taxation due to the company and at the same time the company can analyze its own performance over the period of time through financial statements analysis.

Understanding and Comprehension of Financial Statements

Information presentation format is the method used to disseminate information to users. accounting information is provided to users in a variety of formats, including audio, video, and graphical presentations. Research in information systems (IS) and accounting information systems (AIS) has long recognized the importance of presentation format to decision making. The purpose of this paper is to review the main findings of this substantial body of literature and to suggest avenues for future research. Although a heavily researched area, unanswered issues regarding presentation format continue to be of critical concern to accounting regulators, standard setters, and users and preparers of accounting information.

With advances in technology, standard setters are encouraging companies to consider alternative disclosure formats purportedly to benefit decision makers (SEC 2008). Many of these purported benefits remain unsubstantiated. Furthermore, the clear trend is toward systems without borders, which often forces organizations to resolve information presentation issues across links in the supply chain. Thus, because technology is constantly evolving new ways to present information, it remains important for AIS research to identify the factors associated with presentation format that affect information use in order to inform standard setters and designers and users of accounting information systems.

Companies from the Malaysian context

In order to help us understand the reputation of companies producing, manufacturing and trading assets, equities, shares and stocks in the market, we have taken three core companies in the market for all to understand accordingly. These companies are:

IOI Corp BHD;

MISC BHD; and

Maxis Communications Berhad

All these companies have been taken with ...