Professional Documents
Culture Documents
Lecture 1 & 2 1
Financial Accounting Standards(FAS)
Lecture 1 & 2 2
Financial Accounting Standards(FAS)
Governing Body
Concern of Financial Accounting Standards
Recognition of financial events
Measurement of financial transactions
Presentation of financial statements in a fair manner
Disclosure requirement of companies to ensure
stakeholders are not misinformed.
Lecture 1 & 2 3
Financial Accounting Standards(FAS)
Objectives of Financial Accounting Standards
to improve the reliability of financial statements.
Comparability
to provide the necessary disclosure requirements
and the valuation methods of various financial
transactions.
Benefits of Financial Accounting Standards
Attains Uniformity in Accounting
Improves Reliability of Financial Statements
Lecture 1 & 2 4
Financial Accounting Standards(FAS)
Prevents Frauds and Accounting Manipulations
Assists Auditors
Comparability
Determining Managerial Accountability
Lecture 1 & 2 5
Financial Accounting Standards(FAS)
Limitations of Financial Accounting Standards
Difficulty between Choosing Alternatives
Restricted Scope
Lecture 1 & 2 6
Financial Reporting
Lecture 1 & 2 9
Financial Reporting
Compulsory documents for the purpose of bidding,
labor contract, government supplies etc.
incredible importance for both internal and external
stakeholders.
Lecture 1 & 2 10
Contents of Financial Reporting
Lecture 1 & 2 11