After the outbreak of the recent financial crisis, auditors were blamed for their inability to predict the failure of companies. The role of auditors in providing sufficient and relevant information has been at the top of the agenda for discussion in various Western countries and international ...
I have a question…The production overheads is normally a fixed cost irrespective of number of units produced. Now given that 10,000 units were produced during the year instead of 12,000 units, the apportionment of entire production overhead cost should be for 10,000 units (ie $7.2 per uni...
Financial reporting is used to track financial KPIs, identify areas of cost savings, and ensure that the organization is meeting its financial goals. This type of operational report typically includes data such as revenue, expenses, and cash flow. While these reports are often utilized by finance ...
When it comes to submitting vital financial and non-financial information to official bodies, one small error can result in serious repercussions. As such, working with statutory report formats is a watertight way of keeping track of your affairs and records while significantly reducing the risk of...
With prepared financial data that builds credibility among stakeholders, your team can focus on higher-value work like analysis and forecasting instead of manual tasks. Do nothing and your stakeholders may make business decisions based on bad data. But with faster, more accurate data preparation proc...
You’ll find three examples of time-saving flows to improve data preparation. With prepared financial data that builds credibility among stakeholders, your team can focus on higher-value work like analysis and forecasting instead of manual tasks. Do nothing and your stakeholders may make business ...
Keeping track of where assets are in the lifecycle helps with regulatory compliance, financial reporting, and IT service management. Each company may define the lifecycle of its assets slightly differently, but the ITAM lifecycle generally includes stages such as planning, procurement, deployment, integ...
3. How are the Three Financial Statements Presented? Similar tooperational reports, the display of financial statements is bifurcated into two segments: the dashboard and the independent reporting module. Within the dashboard, essential financial metrics critical to management, such as income and expen...
This is a guide to the Revenue Expenditure. Here we discuss examples of Depreciation on Machinery, Rent paid, Cost of Labor, etc. You can also go through our other suggested articles to learn more – Financial Reporting Examples Statement of Retained Earnings Example ...
Financial Assets may or may not have a physical form. Like in the case of bank balance, it is not in physical form, but in cash, it has a physical form. Even though few financial assets have no physical form, IRS requires reporting both financial & real assets as tangible assets only ...