Financial accounting and reporting Essay Sample

This essay sample is on Financial Accounting and Reporting for Singapore students. Here we will cover What is financial accounting?, Types of Financial Statements, the purpose of financial accounting, What is financial reporting in financial reporting?, the Difference between Financial accounting and reporting, etc.

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Introduction- Financial Accounting and Reporting Essay

The topic of “financial accounting and reporting” is an important one for the students of accounting. In the same fashion, we shall be looking at this topic in this sample essay.

Moreover, for the sake of simplicity as well as clarity we shall be dividing the essay into several different sections. So without further adieu:

Main body- Financial Accounting and Reporting Essay

What is financial accounting?

“Financial Accounting” is a branch of accounting involving recording, summarizing, as well as financial reporting. This process is based on a large number of financial transactions of a certain business over a period of time.

In addition to this, all of the transactions are summarized in form of statements. Financial Statements includes balance sheets, statements of income, cash flow statement, and so on. All of these different statements are used for recording a Singaporean company’s performance over a specific stretch of time.

Moreover, Financial Accounting can be seen in public as well as private sectors. However, the duties of an accountant who practices this may differ as per the general purpose. Speaking of purpose, we shall be discussing it in detail in the sample essay. But before that, we shall look at the different types of financial statements.

Types of Financial Statements

As we already read above, there are different types of financial statements. In this section, we shall be looking at them. There are three main types of financial statements. These areas are mentioned below:

1. Income Statements
2. Balance Sheets
3. Cashflow Statements

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The purpose of financial accounting

The main purpose of financial accounting concerns the preparation of the company’s financial accounts under a specified time. This process is also known as Financial Statements.  We discussed the different types of financial statements in the previous section.

Moving on, in any given organization Financial accounting in Singapore has several other purposes too. It provides shareholders and creditors with important information that may help them with making better investment decisions. Plus, Financial Statements are also used within the company by managers to improve operations as well as future plans of the company.

Furthermore, it also provides crucial information that can be used in analysis using ratios, market situation, ongoing trends, and so on. Moving on, we shall be looking at the concept of financial reporting in the next section of the sample essay.

What is financial reporting in organization?

Financial reporting in the field of financial accounting refers to the financial results of any given organization in Singapore that is provided to the shareholders as well as the Public.  In addition to this, Financial reporting is seen as one of the major functions in the financial accounting field.

Moving on, It includes the following things: Providing the financial statements, stating the footnotes as well as relevant accounting framework. Along with this it also includes any financial information that the Singapore company deems important. A yearly report is also covered under this topic.

We shall be looking at the difference between financial reporting and financial accounting in the next section. So without further adieu:

The difference between financial accounting and reporting

The main difference between the concepts of financial reporting and financial accounting is that: the processor field of accounting is a wide one. Consequently,  there are several different subfields under this concept. The concept of Financial reporting is one of these concepts.

So we can say that Financial accounting is a whole discipline. While Financial reporting is just a part of it. This fact is further confirmed with definitions of both of these topics, previously in the essay.

Conclusion:

This essay has shown that the accounting and reporting profession is in need of a revolution. There are too many loopholes for fraud, including fraudulent financial statements and misleading disclosures, to be ignored any longer. It’s time we take action on behalf of investors everywhere by implementing an overhauled regulatory framework so that all stakeholders can trust what they see when it comes to public company financials.

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