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Additional Details
in the world i meant lol! XD... |
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matrix | Internal financial info provided to managers follow same concepts and conventions which apply to annual report |
The internal financial information an organisation provides to its managers for planning, controlling and monitoring purposes is subject to the same accounting concepts and conventions that apply to the published annual reports and accounts”. To what extent is the comment true? |
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PK
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Actually, this varies widely, so your statement is not necessarily true. Some corporations use internal reporting figures that may differ widely from reported numbers. This is because individual business lines do not have to conform to GAAP accounting principles. Managers and internal auditors may use figures to report gross sales and other metrics used to rate performance of employees and departments that do not comply with US GAAP at all. There are specific rules on how you recognize revenue publicly that may not apply when using revenue as a performance metric internally.
Also, when corporations report publicly in annual reports, there are interoffice adjustments and reconciliations that you use between internal operations. On a consoidated basis, things may look very different than they do from a business line perspective. |
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BETA - R
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Annual Reports which are information to stakeholders must follow certain rules , regulations , standards etc., as mandatroy. But internal information as you have rightly said is mainly for monitoring and control purposes . However , prudent accounting practices , professional ethics and Corporate Governance discipline expect the accountants to report information based on these principles even internally. If the internal team members cheat themselves by window dressing ( showing a better picture by manupulating figures ) they are bound to do the same with other stake holders later. |
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funkydave
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It has to be true as that would be fraud when not publishing true reports. when a report is published and if it is found to be false there are some serious concerns that can be raised and/or even criminal proceedings |
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sidra j
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as far as i am concern it is not a compulsion that we follow the same rules while providing information to managers. the main thing in consideration should be the basic concepts like liability, assets etc. should remain same. i.e. an assest should be considered as asset and a liabilty should be considered as liability. other than that its not necessary they can if they want.
if any one can explain with example or any reference it would we better for us to understand |
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Rank Roo
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Its entirely false. Short and sweet.
Financial info required by GAAP and other accounting standards are in no means the same info used by management to make decisions!! |
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