The Delphi method
This is a qualitative method that is used to forecast financial statements. It employs a technique in which several experts are individually questioned about how they perceive future events in relation to financial statements. The experts do not meet and decide as a group in order to reduce the possibility that consensus is reached because of a dominant personality factor instead, the forecastors’ arguments are summarized by an outside party and returned to the experts along with further questions until the consensus is reached upon.
The financial accounting standard board concepts statements are intended to serve the public interest by setting up objectives, qualitative characteristics and other important concepts that effectively guide the selection of an economic phenomena which is to be recognized and measured for the purposes of financial reporting and their display in the financial statements or any other related means for communicating information to the people who are interested. The statements guides the board in coming up with sound accounting principles and provide the board also with coherent understanding of the limitations of the financial reporting.
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Concept statement No.1
This statement establishes the objectives of general purpose external financial reporting by the business enterprise. It is believed that its being in business enterprise is not to imply the board has concluded that the uses and the objectives of financial reporting by other kinds of entities are or should be the same as or different from those of the business enterprises.
Financial statements and the financial reporting.
The information relating to this statement is with respect to the financial reporting and it is not restricted to information communicated by financial statements. Despite the fact that both the financial reporting and financial statements have same objective, it is prudent to note that some information is provided better by financial statements and some are better provided by means of financial reporting standards.
Concept statements No.2 (Qualitative Characteristics Of The Accounting Information)
The main purpose of this statement is to examine the characteristics which make the accounting information useful. It is therefore a requirement that the people who prepare audit and use financial reports must always use and evaluate the accounting alternatives. Therefore, wherever accounting statements are made, then there is need to use the accounting qualities. Such as relevant, material, reliability e.t.c.
Concept statement No. 3(Elements Of Financial Statements Of Business Enterprise)
The statement aimed at providing relevant elements of financial statements of the business enterprises.
Brigham E.F, Ehrhardt C.M (2010). Financial Management Theory and Practice. U.S.A: Cengage Learning.
Wahlen J.M, Stickney P.C, Brown P, Baginski P.S, Bradshaw T.M. (2010). Financial Reporting, Financial Statement Analysis and Valuation: A Strategic Perspective (with Thomson One Printed Access Card). U.S.A: Cengage Learning.
Lee A.C, Lee, C.J, Lee F.W. (2009). Financial Analysis, Planning & Forecasting: Theory and Application.U.S.A :World Scientific,
Gitman, L.W Joehnk D.M, Billingsley S.R.(2010). Personal Financial Planning. U.S.A Cengage Learning.
Rattiner J.F.(2008). Financial Planning Answer Book (2009), Book 2009. CHICAGO: CCH
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