"The Certificate of Excellence in Financial Reporting's mission is to promote and recognize excellence in financial reporting, specifically through a district's Comprehensive Annual
Financial Report," Association of School Business Officials International Executive Director John Musso says.
In our opinion, the information reported in the summarised
financial report is consistent with the annual
financial report from which it is derived and upon which we expressed the qualified audit opinion referred to in the previous paragraph.
The comprehensive annual
financial report has been judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the comprehensive annual
financial report.
ASIC had made inquiries of S+G in relation to its
financial report for the year ended 30 June 2014 and had subsequently raised questions in relation to the
financial report for the year ended 30 June 2015.
The comprehensive annual
financial report has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the comprehensive annual
financial report.
XBRL allows for greater transparency and ease of use of the information contained within
financial reports.
Companies first submit plain-text
financial reports to the SEC.
In 2002, CalCPA assembled an independent committee to recommend changes that could be made in California to improve
financial reports and the process involved in preparing and auditing those reports.
Respondents said that the financial reporting process has improved because of convergence to a single set of global financial reporting standards, improvements to regulations and oversight, boards of directors and management taking ownership of financial reporting, improved internal control over financial reporting systems, and improved technology for preparing
financial reports. Concerns in this area included the costs of transitioning to International Financial Reporting Standards (IFRS), the need to comply or to reconcile accounts with more than one set of financial reporting standards, the complexity of financial reporting standards, and litigation risk.
Section 302: Ensuring Compliance in Financial Reporting--Section 302 addresses immediate compliance concerns as it establishes corporate responsibility for
financial reports, requiring that the organization's principal executive and financial officers certify the contents of their corporate reports.
Yet even touring the deluge of print and electronic media and an in-box piled high with
financial reports doesn't always provide a clear picture of corporate performance.
AAT Corporation Limited was charged by the Australian Securities and Investments Commission (ASIC) after failing to lodge its annual
financial reports for the years ended 30 June 2012 and 30 June 2013 and half-yearly
financial reports for the half-years ended 31 December 2010 and 31 December 2012.
