Financial reports reflect the company management's performance and there always will be a basic incentive for management to report favorable results.
For all annual
financial reports produced after June 15, 2004, management is required to include an assessment of internal controls and procedures for producing financial reporting information.
ASIC proactively reviews 340
financial reports of listed entities and other public interest entities each year.
Audits of
financial reports are better because of improved auditing standards and processes; increased awareness, commitment, and competence of auditors and audit committees; more risk-focused audits; greater auditor independence; and improved quality review and auditor oversight, the respondents noted.
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.
XBRL allows companies preparing the
financial report to control how information is communicated to financial institutions, analysts and the market.
In what may be the most significant adoption news to date for eXtensible Business Reporting Language (XBRL), the NASDAQ Stock Exchange, along with Microsoft and PricewaterhouseCoopers, announced the launch of a pilot program to provide investors with remote access to financial data from five years of
financial reports for 21 NASDAQ-listed companies.
and other technology companies, will use XBRL and other tools to modernize and streamline federal bank regulators' collection, processing and distribution of banks' quarterly
financial reports.
WITH STRONG NATIONAL and state accounting reform legislation signed into law recently, a distinguished group of Californians has launched an ambitious project to study and report on issues related to public trust and confidence in
financial reports and financial reporting professionals.
One would establish standards for the measurement, recognition and display of "other postemployment benefits" (OPEB) expense or expenditures and related liabilities in the
financial reports of state and local governments.
When users (management, stockholders, creditors, financial analysts, taxing authorities and others) want to analyze
financial reports they have three primary tasks to perform.
