Financial Information for Decision Making

4739 words 19 pages
DIP0012 Financial Information for Decision Making
Project

Lecturer : Mohamad Karaki

By Santy Ramasamy #26261, Dexter Chai # 26464, Yijie Eu #27005

DIP0012 Financial Information for Decision Making Project

Table of Contents
CHAPTER 1 ................................................................................................................................................... 2 1Bank Statement ........................................................................................................................................... 3 PART 2 .......................................................................................................................................................... 4 1. Define GAAP, the structure
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Define GAAP, the structure of GAAP, the role of the framework and the usage of GAAP globally.
Definition GAAP stands for Generally Accepted Accounting Principles. It is an information service that presents accounting principles and standards through annual publications, and is freely accessible to the public. It provides updated and current requirements of internationally practiced accounting standards and interpretations. GAAP may be used by different nations and in conjunction with their national accounting standards, to prepare general purpose financial reports. Source: http://www.gaap.com.au

Structure The Australian GAAP is categorised into key features such as application, measurement, and disclosure sections. They comprise of the following sections: Source: http://www.gaap.com.au ● Part 1: Introduction ● Part 2: General Purpose Financial Report ● Part 3: Balance Sheet ● Part 4: Income Statement ● Part 5: Cash Flow ● Part 6: Notes to the Financial Statements ● Part 7: Industry and Activity-based Accounting Standards ● Part 8: Corporations Act and ASX ● Part 9: Selected Exposure Drafts, and ● Part 10: ASIC Reporting Requirements and Surveillance Activities.

Role of GAAP framework Framework objectives of GAAP: ―a systematic method of organising interconnected objectives and principles that aim to produce uniform accounting standards. It establishes the attributes, function and restrictions of financial accounting and financial statements.

Santy

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