Accounting and Finance - Financial Accounting

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Accounting and Finance - Financial Accounting

Financial accounting is one of the core topics in the study of accounting. It is concerned with recording, summarising, communicating and distributing data about the financial activities of a business. This process involves the application of some very old principles (like double entry book-keeping) in a very modern framework. This leads to a dynamic environment that never stands still for long.

International Accounting Standards Board (IASC)

One of the key tasks in the financial accounting world is the setting of standards by which the reporting of companies will be undertaken. The International Accounting Standards Board (IASC) is an example of a standard-setter. The remit of the IASC is a global one: to attempt to achieve more agreement, aiming for harmonisation in accounting standards around the world. This is important if a global accounting structure is ever to be achieved, one that will enable students and practitioners to read and understand financial accounting information generated anywhere in the world. The IASC Web site contains details of the activities and publications of the IASC, which is currently engaged in projects attempting to produce the first globally recognised standards for accounting activities. The site contains specific details of each project that the IASC is working on at any time and a useful guide on the current status of each of them. The site does not, at present, provide access to completed standards.

Further References

Financial Accounting Standards Board (US)

Accounting Standards Board

British Telecom

Company Annual Reports Online (CAROL)

Hemmington Scott (UK accounts and reports)

US Securities and Exchange Commission (SEC)

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