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Does the current accounting framework meet the needs of the users of financial reports as prescribed in the objective of the Conceptual Framework of Accounting? How the conceptual framework revision t
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Does the current accounting framework meet the needs of the users of financial reports as prescribed in the objective of the Conceptual Framework of Accounting? How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting is a requirement in your analysis. COMMENT FROM LECTURER: THE ASSESSMENT FOCUS NEED S TO BE ON WHETHER ACCOUNTING IS FULFILLING ITS PURPOSE AS AN INFORMATION SOURCE FOR FINANCIAL ECISIONMAKING. YOU MIGHT LIKE TO CONSIDER GENERAL PURPOSE FINANCIAL STATEMENTS AND IF THIS IS SATISFYING THE NEEDS OF USERS SUCH AS INVE...Solution Preview:
This is an individual assignment; reflect the usage of financial report, and requirements to meet the objective of financial report. There are numbers of large group of individual stakeholders; all the groups of stakeholders used the financial report for collecting and analyzing the information’s of business entity in order to make sound decisions. However
This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.
This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.
