Arthur andersen’s 1975 report, entitled sound financial reporting in the public sector, pointed out that a 1956 law (public law 84-863) required all government agencies to prepare business-type, accrual-basis financial reports. Effective and transparent financial reporting is good for business effective and transparent financial reporting is good for business the six countries need to move towards adopting the common framework for corporate financial reporting included in the eu’s system of law and regulations,.
Financial reporting involves the disclosure of financial information to the various stakeholders about the financial performance and financial position of the organization over a specified period of time. A sound & robust financial reporting system across industries promotes good competition and also facilitates capital inflows this in turn helps in economic development other articles by the same author. Andersen’s 1986 report entitled, sound financial reporting in the us government, aptly described the main difference in government accountability that occurs under a cash basis system of. The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business if someone else is supporting part of your business, financial reporting must be part of the essential contract between you and them. Markets (tcsc2) to work with the financial service industry to examine the viability of a secondary market reporting system for different types of structured finance products in particular, they will focus on whether the nature of structured finance products lends itself to such reporting and the cost and benefits such a system might entail.
The municipal finance management act (mfma) and reporting guidelines add to the onus of quality and relevance of financial reporting they emphasise the importance of preparing regular, accurate and complete financial and performance reports that are supported and evidenced by reliable information.
Sound financial reporting & management ed on a sound system of risk management and internal control and that the system is operating effectively in (diversity) to support the principles of diversity at the board and senior management levels and through out. 5 keys to sound financial management every organization, in order to remain profitable and in compliance with applicable laws, needs a sound and transparent financial management system after all, finances are at the core of every enterprise, from purchasing materials and supplies to paying staff, and ultimately, delivering value to stakeholders.
“a sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic development. Financial reporting requirements upon the agency receiving funds c federal regulations establishing the administrative requirements for grants require a variety of basic elements of an effective financial management system.