Questions

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. These stakeholders include – investors, creditors, public, debt providers, governments & government agencies.

Financial Reporting is very important and critical task of an organization. It is vital part of Corporate Governance.

The objectives & purposes of financial reporting :–

* Providing information to management of an organization which is used for the purpose of planning, analysis, benchmarking and decision making.

* Providing information to investors, promoters, debt provider and creditors which is used to enable them to male rational and prudent decisions regarding investment, credit etc.

* Providing information to shareholders & public at large in case of listed companies about various aspects of an organization.

* Providing information about the economic resources of an organization, claims to those resources (liabilities & owner’s equity) and how these resources and claims have undergone change over a period of time.

* Providing information as to how an organization is procuring & using various resources.

* Providing information to various stakeholders regarding performance management of an organization as to how diligently & ethically they are discharging their fiduciary duties & responsibilities.

* Providing information to the statutory auditors which in turn facilitates audit.

* Enhancing social welfare by looking into the interest of employees, trade union & Government.

The Plant Fibres are made up of cellulose whereas animal fibres are made up of collagen.

From the cornea, the light passes through the pupil. From there, it then hits the lens, the transparent structure inside the eye that focuses light rays onto the retina. The iris, or the colored part of your eye, regulates the amount of light passing through. 

Convex mirror is used as rear view mirror in vehicles. Because the image is smaller, more image can fit onto the mirror, so a convex mirror provides for a larger field of view than a plane mirror. This is why they are useful.