Analysing Financial Information Essay Example | Topics and Well Written Essays - 1000 words

Analysing Financial Information - Essay Example External reporting of accounts through various financial statements is regulated and must comply with various legal requirements as well. Accounts must be regulated in order to provide a true and fair view of the affairs of any business concern. Compliance being the most important issue, every financial accounts prepared by any domestic company in UK must comply with the Company Act. Regulation of accounts and accounting procedures helps the stakeholders of the company like the investors, consumers, etc. to gather information about various financial aspects of the company which can help them in various decision making process. Not only this, regulated accounts can help in detecting various anti-competitive behaviour like unfair cross-subsidisation etc. Moreover it helps in comparative competition. Also the financial health of a company can be monitored using regulated accounts. (Chief executive of Ofgem et. al, 2001, p.3) Generally Accepted Accounting Practice, a compilation of accou nting practices that help in guiding the company accounts in UK, entails how to prepare company accounts in UK. Accounting Standards Board (ASB) is the primary source of Accounting Standards out of many and it can be said to be the standard-setter in this case. ASB is also in charge for setting the Financial Reporting Standards (FRS). ASB is once again a part of Financial Reporting Council (FRC) which has replaced the Accounting Standards Committee (ASC) in 1990. Urgent Issues Task Force (UITF) assists the ASB in dealing with matters which requires clarifications or changes in practice of accounting due to non-compliance with existing legislation or standards. Financial Reporting Review Panel (FRRP) is the other part of FRC which has the responsibility of enquiring about the company accounts where there is a sign or indication of violating the Companies Act requirements. (Bebbington & Song, n.d, p.74) The principle legislation that governs the reporting of company accounts in UK has been stated clearly in the Companies Act 2006. Companies Act 2006 also incorporates the requirements of the law in Europe. Initially Companies Act set out the reporting requirement for companies in UK which were limited by extent. In 2005 however, certain changes were incorporated in the European law. It stated that all listed companies in Europe would report as per the guidelines of the International Financial Reporting Standards (IFRS) while the non listed ones were given the option of reporting either under IFRS or as per the norms of GAAP. Domestic companies of UK whose shares and other securities are listed on the London Stock Exchange, are required to comply with the regulations issued by UK Listing Authorities (UKLA) along with UK GAAP. Additional requirements for domestic companies are included in the Listing Rules, such as additional disclosures about directors and corporate governance. International Accounting Standards (IAS) can now become law in the European Union (EU) with the process set up by the regulation. The regulation only

Initial Research findings- KSaria Part 2 Essay Example | Topics and Well Written Essays - 500 words

Initial Research findings- KSaria Part 2 - Essay Example The KSARIA Corp. also offers field services including cable plant installation, on site plant management, shipside logistic support, in-situ testing and field terminations as well as research and development of cable design services (â€Å"Wards Business Directory† 161). Despite the provision of these services, KSARIA Corp. is facing numerous challenges especially in Positioning and Assembly of Fiber Optics. The current outstanding deliverable gap that affects the productivity in its service delivery is inefficient qualification methods of repairing the damaged fiber optic cable particularly on the naval aircraft. The solution to this problem has been replacing the damaged cables with effective cables. Notably, this measure is intensively expensive and time consuming (â€Å"Wards Business Directory† 177). This leads to operation gap that incorporates complete cleaving has a method of preparing the ends of the optical fibers for splicing. This method is not effective since its leads to low yields and requires high technical skills that KSARIA lacks. Additionally, the method has proven immensely sensitive to be applied or deployed in harsh military environments. The most challenging task is the optical fiber and component alignment and positioning is often experiences during the photonics assembly. This problem often interferes with the accuracy of submicron thereby interfering with the high stability and reasonable resolution required when coupling optic fire with laser light. This process is referred to active alignment, and it involves coupling light sources including laser. The process requires one end of the optical to define the optimal position of the fiber component (â€Å"Wards Business Directory† 188). These operations need precision; otherwise, they often interfere with the Military aircraft industry that leads to management with poor precision. The