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What are the key factors that affect the preparation of acco

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Andreea Virban

on 18 October 2013

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Transcript of What are the key factors that affect the preparation of acco

Group C
Size of organisation
- big companies (Coca Cola) will have a larger and diverse account compared to a smaller business (shoe shop)
Type of organisation
- organisations will have different assets and liabilities

- still need to present them in an appropriate manner
Legislation
- requirement to do an Annual Company Report

- shows the direction of the company

- Companies Act 2006
Public vs Private
- Legislation
- Type of information needed and requested
- private do not have to show as much information
Qualitative characteristics
- needs to be understandable
- relevant
-comparable: within the company and competitors
What are the key factors that affect the preparation of accounts?
Fundamental assumptions
Accrual Basis



- how close the prediction are the actual figures

Going concern
Team composition
- how effective the company communicates
Full transcript