Financial Reporting Part I

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Oct21

Financial Reporting Part I

Linda Chan

October 21, 2006

Know More: Accounting fraud 2.0, Accounting fraud

The following is not meant to be legal or financial advice, and is provided for information purposes only.

On October 13, 2006, Professor Solomon N. Darwin of UC Berkeley, gave a lecture to attorneys on the nuts and bolts of financial reporting.

Solomon began with a quote from Albert Einstein illustrating that not everything is relevant and at the same time, financials do not contain everything in that the true value of a company cannot be shown on a balance sheet.

The objectives of financial reporting are to provide information to present to investors and creditors who use the information to make financial decisions; to assess the amounts, timing, and uncertainty of cash receipts; and to reflect on the economic resources and decide whether to change them.

Financial reporting information must be relevant in order for the user to make a decision, and to predict events by confirming expectations. The information needs to be reliable. It should be audited to verify the results. The information needs to be comparable to those of different companies. The information needs to be consistent in order for performance to be comparable from year to year to enable judgments.

related entries

Freddie Mac Nov 22, 2007
100 Fastest Growing Companies Sep 10, 2007
International Financial Reporting Standards May 28, 2007
Valuation Metrics Nov 1, 2006
Management’s Discussion and Analysis (MD & A) Part II Oct 28, 2006

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