Award criteria and nomination report Essay Example | Topics and Well Written Essays - 4250 words

Award criteria and nomination report - Essay Example Financial reporting and financial statements play an important role in projecting the position of a company in the market. Share holders and all the related groups find financial reporting as an important tool, which help them in making decisions regarding business. Financial reporting covers a wide range of Information as compared to the financial statements only. In broader perspective financial statements are the part of financial reporting but financial reporting is much more than financial statement. With the changing global business environment the reporting needs of the business has also transformed. The information required in to be reported is much more than the cash activities. Now days the requirement of information disclosure from both internal and external sides has been increased. The advancement and the volatile nature of business are replacing the old methodologies. The users of the information are become much more aware. This has given rise to the accountability. The Companies are required to disclose information related to more aspects than in past. Transparency of the information has also become a necessity. The Financial information disclosed by a company to its stakeholders are required to posses some important characteristics so that it can serve the purpose of the users in successful manner. A brief discussion of these qualities is given as under.