BU4062: Introduction to Accounting - Scope and Purposes of the Financial Reporting - Finance Reporting Assessment Answer

BU4062 Finance Reporting Assessment Task

Learning Outcome 1:
To explain the scope and purposes of the financial reporting for the stakeholders’ needs and to be able apply the framework of the financial accounting.
Learning Outcome 2:
To be able explain clearly the nature, source and the purpose of the management information and to be able to explain and to evaluate the different cost accounting techniques and the cost elements of these costing methods for short term decision making.

Part 1
You are required to prepare a report for the Company’s Board of management which will include the following:
a) Identify and describe the seven relevant stakeholders as per the conceptual framework and explain how the construction of the financial statements will enable them making decision about their financial benefits.
b) Explain TWO FUNDAMENTAL qualitative characteristics of the financial reporting and clarifying the any sub-characteristics where appropriate.

Part 2
Differentiate between these costing approaches: absorption costing and marginal costing, and explain how relevant they are for an organisation. 

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