Accounting and Financial Reporting

Introduction to Procedures of Accounting

Every organization undertakes the procedures of accounting in order to assess the financial health and performance of business. With the help of this, organization will be able to frame competent strategies and policies which gives its  contribution in the achievement of organizational goals and objectives. Besides accounting, public and private limited companies have the responsibility to report the users about the financial information of its business operations and activities (Godfrey and et.al., 2010).  It enables company to build  trust in the mind of stakeholders. The present report will discuss the impact of accounting standards and other regulatory framework upon the buisness decision of the users.  Along with this, it depicts the potential challenges which a company might face.