Corporate Financial Accounting and Management Communication- A Merger.

Yvonne Chioma Ofodile Written by Yvonne Chioma Ofodile · 2 min read >
World, welcome. I’m back once more. I want to discuss intentionality today. Every successful human endeavor can be traced back to having a well-considered aim at the outset, followed by deliberate efforts taken to accomplish that purpose and make a vision a reality. While reading up on corporate financial accounting this evening, I came across this eureka moment. In all honesty, I had not intended to write, but the more I considered the significance of intentionality in the area of accounting, the more I felt compelled to. Accounting is a masterwork of narrative. one in which all of the audience members’ queries have been foreseen and the responses are openly disclosed. The measuring, processing, and sharing of financial and non-financial information regarding economic entities like enterprises and corporations is known as accounting, sometimes known as accountancy. To do this, accounting has developed a system for documenting and summarising commercial and financial activities as well as for analyzing, confirming, and reporting the outcomes. Accounting is a crucial task for decision-making, budgeting, and measuring economic success in every size of the firm. The financial statements used in accounting provide a succinct overview of all financial transactions within a given accounting period. They also provide an overview of a company’s activities, economic status, and cash flows. The audience must be considered for accounting to be practical. There are two different types of accounting information users. Both internal and external stakeholders fall under this category. Members of the board of directors and another middle to top-management employees are examples of internal stakeholders. Shareholders, oversight organizations, regulators, tax collecting agencies, creditors, investors, and even consumers are examples of external stakeholders. Some laws and standards have been agreed upon to control how information is shared, what information is given, and when it is released to guarantee that all consumers can understand and utilize the message being delivered. How knowledge is conveyed is the most crucial factor. Standards and guidelines created to enhance the comparability and uniformity of financial reporting across sectors exist to control this. There are two main conventions for reporting standards worldwide. The first is generally accepted accounting rules (GAAP), which are most frequently applied in the US and Canada. The International Accounting Standards Board developed the International Financial Reporting Standards (IFRS), which comes after. Nigeria is one of the countries that use the IFRS standard. What information is provided, in addition to how it is presented, is of utmost importance. The answer to this query is provided with the information users in mind. Four key reports convey a company’s financial health and well-being since that knowledge is what they will need to make judgments. Balance sheets, income statements, cash flow statements, and statements of shareholders’ equity are the four. Balance sheets display the assets and liabilities of a business at a specific point in time. Income statements reveal the amount of money a firm brought in and expended over time. The exchange of actual cash between a corporation and the outside world is also depicted in cash flow statements throughout time. The “statement of shareholders’ equity,” the fourth financial statement, displays changes in the company’s shareholders’ interests over time. After learning so much about accounting and understanding the purpose behind all the numbers, tables, and reports, I must admit that I am wowed by how thorough the entire process and system are. Who would have thought that the rules of Management Communication would apply to accounting? Hope you learned and enjoyed today’s post.
Dr.Yvonne took a snapshot with the very articulate and intelligent faculty, Prof Owolabi, after his last 1st-semester class with #MEMBE11.
cout<<“Till next time!”;. #MMBA11 #BabyBlogger

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