Impressive Usefulness Of Financial Statements To Stakeholders
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Explain usefulness of financial statements to stakeholders Explain in your own words how Income statements Cash Flow Statements Statement of Retained Earnings and Balance Sheets are useful to managers investors creditors and employees.
Usefulness of financial statements to stakeholders. Management may be liable to offer voluntary disclosures as a means of clarify areas of. Because financial statements are very useful for businesses. The basic financial statements used to analyse a firms performance during a period were explained for it is important that investors creditors and other stakeholders be able to read and digest these documents in order to know the financial position and performance of a firm.
Flostrand and Strom 2006 stated that the report that was released in 1994 suggested that financial statements should review the future of an entity. Importance of Financial Information to Stakeholders. How Financial Statements Used by Stakeholders The main purposes of financial statements are to provide financial information to the users in order to show how the company is doing in terms of performance and what condition it is in.
Stakeholders of the company require the financial information for following reasons. It is up to companys. It is therefore important that the accounting is accurate and up to standards for these different stakeholders of financial statements it is also useful for comparison of companies and as can be seen from the analysis Sainsburys stakeholders will be more pleased with the financial statements than Morrisons.
Significance of stakeholder groups are some of the factors to be considered when carrying out a cost benefit analysis on the importance of financial statements. Financial information contain in annual reports that the companies are published in periodically. Made available to users of financial statements by those entrusted.
It is important to understand the needs of these stakeholders so that the financial statements can be prepared in accordance with those needs. They also need it to understand the dividend payout ratio and forecast the future dividends 7 To the Creditors and the Lenders. Decision makers rely on unbiased relevant and timely financial information in order to make sound decisions.
The financial statements of an entity are not only prepared for internal users but also for external stakeholders. In this context the term stakeholder refers to a person or group who relies on financial information to make decisions since they often have an interest in the economic viability of an organization or business. Besides these the utility of fiscal statements are that.
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