Posts

Regulatory and Conceptual Frameworks of Auditing

-
 A conceptual framework is a framework that organises thoughts and concepts into logical sequences. In the definition of a conceptual framework, a system of concepts and objectives that leads to the establishment of a set of norms and standards that are consistent with one another is included. Specific to accounting, financial accounting rules and standards govern the nature, role, and boundaries of financial accounting, as well as the manner in which they are presented in financial statements. The following are the most significant advantages of developing a conceptual framework that has been unanimously adopted: The accounting standards; a foundation for resolving accounting disputes; fundamental principles that do not need to be repeated in accounting standards; and a framework for constructing accounting standards are all important concepts in accounting. History A public or private organisation in charge of accounting standards did not exist before to 1929, and there was no su...
Post a Comment
Read more

The Roles Of Directors, Company Secretaries, And Auditors In The Process Of Financial Management

-
 The Function of the Board of Directors; Its multiple tasks include being accountable for the company's management and ensuring acceptable internal controls through independent third-party feedback on the company's financial performance and operations. While boards of directors should recruit people with a varied range of professional viewpoints based on their experience as well as their skills, board members must also be aware and conversant in the finance and accounting languages in order to function effectively. This is a particularly pressing requirement for the audit committee at this time. Identifying what more to look for, as well as how and why to seek for it, is a difficult task for investors. That is why we concentrate on three major areas of governance: the board of directors, management, and shareholder rights. With respect to each category, we've conducted research and provided practical guidance on a variety of topics, such as the structure, independence, and ...
Post a Comment
Location: Dhaka, Bangladesh
Read more

Behavioural Aspects Of Management Control Systems

-
 MCS is for management control system, and it is a tool for collecting and analysing information about the performance of many areas of a company's operations, such as the performance of its employees and the performance of its facilities. As well as assessing the performance of a firm in accordance to its declared goals and objectives, an MCS can also examine the success of a company in relation to other factors. An efficient management control system can assist a business in making the most of its resources and in putting its business goals and strategies into action in a timely way, hence increasing profitability. The management control system's behavioural aspects are discussed below Management control systems are concerned with the actions of individuals inside a given institution or organisation. They are also concerned with the behaviour of groups of people within an institution or organisation. Controls are attempts to exert control over an individual's behaviour wi...
Post a Comment
Location: Dhaka, Bangladesh
Read more

Investment Requirements

-
The set of rules, behaviours, or procedures that guide an investor's selection of an investment portfolio in the field of finance is referred to as an investment strategy. Individuals have varying profit objectives, and their varying abilities need the deployment of a variety of methods and strategies to achieve those objectives. Some decisions necessitate a trade-off between risk and profit. The vast majority of shareholders fall somewhere in the middle, willing to take some risk in exchange for larger returns on their investments. Making a financial commitment in anticipation of a future benefit or return is known as investing. Another way of putting it is that investing is the acquisition of an asset or an item with the purpose of earning income from the investment or appreciating your investment, which is an increase in the value of the asset over time. When a person invests, they must always give up some existing asset, such as time, money, or effort, in order to reap the bene...
Post a Comment
Location: Dhaka, Bangladesh
Read more

Distinction between sale and consignment

-
A consignment is not a sale by the consignor to the consignee. The goods are held by the consignee for sale. There is a change only in the location of the goods. The points of distinction between a sale and a consignment are as follows:  A sale involves two parties viz., seller and buyer, whereas consignment involves three parties viz., Consignor, Consignee and the buyer:  Sale is a contract between the seller and the buyer, whereas consignmees is a contract between the consignor and the consignee;  (i) In a sale, the property in the goods passes to the buyer as soon as the sale is complete. In a consignment the legal ownership of the goods remains with the consignor. The ownership passes only to the ultimate buyer when a sale takes place and in no case does the ownership pass to the consignee. Hence, the person to whom goods are sold is a debtor bu the person to whom goods are consigned is merely an agent. (iv) In case of sale, the buyer can dispose of the goods in any w...
Post a Comment
Read more

BOOKS FOR SUBSIDIARY USE

-
In small enterprises when a single accountant can keep accounts or the owner himself can conduct the accounts job, maintaining a single journal hook' in which journal entries are written for each transaction and posted to ledger is feasible. Transactions in larger businesses are so numerous and diversified that a single journal book is completely inadequate and inconvenient. Several accounts assistants may be required to work together on accounts and split the workload. To minimise and facilitate ledger work, it may be required to aggregate comparable transactions even at the journal stage in the form of 'special journals.' As a result, the Subsidiary Books system was created as an alternative to a single journal. The following are examples of subsidiary books: (a) Purchases book to keep track of credit purchases;  (b) Sales book to keep track of credit sales;  (c) Purchase returns book to keep track of returns to suppliers. (d) A sales returns book is used to track custome...
Post a Comment
Read more

Understanding issues in the financial reporting regulatory framework

-
 Financial reporting's goal is to communicate financial data to those who will be reading financial statements in the future. A comprehensive regulatory structure has been developed over many decades to manage the financial reporting process and ensure the accuracy, integrity, and consistency of financial data. This structure is now up and running. Because of abuse of the financial reporting regulation system, the framework has been revised, affecting the majority of UK-based businesses. The accrual concept of accounting is a major accounting theory that determines how financial transactions are recorded and reported in the financial reporting system. It ensures that revenue and expenses are recorded at the time of the transaction, rather than when the payment receipt or payment receipt is received. The approach in question follows the matching principle, which states that revenue and expenses should be recognised in the same period. This method of accounting has some restrictions ...
Post a Comment
Location: India
Read more