November 1994: Going Concern and Financial Reporting: guidance for directors of listed companies in the UK

Article Abstract:

The text of a report on financial reporting and going concern issues is provided. The report, which was prepared by the Cadbury Committee, provides guidance for company directors with regards to their responsibilities in monitoring financial matters related to corporate governance. The report covers such issues as the definition of going concern, its application in financial disclosure and its use in insolvency matters. The report also elaborates on the procedures for treating financial matters such as forecasts and budgets, borrowing requirements, liability management, contingent liabilities, products and markets, financial risk management and the assessment of factors that affect commercial outcomes. The report also provides information on disclosure requirements and the responsibilities of company directors in ensuring compliance with them.

Corporate directors, Corporate governance

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Exposure draft: Statement of Principles for Financial Reporting

Article Abstract:

Financial statements are intended to provide information about an enterprise's finances and performances to enable users to evaluate the stewardship of management and to make sound economic decisions. According to the Statement of Principles for Financial Reporting, information contained in financial statements should be relevant and reliable content-wise, and should be presented in a way that promotes comparability and understandability. Information should also be characterized by materiality. The financial statement itself should be comprised of the following elements: assets, liabilities, ownership interest, gains, losses, contributions from owners and distribution to owners. Recognition and measurement in financial statements are discussed.

Corporation reports, Company reports

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