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A directors' report is a document produced by the board of directors, which details the state of the company and its compliance with a set of financial, accounting and corporate social responsibility standards. It is usually produced annually and must be disclosed to the public.
Statement of Directors' responsibilities for the shareholders' financial statements The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Law of the Republic of Ireland, including the accounting standards issued by the Accounting Standards Board and published by The Institute of Chartered Accountants.
The compliance oversight function is the function of acting in the capacity of a director or senior manager who is allocated by the Financial Services Authority the function of reporting to the governing body to ensure compliance with the rules set out in Conduct of Business, Collective Investment Schemes and Client Assets related operations.
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management ...
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance.
For example, if a Financial Statement shows a balance of $1,000 worth of Fixed Assets, this implies that the management asserts that fixed assets actually exist as on the date of the financial statements, the valuation of which is worth exactly $1000 (based on historical cost or fair value depending on the reporting framework and standards) and ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
As a strategic partner and provider of decision based financial and operational information, management accountants are responsible for managing the business team and at the same time having to report relationships and responsibilities to the corporation's finance organization and finance of an organization.