MBA Financial Reporting Systems

The main objective is to provide financial information about the reporting entity to users of the financial statements that is useful in making decisions about providing resources to the entity, as well as other financial decisions. That financial information includes a summary of the transactions of the business of a period of time, usually twelve months. In order to effectively report that information the the users a system must be established that can capture data about the relevant transactions and events that occur during the financial year, summarise them appropriately and present them in a format that the users are capable of understanding. This is the financial reporting system.