M21061 Financial Reporting Assignment Answer UK
M21061 Financial Reporting course is designed to provide you with a comprehensive understanding of the principles and practices of financial reporting. In this course, you will learn how to prepare and interpret financial statements, which are essential for making informed decisions in today’s business environment. Additionally, you will learn how to analyze financial statements to assess a company’s financial performance and health.
By the end of this course, you will have a solid foundation in financial reporting that will enable you to apply your knowledge to real-world scenarios. Whether you are an accounting professional or simply interested in learning more about financial reporting, this course will provide you with the skills and knowledge you need to succeed.
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Diploma Assignment Help UK is a platform that offers various academic assistance services to students pursuing different diploma courses. One of the courses that they cater to is M21061 Financial Reporting. They have a vast collection of free assignment samples for this course that students can explore to get an idea of the quality of work they offer.
In this section, we will provide some assignment briefs. These are:
Assignment Brief 1: Appraise the need for regulation over the quality of corporate reporting, explain specific aspects of the UK regulatory framework, analysing them in the context of accounting concepts and applying them in practical situations.
The need for regulation over the quality of corporate reporting is essential to ensure transparency, accountability, and reliability in financial reporting. Corporate reporting provides information about the financial health of a company, and stakeholders rely on this information to make informed decisions about their investments. Therefore, any errors or misrepresentations in corporate reporting can have a significant impact on investors, employees, creditors, and other stakeholders.
In the UK, the regulatory framework for corporate reporting is overseen by several bodies, including the Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA). The FRC is responsible for setting accounting and auditing standards, monitoring compliance, and enforcing regulations. The FCA, on the other hand, regulates listed companies and oversees the disclosure of financial information to ensure transparency in the capital markets.
One key aspect of the UK regulatory framework for corporate reporting is the requirement for companies to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). GAAP is a set of accounting principles, standards, and procedures that companies must follow when preparing their financial statements. GAAP provides a common language for financial reporting, ensuring consistency and comparability across companies.
Another important aspect of the UK regulatory framework is the requirement for companies to undergo an independent audit of their financial statements. The audit provides assurance that the financial statements are accurate and free from material misstatements. Auditors must adhere to International Standards on Auditing (ISA), which provide guidance on the conduct of the audit.
In practical situations, the UK regulatory framework for corporate reporting plays a critical role in ensuring the accuracy and reliability of financial information. For example, if a company reports inaccurate financial information, it could lead to a loss of investor confidence, a decline in share prices, and potential legal action. The regulatory framework provides a set of guidelines and standards that companies must follow to ensure that their financial information is accurate, transparent, and reliable.
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Assignment Brief 2: Evaluate and illustrate the main features of the taxation system which are likely to impact on a UK company.
The UK taxation system is complex and is subject to regular changes. Here are some of the main features of the taxation system that are likely to impact a UK company:
- Corporation Tax: Companies in the UK are required to pay corporation tax on their profits. The current rate of corporation tax is 19% for the financial year 2022. However, the government has proposed to increase this rate to 25% from April 2023 for companies with profits above £250,000.
- Value Added Tax (VAT): VAT is a tax on the value added to goods and services at each stage of production and distribution. VAT is charged on most goods and services in the UK, including imports from other countries. The current standard rate of VAT in the UK is 20%.
- Income Tax: Companies in the UK are also required to withhold income tax from their employees’ salaries and pay this to HM Revenue and Customs (HMRC). The income tax rates for employees vary depending on their income level.
- National Insurance Contributions (NICs): Employers in the UK are required to pay NICs for their employees. The amount of NICs that an employer has to pay depends on the employee’s earnings.
- Business Rates: Business rates are a tax on non-domestic properties such as offices, shops, factories, and warehouses. The amount of business rates that a company has to pay is based on the rateable value of their property.
- Capital Gains Tax: Companies in the UK are subject to capital gains tax on any gains they make when selling or disposing of assets. The current rate of capital gains tax is 20% for most assets, but it can vary depending on the type of asset.
- Research and Development (R&D) Tax Credits: Companies in the UK that undertake R&D activities may be eligible for R&D tax credits. These tax credits can help to reduce the company’s corporation tax bill or even result in a cash payment from HMRC.
Assignment Brief 3: Prepare limited company financial statements in accordance with International Financial Reporting Standards from a trial balance.
The financial statements of a limited company generally include the following:
- Income statement: This shows the company’s revenue and expenses for the accounting period and calculates the profit or loss.
- Statement of financial position: This shows the company’s assets, liabilities, and equity at the end of the accounting period.
- Cash flow statement: This shows the company’s cash inflows and outflows during the accounting period.
- Statement of changes in equity: This shows the changes in the company’s equity during the accounting period.
The following steps can be taken to prepare the financial statements in accordance with IFRS:
Step 1: Prepare the income statement
- Start with revenue, and then deduct the cost of goods sold and operating expenses to arrive at operating profit.
- Then deduct any interest and tax expenses to arrive at profit before tax.
- Finally, deduct tax expenses to arrive at net profit.
Step 2: Prepare the statement of financial position
- List the company’s assets, such as cash, accounts receivable, inventory, and property, plant, and equipment.
- List the company’s liabilities, such as accounts payable, loans, and taxes payable.
- Calculate the company’s equity by subtracting liabilities from assets.
Step 3: Prepare the cash flow statement
- List the company’s cash inflows, such as cash from operations, financing activities, and investing activities.
- List the company’s cash outflows, such as payments to suppliers, employees, and lenders.
- Calculate the net cash flow by subtracting cash outflows from cash inflows.
Step 4: Prepare the statement of changes in equity
- List the changes in equity during the accounting period, such as issuing new shares or paying dividends.
- Calculate the total change in equity by adding or subtracting these changes.
Once you have completed these steps, you will have prepared the company’s financial statements in accordance with IFRS. It’s important to note that the process may be more complex depending on the specific circumstances and accounting practices of the company, and it’s always recommended to seek professional advice or assistance to ensure accurate and compliant financial reporting.
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Assignment Brief 4: Compare and interpret information contained in financial accounts, highlighting the limitations of such information.
Financial accounts provide a snapshot of a company’s financial position at a given point in time and can be used to compare its performance over time or against competitors. However, it’s important to note that financial accounts have limitations and don’t always provide a complete picture of a company’s financial health.
One limitation of financial accounts is that they rely on historical data, which means that they may not reflect current market conditions or future prospects. For example, a company’s financial accounts may show a strong performance in the past year, but if the market changes or the company’s industry faces new challenges, this may not be a reliable indicator of future success.
Another limitation is that financial accounts don’t always capture all of a company’s assets and liabilities. For example, a company’s brand reputation or intellectual property may be valuable assets that are difficult to quantify and not reflected in its financial accounts. Similarly, a company’s long-term liabilities, such as pension obligations, may not be fully reflected in its financial accounts.
Additionally, financial accounts rely on accounting standards and conventions, which may vary between countries and may not always accurately reflect the economic reality of a company’s operations. For example, a company may use accounting techniques such as depreciation or inventory valuation that can distort the value of its assets and liabilities.
In interpreting financial accounts, it’s important to consider these limitations and to supplement them with other sources of information, such as management commentary, market research, or competitor analysis. This can help to provide a more complete picture of a company’s financial health and future prospects.
Assignment Brief 5: Identify and explain governance, sustainability, corporate responsibility and ethics within a business context, and recognise and summarise the importance of internal controls in these areas.
Governance refers to the framework of rules, systems, and processes through which a company is managed and controlled. It involves the practices and principles that guide decision-making, risk management, and accountability within an organization. Effective governance ensures that a company is managed in a responsible and transparent manner, and that the interests of all stakeholders are taken into account.
Sustainability refers to the ability of a company to operate in a way that preserves natural resources, minimizes environmental impacts, and promotes social and economic well-being. A sustainable business is one that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable business practices can help to reduce costs, increase efficiency, and build trust with stakeholders.
Corporate responsibility refers to the obligations that a company has to its stakeholders, including shareholders, customers, employees, suppliers, and the wider community. This includes both ethical and legal responsibilities, such as complying with laws and regulations, respecting human rights, and protecting the environment. Companies that demonstrate corporate responsibility are more likely to attract and retain customers, employees, and investors, and to maintain positive relationships with the communities in which they operate.
Ethics refers to the principles and values that guide the behavior of individuals and organizations. Ethical behavior involves acting with integrity, honesty, and fairness, and taking responsibility for one’s actions. In a business context, ethics involves making decisions that balance the interests of different stakeholders, including shareholders, employees, customers, and the wider community. Companies that prioritize ethical behavior are more likely to build trust with stakeholders, to avoid legal and reputational risks, and to maintain a positive corporate culture.
Internal controls are processes, policies, and procedures that are put in place to ensure that a company’s operations are conducted in a way that is efficient, effective, and compliant with relevant laws and regulations. Internal controls help to prevent fraud, errors, and other risks, and to provide assurance to stakeholders that the company is being managed in a responsible and transparent manner. Strong internal controls are essential for good governance, sustainability, corporate responsibility, and ethics, as they provide the foundation for effective risk management and accountability.
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