You were recently hired as Management Director of the new I Can Business Incorporated (ICBI). You have been asked to establish policies and systems for the business. The first one you choose to work on is a financial reporting system.
For this assignment, you must develop a 4–5-page memo that you will deliver to the ICBI Board of Directors. You will describe what a financial reporting system is and explain how the management team at ICBI should use an activity-based budget instead of an operating budget. Be sure to explain the similarities and the differences of the two. Finally, give examples of budget guidelines for ICBI. You must answer the following:
Remember to use the library or other credible resources to support your argument. Be sure to cite your sources using the correct standard of APA.
Answer to the above question:
Meaning of financial reporting system:
Financial reporting system is a system 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 and as well as other financial decisions.
Components of financial reporting system:
The typical components of financial reporting system are mentioned below:
A) the financial statements such as the balance sheet, the profit and loss account, the cash flow statement, and the statement of changes in stockholder's equity.
B) the notes to financial statements
C) quarterly and annual reports i(case of listed companies)
D) prospectus (in case of companies going for IPO)
E) management discussion and analysis (in case of public companies).
The budget process:
The budget process is an infinite loop similar to the larger financial planning process. It refers to the process by which government create and approve a budget. It Involves:
A)Defining goals and gathering data
B)Forming expectations and reconciling goals and data
C) it helps in creating the budget.
D) it helps in redefining goals
Budget contingency plan:
Budget that covers unexpected expenses during the course of a project is known as budget contingency plan. This money is on reserve and not allocated to one area off the work and simply insued against other costs.
A good budget contingency plan should include any event that might disrupt operations. This include natural disasters like hurricanes, fire and earthquakes; crises such as threatening employees or customers, on -the-job injuries, and worksite accidents.
You were recently hired as Management Director of the new I Can Business Incorporated (ICBI). You...
Describe the meaning and the components of a financial reporting system. Explain the budget process. Describe a budget contingency plan. Give an example of financial guidelines that ICBI should follow to successfully plan for finance management. Identify and describe at least 5 basic financial guidelines.
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