The Advantages and Disadvantages of Corporate Financial Reporting

Corporate Financial Reporting is part of corporate reporting that consists of financial statements and accompanying notes that are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements are summaries of business transactions during the financial year of the corporation. The business world has many forms of organizations ranging from the for profit sole proprietorship, partnership and incorporated businesses with limited liability to the not for profit organizations whose existence is not mainly driven by financial gain.

Regulations that govern the preparation of financial statements largely apply only to the incorporated entities. This has given rise to accounting standards setting bodies and legal provisions that form the frameworks used when preparing the financial statements. The process of preparing the reports in accordance with the GAAPs and legal requirements presents advantages and disadvantages to the organizations and to other interested groups. The International Financial Reporting Standards are increasingly being adopted by many national accounting standards setting bodies leading the way to a single set of accounting standards all over the world. It is therefore worthwhile to look at the advantages and disadvantages of financial reporting to create an awareness of the complexities that corporations and accounting professionals contend with.

THE ADVANTAGES

A number of advantages of corporate financial reporting can be enumerated and perhaps among the most important is that organizations are able to compare their individual performance with others in the same industry or line of business. This is because the established principles, standards and regulations ensure that there is a benchmark to be followed in the preparation of financial reports. Recognition of income, expense, assets and liabilities is standardized by the existing framework and any deviation can be countered with disciplinary or legal action. Organizations strive to prepare their financial statements to closely match the set frameworks as much as possible. In some countries for example Kenya, this has been translated into an annual competition (the fire award) where companies performance in this area is assessed by professional bodies including the national accounting professionals body with the aim of awarding the company with the best prepared financial statements. This in turn promotes staff and professional development which is a desirable aspect in the growth and wealth creation of the corporate organizations.

Investors and owners of companies in jurisdictions where corporate financial reporting follows strong established and clear frameworks can make the appropriate investment decisions. Corporate reporting in this case enhances the development of understanding of the activities of the companies and at the same time keeps the companies themselves on their toes as the wider society is well-informed of the expected reporting standards. This also acts as an incentive to managers to perform at their best and to institute control measures that aid the organization to comply with the frameworks.

Requirements of corporate financial reporting lead to timely preparation of financial reports. This is desirable to the stakeholders who may be more interested in the organizations immediate past rather than wait for a long time before the outcome of their input is known. When financial reports are prepared and published within the stipulated time, it is possible for necessary actions to be taken to correct any anomalies that may have led to undesirable outcomes. In a more serious case where a material error happens to be discovered, it can be corrected and the necessary measures taken to avoid a repeat of such occurrences.

IFRS give room for flexibility as they are based on principles rather than rules. As principles are based on value, corporations can adopt the standards that best suit their circumstances as long as fair value is adequately reported. This also encourages professional development as accounting standards setting requires qualified academics who can develop the required standards after lengthy and rigorous discussions and considerations to come to a consensus.

Overall, corporate financial reporting acts as a control measure as management, owners, employees, customers, creditors and the government are dependent on the reports in their decision-making. For instance the government in taxation of companies relies at the outset on the financial reports prepared and examined by qualified public or certified professionals. Trends on the growth of the companies can also be quickly determined by comparing sets of reports for different periods.

THE DISADVANTAGES

Corporate financial reporting does not bring desirable results only. There are some undesirable outcomes that should be mitigated against. The consideration of cost guides many companies in their operation. In preparing corporate financial reports in accordance with laid down standards and rules, expertise is required and the company has to engage highly qualified professionals for this task. The fee payments to qualified professionals can be prohibiting especially to small companies controlled closely by their owner managers. Compared to larger companies the small entities do not have adequate resources to implement adoption of the standards or even to train or employ qualified staff. In many instances such small and medium enterprises (SMEs) are tempted to forgo compliance with certain aspects of the standards or rules leading to problems with regulatory bodies including the government.

Freedom to adopt standards that suit the particular circumstances of the company leads to manipulation of reports. Disclosure of important information is in jeopardy as there is no legal enforcement for implementing the standards. Even where the government imposes legal obligations on what financial reports are to be prepared, there are still loopholes that can arise especially when the accounting standards and the legal stipulations are not in conformity in some areas.

For multinational companies, there are challenges in preparing their consolidated financial reports especially where operations are in countries with different accounting standards and legal regimes. There are also other challenges in dealing with for instance exchange rates, interest rates and transfer pricing where treatment of such aspects may be considered differently in different countries. Taxation and existence or non-existence of dual taxation treaties also poses another challenge.

CONCLUSION

It can be concluded that corporate financial reporting is essential and the gains from following accounting standards based on principles far outweigh the disadvantages as freedom to prepare reports in whatever way organizations deem appropriate may lead to financial chaos.



Source by Peter K Maina

Corporate Event Planning – The Keys To A Successful Event

As with any topic that's being researched or under consideration, you'll want to consider the 5 W's. The five W's will start to provide answers to help you begin research on the possibilities of your corporate event planning. Once you delve into the possibilities, the creative juices will begin to flow. Tapping into all your available resources to find just the right mix of answers for the 5 W's – Who, What, Where, When and Why will help you create a momentous event that will be remembered by every attendee. Delving deep into each of these provides answers you need to make any corporate event planning a huge success.

Corporate Event Planning – The Basics

Setting Your Goals

First, why are you having the event? Reasons for corporate events may go deeper than you realize. For example, let's say you want to have a supplier appreciation event. Obviously, you want to let your suppliers know they are appreciated, and keep up the public relations with each company. Delve a bit deeper and also consider other reasons for the event.

Other reasons can be defined by determining exactly what you want to accomplish. Along with showing supplier appreciation, sometimes you want to be able to usually discuss future plans and opportunities with your suppliers. Or maybe you want to announce to all your suppliers that you will be opening a larger facility within the next year. By identifying these types of underlining reasons, you can use corporate event planning methods to structure the atmosphere to facilitate the results you desire.

Identifying primary and secondary reasons will help you choose locations, themes, agendas, and even timing for your event. It takes a lot of time, effort, and money to throw a large event. Carefully planning your corporate events makes sure you gain all you can from each event.

Begin to Plan

Once you have set your goals for the corporate event planning, then it is time to begin to work with the specifics. Things like location, food and beverage, speakers, entertainment, activities, and date and time must all come together to create the best of corporate events.

Even if you use a professional planner for your corporate events, you still need to devise a basic list of what you expect in each area of ​​the event. The more information you can provide to your corporate planner the more successful your corporate events are likely to be.

Another important key to corporate event planning is to make a list of every thing you want to happen at the event. Speakers, presentations, awards, meals, open discussions, whatever communication tools that are necessary to get the results you want should be included. Creating this list before you continue with your planning ensures that the specifics of the event revolve completely around your goals.

Once you know the agenda of the event, you can then begin to consider where the event will take place. Choosing the location after you know the agenda helps to ensure that you only consider locations that can provide everything you need to make your event successful.

Activities and entertainment are an important part of all successful corporate events. Making sure the attendees get the information you are providing is only a part of the planning. You want attendees to enjoy presentations and activities. Remember, even though you are planning a business event, emotions still rule reactions. Make sure your activities and entertainment evokes the desired emotions.

Food and beverages are another important part of corporate event planning. The choices will depend upon the type of event you're planning. For example, appetizers and drinks are the standard at cocktail receptions, but may not be what you need at a family oriented company picnic.

Sometimes, the theme of corporate events is obvious. For example, if you are planning an event for a product launch, you know theme is structured around the specifics of the new product. Or if the event is a holiday party, the creations of the theme is based upon the holiday at hand.

Other times choosing the theme requires creativity and planning. Corporate picnics, company outings, and incentive programs are typical corporate events that will require creativity and planning.

Attendees of events also contribute to determining agendas and other specifics. A convention open to the public would require different levels of corporate event planning than would an employee recognition event. The image your corporation presents is important with each type of event.

The structure and agendas relating to each of these corporate events must match the image you desire to portray. Again, considering the who, what, where, when and why goes a long way to make sure you are providing just the right mix to attendees of corporate events.

The Final Step of Corporate Event Planning- Implementing Your Plans

Once you get the basics of your corporate event planning on paper you can then be to schedule and implement your plans to make sure everything goes as the plans state. Planning and implementing corporate events takes a lot of time and effort. Most planners of corporate events recommend you begin planning at least six months to one year before the event. You want to make sure you have time to contact, interview, and contract every provider you need for your event.

Coordination between providers is critical. Make sure you give each of the providers you contact a schedule of the events as well as relevant information about your chosen location. This helps each provider to plan and make sure they can provide their services as your contract specifies.

At least two weeks prior to your corporate event, make sure to contact each provider to confirm that everything is going as the schedule dictates. Checking with each provider well before the event gives you plenty of time to make changes if something is not going as planned.

Using these tips for your corporate event planning will make the task flow and generate the results you desire. Make corporate event planning a regular part of your business and you'll see the rewards.



Source by Larry Klein

Presenter - Responsive Email Template + Online Editor

Presenter – Responsive Email Template + Online Editor


Presenter – Responsive Email Template Features

  • Free Lifetime Updates and Support
  • Fully Responsive – Just check how great it works on mobile devices
  • MailChimp Compatible File
  • Campaign Monitor Compatible File
  • StampReady Compatible File
  • Major Email Client Support
  • HTML Responsive Email File
  • PSD Photoshop File Included
  • Drag and Drop Online Builder
  • Duplicate or Hide Modules
  • Tested With Litmus and Email on Acid
  • Clean Commented Code
  • Full Width Design
  • Fully Customizable
  • Cross Browser Compatible
  • HTML Without Tags Version
  • Full Documentation Included

Files Included

  • MailChimp Compatible File
  • Campaign Monitor Compatible File
  • StampReady Compatible File
  • HTML Responsive Email File
  • Full Documentation HTML Page
  • PSD Photoshop File

Email Services Compatibility

  • MailChimp
  • Campaign Monitor
  • Aweber
  • iContact
  • FreshMail
  • Tested With Litmus and Email on Acid
  • Mobile Responsive
  • And More!

Compatibility

  • Gmail
  • Yahoo Mail
  • Apple Mail
  • Android
  • AOL Mail
  • Microsoft Outlook
  • Hotmail
  • Mozilla Thunderbird
  • iPhone, iPod & iPad
  • Lotus Notes 8
  • Lotus Notes 8.5
  • Eudora
  • Foxmail
  • IncrediMail
  • KMail
  • Mail
  • Opera Mail
  • Sparrow
  • Spicebird
  • Window Phone
  • And all clients that render valid HTML

Notes

  • Outlook doesn’t support the background it will be replaced by a solid color background.
  • Outlook doesn’t support google font.
  • Gmail App for Android is not support responsive.
  • Images used on preview are not included.

Support

If you have any question, feel free to contact me via this email hyperpix.net[at]gmail.com and ask your question.

In the end we are thankful for purchasing our products and your trust. If it is possible, rate this product. We will be very grateful of you rates.


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Business Finder: Directory Listing WordPress Theme

Business Finder: Directory Listing WordPress Theme



Elegant Directory Theme

See More

First version of our Business Finder theme was released in August 2013 as an absolutely unique design and theme concept inspired by our very successful Directory Theme. Theme was continuously updated with new features, it was getting better and better. Over the three years Business Finder WordPress theme received dozens free updates, which is remarkable.

In the beginning of 2016 we started working on new theme update called Business Finder+ again based on our very successful Directory+ WordPress theme. We made a list of our customer requirements and new theme was born. This brand new Business Finder+ WordPress theme is coming to all our existing Business Finder customers free of charge. It’s a completely rewritten theme with brand new features, updated design and compatibility with new plugins.

Extension plugins are not included in the theme package. Yes – theme and plugins do cost more that a generic multi-purpose theme, but you’re not buying just a WordPress theme, you’re buying yourself a fully working and proven online business.

What's New on Business Finder+

You’re able to set up 7 different headers per any page:

  • Standard Google map
  • 3D Google map
  • Video header
  • Revolution slider
  • Static image
  • No image

Each Directory listing detail page can have in the header one of the following 7 options:

  • Standard Google map
  • 3D Google map
  • Street view
  • Business view
  • Static image
  • No image

Modern Design

Fully Responsive

Special Business Finder Features

Theme Features

Business Finder comparation table 1

Business Finder comparation table 2

Business Finder comparation table 3

Business Finder Iconsets

Available Extension plugins

Some things in the demo are commercial add-ons that aren?t included in the download. Business Finder+ WordPress theme is tested & fully compatible with the following extension plugins. These plugins are not required for your website to function and only needed if you require the additional functionality provided. These plugins are not bundled with the theme.

We’ve simplified your life and prepared you also over 15k category icons and map pins to start your online business faster.

Page Builder

Multilingual Ready

Easy as Drag and Drop

Woo Commerce Support

Ecwid Store Support

Divide and Conquer

Style Fine Tunning

Seo Ready

Sidebar Manager

Theme Support

1 Minute Setup

Focus on Security

Developers You Can Trust

Directory Items Element Vertical Taxonomy List Element
Directory Items Info Element Vertical Toggles Element
Promotion Element Vertical Posts Element
Job Offers Element Vertical Events Element
Services Element Vertical Price Tables Element
Portfolio Element Vertical Faq Element
Testimonials Element Vertical Partners Element
Advertisements Element Vertical Revolution Slider Element
Members Element Vertical Opening Hours Element
Contact Form Element Vertical Easy Slider Element
Counters Element Vertical Countdown Element
Columns Element Vertical Rule Element
Facebook Element Vertical Twitter Element
Video Element Vertical Mixcloud Element
Soundcloud Element Vertical Page Title Element
Text Element Vertical Google Maps Element
Widget Area Element Vertical SiteMap Element

Absolutely unique features of Business Finder+ WordPress theme:

  • Fully Responsive Design
  • Drag&Drop Page Builder
  • Over 30 elements to build your website
  • Google Fonts
  • Mega Menu
  • Sidebar Manager
  • SEO Tools
  • Google Rich Snippets
  • Geolocation support in km and miles
  • Frontend registration for guests
  • Guests can administer their own listings
  • Ability to get pointer on the map from address
  • Administrator can define packages and set the price
  • Wide / Narrow layout style
  • Advertising spaces
  • Contact form on listing detail page
  • Listing by location or category
  • Featured items
  • Listing sorting
  • You can easily Backup all your data and admin settings
  • Many portfolio layouts that can be used on any page.
  • Widgets ready sidebar & footer
  • Image & Template caching for better performance
  • Google Analytics & Google Maps integration
  • Custom CSS field for your own styles
  • Automatic theme updates
  • Theme is built on our robust MVC framework that means that HTML design is completely separated from other PHP. Making updates cannot be easier.
  • And many more…

Google Maps API limits

There is no issue using Google Maps on directory sites unless number of map loads is not higher than 25000 a day. If number of calls to Google is higher, you need to purchase Google maps for Business license. Please check the following url for more details.

Tags:

White, grey, black, light blue, dark blue, light green, purple, gold and yellow. Hotel & hospitality, restaurant, real estate, marketing company, blog, cms, portfolio website, software & computer sales, information technology, travel & tourism, solicitors, car business, music industry, food & drinks, human resources and personal relations organizations, school, university and college websites, science, magazine & community websites, blog.

Note: Images used on our demo sites are proprietary images and are not included in the theme package.

WordPress Themes by Ait Themes


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StartHub — Clean Multipurpose Business/Corporate/Blog WordPress Theme

StartHub — Clean Multipurpose Business/Corporate/Blog WordPress Theme


Team - Multisport & E-sport WordPress Theme

Looking for support? CLICK HERE! We awailable from Monday to Friday 9 a.m. - 6 p.m. (GMT +2)

Responsive wordpress Theme

With design and accent in details Start Hub is perfect template. Design have beautiful typography and elegant structure.

WordPress Theme is based on Warp 7 Framework and made for all who wants a lightweight and modular website.

The clean and modern design is perfect to create a website for your business. At the top of the page you can insert a text logo and slideshow or static image. And all 50+ widget positions are collapsible and have different styles which can be selected in WordPress Theme settings.

If your looking for the 1st class WordPress template, which you can easily customize, take a look at this.

Key Features

  • Fully Responsive
  • QuickStart demo package included
  • 4 built-in Color Styles with unlimited color style possible
  • Supports WordPress version 4.x+
  • Clean and fresh looking
  • Template based on Warp Framework and UIkit
  • Locations, Schedule, Classes, Workouts, Store, Contacts, Gallery and other pages.
  • 50+ widget positions
  • Icon, badges, widget class suffixes
  • Based on HTML5/CSS3 technology
  • Responsive, Full screen slider
  • Scroll animation (fadeIn, rollIn, bounceIn and lots more) option for different blocks
  • Coming Soon / Offline Page
  • 404 error page
  • 600+ Google Fonts
  • Megamenu & Off Canvas
  • Real Time Customizer
  • Advanced Profile Settings
  • Gzip & Minify Compression
  • 300 Font Awesome Icons
  • 6 Different Widget Styles
  • Flexible Template Width
  • Well documented PHP and LESS files
  • Rich typography
  • More features coming soon…

Note

If you have any questions please feel free to email us via contact form here.

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Optimas - PSD Template

Optimas – PSD Template


Optimas – Business PSD Template






Optimas is a business PSD template with 3 homepage options, and in 960 grid based. Clean design with fully editable organized layered. It’s multi-purpose use.


If you like my template, please rate it
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Optimas features:

  • 19 Fully Layered Adobe Photoshop .PSD files
  • Flexible and Multipurpose
  • Well Organized layers makes it very easy to update
  • 960+ Grid System – 3 Home page designs
  • Portfolio page has 2, 3 or 4 column layout and several design options
  • PSD loaded with short codes
  • Additional elements
  • Easy customizations
  • Free Fonts used

Credits

Photos from Photodune –
http://photodune.net

Note: images are not included in the main download


Circles PSD Template

Circles PSD Template


wp

Circles– a theme that combines minimal and perfect grid design with functionality and usability.

UPDATE 1.2: Updated & Improved About Us page.

UPDATE 1.1: Bootstrap ready! 12 columns 1170.gs version added.

1. The PSD files were made in Adobe Photoshop CS3, and should run in any other Photoshop version.
2. There are 14 PSD files included in total, all of which are fully layered and customizable.

Contains 14 PSD files:

  1. Main (01_main.psd)
  2. Blog (02_blog.psd)
  3. Blog_singlepost (03_blog_singlepost)
  4. Gallery(04_gallery.psd)
  5. Gallery_single (05_gallery_single.psd)
  6. About(06_about.psd)
  7. Contacts (07_contacts.psd)
  8. Main_1170 (08_main_1170.psd)
  9. Blog_1170 (09_blog_1170.psd)
  10. Blog_singlepost_1170 (10_blog_singlepost_1170)
  11. Gallery_1170 (11_gallery_1170.psd)
  12. Gallery_single_1170 (12_gallery_single_1170.psd)
  13. About_1170 (13_about_1170.psd)
  14. Contacts_1170 (14_contacts_1170.psd)
  15. 12grid_1170 (15_12grid_1170.psd)

Technical details:

  • 12 columns grid based design (960.gs)
  • 12 columns grid based design (1170.gs)
  • Layered .psd for each page included, well organized, easy to customize and ready to slice
  • All interactive elements (buttons, menus, text fields) are grouped in a layered .psd, which makes it easy to found and slice
  • Layout width: 960px and 1170px

Fonts used in template

  • Fonts (google web fonts)
  • Icons used in template

  • Icons
  • Credits

    Flag Counter

     

     

     


    Constractor One | Construction & Home Renovation Drupal 8 Theme

    Constractor One | Construction & Home Renovation Drupal 8 Theme


    \

    Constractor One is the first design-driven Construction & Home Renovation DRUPAL 8 Theme with great attention to details, incredible features, an intuitive user interface and everything else you need to create outstanding websites.

    Constractor One is the ultimate tool for creating immersive websites. Be amazed how quickly you get your next website up and running. It offers limitless customization options, drag & drop layouts and power Theme Setting. Constractor One is the perfect combination of a beautiful and professional design with tons of powerful features and a bulletproof code base.

    constructone

    Theme Features:

    • Demo install and exist drupal installation
    • Drag and drop layout.
    • Power Theme settings.
    • Power short codes.
    • Premium modules
    • Boxed & wide versions
    • Fully Responsive with Bootstrap 3.
    • Over 580 icons with Font Awesome 4.
    • Parallax supports
    • HTML5 / CSS3.
    • Video background.
    • RTL direction support.
    • Google Fonts
    • Fast & Friendly support

    Credits

    Fonts (Google Fonts)

    • Roboto.
    • Poppins.
    • Sans Serif.

    Images in the previews

    Support

    Contact us here for support

    Rate Our Theme

    rating

    Other information

    Note: The images you see in the screenshots are used for demo purposes only, they are not included in the download package, the original ones are replaces with placeholders.
    Thank you very much.

    Need Installation or Customization Services? Hire Us !!!

    Don’t have time to customize our template, need someone to do it faster, or you need some specific functionality? HIRE US! Simply drop us an Email: author.gsrthemes9@gmail.com and our expert team will get right on the job!

    Please Check Joomlastars Portfolio For More Items


    Joomlastars


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    Secundo Responsive Portfolio WP Theme

    Secundo Responsive Portfolio WP Theme


    Get support!

    Secundo  WordPress Theme

    FEATURES:

    • Responsive HTML5/CSS3 design
    • 53 custom shortcodes
    • Shortcodes generator, also available in fullscreen mode
    • 6 widgets
    • 600+ google fonts available
    • Ready for internationalization
    • Built with Bootstrap 2.2.1
    • Based on a unique design template
    • Contains all PSD sources

    UPDATES:

    Secundo Responsive Portfolio WP Theme changelog

    CREDITS:

    Framework:
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    Coding:


    Frenzy - Clean Responsive Joomla Business Template

    Frenzy – Clean Responsive Joomla Business Template


    Get 24/7 Support
    Follow On Envato

    Frenzy is a clean and responsive Joomla 2.5.x and Joomla 3.0.x Template. It will best suited for a corporate or business site. Frenzy is configured with Kunena 2.0.3 Forum, Zoo Blog, Portfolio and a lot more you need.
    Frenzy is built on Warp framework, which used HTML5 and CSS3 latest technology. It is fast loading – using built in compression of files, data URIs and gzip. That’s not enough and thus the theme comes with 10 color style which will best suited for your need and my best support is always for you.

    If you like this theme please spare a while to rate it. If you want any support, please feel free to contact me.

    Demo images have been replaced with placeholder images.

    Key Features

    • Fully Responsive
    • Comes with a quick demo package
    • Clean and Fresh looking
    • Template based on Warp Framework
    • Supports Joomla version 2.5.x , latest verion 2.5.8 and Joomla 3.0.x, latest joomla 3.0.2
    • Kunena 2.0.2 Forum (note: not included in Joomla 3.0.x), Blog, Pricing table
    • 55+ module positions
    • 10 Color Styles
    • Based on HTML5 /CSS3 Technology
    • Portfolio with 2,3,4 columns
    • Rich Typography, Short codes and much more….

    Credits

    Check this item

    Venture - Modern Environmental Theme

    Check this item

    Dynamism - Political & Activism WP Theme