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PARTIES INVOLVED IN FINANCIAL STATEMENT

PARTIES INVOLVED IN FINANCIAL STATEMENT

Discuss PARTIES INVOLVED IN FINANCIAL STATEMENT within the Financial Management ( FM ) forums, part of the Resolve Your Query - Get Help and discuss Projects category; PARTIES INTERESTED IN THE FINANCIAL STATEMENT The various persons interested in the financial statements for various purposes are as under: ...

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PARTIES INVOLVED IN FINANCIAL STATEMENT
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Abhijeet S
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PARTIES INVOLVED IN FINANCIAL STATEMENT - September 23rd, 2010

PARTIES INTERESTED IN THE FINANCIAL STATEMENT

The various persons interested in the financial statements for various purposes are as under:


i. Owners: They have the primary interest in the financial information. They have entrusted their financial resources to the firm and therefore would like to know the periodical performance.


ii. Managers: Managers are responsible for the overall performance of the firm. They make several decisions and therefore they need information.
Accounting provides relevant information, in which managers have direct interest


iii. Creditors: They supply materials and provide services to the organization then they get payment on regular basis.


iv. Bankers: Banks and Financial Institutions are providing loans, both term loans and working capital; against this they are getting interest from the company.


v. Investors: They get the idea of financial strength and performance of the firm from its financial report. They are usually interested in the earning, rate of dividend growth trend of the firm.


vi. Employees and Trade Unions: They also make use of the financial information revealed in the financial statement. They can bargain on matters relating to salary, bonus and other benefits on the basis of information of the financial report. Thus, financial information is useful to employees and union as they get insight into the matter affecting their economic and social interests.


vii. Government: Government is also interested in the financial statement for the tax purpose and for preparation of financial plan. The tax department of the government determines the taxable income of the firm from the financial statement.
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