Group Vlog | Script Jiselle: ((vid)) Companies must provide for true and fair

financial statements. ((rec)) Accurate and complete

ALL: GOOD DAY!
Lab: We are the marketing management students from
Our Lady of Fatima University-Antipolo Campus. (vid)
I am….. (name)
Shane: .... and we're going to discuss about financial
reporting and how it must conform to organizational
and statutory requirements. (vid)
((record)) Jiselle: As years go by, many businesses are
now arising in different parts of the world and in order
to be competitive in the market, the business must deal
with accounting matters properly such as financing,
capital structure, business activities and financial
reporting, and analysis to help maximize returns and
shareholder value. (25 secs.)
((record)) Lab: One of the ways for a company to do it
effectively is to ensure that reports conform to
organizational and statutory requirements. (10 secs.)
RM: First, WHAT IS FINANCIAL REPORTING? ((vid))
financial records must be made available for financial
audits and they will contribute to the management of
an organization’s taxation obligations. (12 secs.)
Shane: ((vid)) Under corporations legislation.. ((rec))
there are a number of statutory requirements that
apply to financial reports whether the organization is
trading on the domestic or international front. (10 secs.)
Lab: ((vid)) The main requirements are that.. ((rec)) all
companies must keep appropriate financial records that
record and explain all financial transactions. These can
be used to report on financial performance and position
and provide for true and fair financial statements. (15
secs.)
((vid)) RM: Financial report should contain:
• clear statement of purpose
• methods of data collection and sources
• problems, solution, and some relevant informations
relating to financial matters

((record)) Financial reporting is the communication of OUTRO!!

the organization's significant financial data and other
activities to different stakeholders to help them at any
stage in time get the concept of the organization's real
economic situation. (15 secs.)
((record)) Jiselle: Moreover and most importantly,
financial reporting helps management to engage in
effective decision-making concerning the company's
objectives and overall strategies. (14 secs.)

((record)) RM: And that is why, it is very important that

((vid)) RM: There are 3 main objective of financial the information contained in reports must be clear and
reporting: the structure and format of the report must conform to
organizational and statutory requirements. (14 secs.)
((vid)) Jiselle: 1st, it provides investors, creditors,
bankers, public, regulatory authorities and government
with economic data about the company.

((vid)) Shane: 2nd, it helps customers keep informed

about the firm's status, thereby building levels of trust.

((vid)) Lab:3rd, it provides data on how the business

uses different resources at its disposal.

((vid)) RM: The financial report outlines how much

money that the organization has made and how much
money it has spent.