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Their financial reports indicated that there was a substantial equity of about 7. The previous year had recorded equity of This is seen as an increase when compared to the previous year where, The was also a significance increase in operating cash flow being attributed to the strength of equity and the high level of liquidity.

The total operating revenues in calculations of value added used the amended standard methods. The consolidated financial statements of Swatch Group limited were prepared in accordance with International Financial Reporting Standards also the interpretations adopted and utilized by the International accounting Standards Board.

IFRS require that the company use some critical accounting estimates and to apply company accounting policies. Nikon specializes in optical technology worldwide. Some of their products include consumer optics, digital cameras, binoculars and ophthalmic lenses, industrial precision equipments, measuring equipments and microscopes. In the fiscal year that ended on March , the company recorded declined net sales and a net loss was reported Nikon, The company was able to secure operating income in the second part of the year due to the restructuring measure in the whole Nikon group.

Their financial statement has been presented according to the provision set by the Japanese Financial Instruments and, Exchange Act that is related to accounting regulations and standards. The financial statement has also been prepared in conformity with accounting principles GAAP generally accepted in Japan.

The principles applied by Japanese are somehow different as to the disclosure and application required by International Financial Reporting Standards. The use of standard improved the financial performance of the companies and increased their net income e.

Though there was improvement in the financial performance of two companies Nikon which used standard that are different from International Financial Reporting Standards reported a loss. As observed from the three companies, Apple Inc adopted financial accounting standards and, the board made an amendment of the accounting standards that, related to some revenue recognition.

This significantly changed the company account for some items more so, the Apple TV and the iphone O'Grady, The Swatch group adoption of amended International Financial reporting Standards and interpretations helped the company to improve its performance, and changes on the accounting for losses that are incurred by the subsidiary.

Nikon had to apply accounting principle applied in foreign sub diaries to consolidate its financial statements. They saw a need for unification of accounting procedures and policies applied to a parent company to harmonize preparation of financial statement. Corporations are legally mandated to provide their investors with audited financial statements Gray and Stuart, , pp This is in order to aid investors and other stakeholders make informed decisions.

Irrespective of whether it is in investing or cutting one's losses, reliable and timely information increases their confidence in the decisions. Financial scandals involving high value enterprises, however, have shaken this trust and the confidence of financial reporting.

The roles of audits have often been questioned, and doubts on audit reliability arise whenever there is financial crisis involving reputable companies audited by equally reputable auditors. Acceptable auditing standards dictate that there should be relevance in the information being provided. In addition, such information should be neutral, have, compatibility, timeliness, verifiability, reliability and transparency.

When these standards are met, the likelihood of releasing inaccurate information is significantly reduced. The role of auditors include performing risk procedure assessments; they are able to do this through understanding the internal controls of an organization. If the role of audits, in this case, is enhanced, they would have to examine the methods applied in reaching the best alternative.

Therefore, this would mean duplicating the roles that are performed by management Gray and Stuart, , pp This also implies taking more time verifying the internal controls. Such process would mean taking more time and wasting resources. Enhancing the roles of audits would, therefore, mean second guessing all the management decisions and choices and would beat the purpose of performing the audit.

Audits also evaluate and assess the risks that are likely to occur when the management is preparing financial statements. Statements are generated from trransaction data and records.

Management is also entrusted with the tasks of classifying their recorded data and summarizing their records. An audit only evaluates the risks of misstatements in the recorded data and summaries. While management evaluates financial estimates, audits ensure that the statements conform to the laid down procedures and are fairly and accurately presented.

They also express their opinions through their reports and other presentations on the financial reports. They do this by ensuring that accounting standards are applied to represent information accurately.

Enhancing these roles would mean duplicating all the procedures that the management carries out in the process of undertaking their operations. Audit opinions are based on professional judgment and are carried out so that transactions can be verified as precise.

The magnitude of their conviction about the financial strength of the company is compounded by the fact that all the financial ratios of MCB for the year show a significant improvement.

If the company has reserves to meet its obligations and enjoys a balanced debt-equity ratio, creditors are contented since there are no alarming signals pointing towards insolvency. Investors forecast risk and potential returns through the accounting information from financial statements. The consistent uptrend in the profits refer to graph 1 in appendix and the increasing earnings per share EPS ratio refer to graph 2 in appendix support the fact that business strategies are focused on maximizing shareholder value.

The primary concern of the managers is to run the company as efficiently and effectively as possible to satisfy the creditors as well as investors in terms of meeting obligatory payments and maximizing shareholder value respectively.

Should they fail to satisfy these stakeholders, the company can well be on its way to facing dire consequences, potentially even bankruptcy. Financial statements are a useful source of information for the managers, in that they see the result of their input throughout the year and learn to alter business strategies should the numbers warrant. The managers of MCB have shown a tremendous performance in generating healthy revenue for the business.

A declining liquidity ratio should provide an incentive for an appropriate working capital management strategy for the following year. Annual report contains a great deal of information, which when correctly analyzed can provide signs on the direction of the company. For example, it is imperative to check if there is information on any missed payments, dividends in arrears or if the company has earmarked reserves for any significant commitments or loss contingencies.

This information is vital for the investors and creditors as it can have a significant impact on the stock price and credit rating of the company. A thorough scrutiny of the annual report uncovers information on how the various risks credit, interest rate, operational are being managed and risk concentrations avoided.

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