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Homework answers / question archive / Q:- Explain in brief the financial reporting procedures ? A new gold mine operated by Viper Resources is scheduled to begin operations in November 2020

Q:- Explain in brief the financial reporting procedures ? A new gold mine operated by Viper Resources is scheduled to begin operations in November 2020

Accounting

  1. Q:- Explain in brief the financial reporting procedures ?

  2. A new gold mine operated by Viper Resources is scheduled to begin operations in November 2020. The company has developed a stakeholder engagement plan which identifies the mine's most important external stakeholder groups and the main concerns of each stakeholder group.   This strategy is best explained by which theory?

       

    The institutional perspective of legitimacy theory.

       

    The strategic perspective of legitimacy theory

       

    The managerial perspective of stakeholder theory

       

    The instrumental perspective of stakeholder theory.  

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1 Financial Reporting Procedures:

The Financial Reporting Procedure ensures that financial reporting is completed in accordance with legal and ethical requirement and accepted accounting practices; completed within the required time frame(s) and forwarded to required agencies; reviewed and signed by company officers who attest to the reasonable accuracy of the information; and available for the company’s needs. The financial reporting procedure applies to the Finance and Accounting Departments.

If certification is required, both the CEO and the CFO should review the financial controls used to produce the financial statements and the financial statements themselves to ensure that no untrue statements or omissions of a material fact as of the end of the period covered by the report exist.

Financial Reporting Responsibilities:

The CFO (Chief Financial Officer) is responsible for preparing and submitting all financial statements as required by law and by company policy.

The CFO and the CEO (Chief Executive Officer) are responsible for signing all reported financial statements.

Top Management and the Board of Directors are responsible for reviewing and approving all submitted financial reports.

The Controller is responsible for providing audited financial reports to the CFO annually, and unaudited financial reports quarterly.

sent to stockholders prior to or with proxy statements and the notice of the scheduled annual stockholders’ meeting in accordance with reporting requirements.

Financial Reporting Procedure Activities

Financial Statement Reporting Plan

Annual Report to Stockholders

Financial Statements for Business Operations

Additional Financial Statement Reporting

Public Company Quarterly Reporting

Public Company Annual Reporting

Improving the Financial Statement Reporting Process 

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ANSWER:  A new gold mine operated by Viper Resources is scheduled to begin operations in November 2020. The company has developed a stakeholder engagement plan which identifies the mine's most important external stakeholder groups and the main concerns of each stakeholder group.   This strategy is best explained by

The institutional perspective of legitimacy theory: Because the strategic level of Legitimacy develops in the internal enviroment of the organization and the institutional perspective of the legitimacy theory develops in the external enviroment. Blending those two levels falls upon the reflection of the organization's image in the society.

Legitimacy theory has the role of explaining the behaviour of organizations in implementing and developing voluntary social and enviromental disclosures of informations in order to fulfill their social contract that enables the recognition of their objectives and the servival in a turbulent enviroment.

The managerial perspective of stakeholder theory means that the managers of a business must take into account the needs of all the stakeholders and not just the shareholders.

The instrumental perspective of stakeholder theory deals with how managers should act if they want to flavour and work for their own interests. This theory suggests that to maximise the shareholders value over an uncertain period of time frame, managers ought to pay attention to key stakeholders relationship.

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