Financial Reporting Services
                     
Financial Reporting 
Services


What is Financial Reporting 
Services?
An efficient CFO has a job of 
preparing the ongoing financial 
reporting as the corporate 
demands compel the financial 
leaders to examine their 
procedures and implement broad 
changes by way of financial 
reporting.
Therefore, for an organization it 
is imperative to have an ongoing 
financial reporting done by an 
expertise of finance.
...contd.
It should includes financial 
reporting, working capital, 
insurance requirements, and 
ongoing financial viability 
requirements, financial MIS 
reports, decision making etc. 
Thus, for an organization it is 
essential to have an ongoing 
financial reporting being 
conducted systematically.

What are MIS Reports?
MIS stands for Management 
Information System.
MIS is an effective tool that is adopted 
by the managers to evaluate the 
business processes and operations. 
It also includes the visual presentation 
of different kinds of information 
relating to financial projections that 
are supposed to be formulated. 

...contd.
Business managers at all 
levels of an organization 
rely on the reports that 
are prepared by the 
senior financial officers. 
Helps in evaluating the 
business’s daily 
activities or problems.
Used by all sizes of the 
organization as it is the 
most effective financial 
reporting.
What are Month End Closing 
Posting?
Month end closes shall be a process of 
evaluation of the financial transactions 
along with the assessment of the same 
at the end of the month. 
It is thus a fast track mode of recording 
and assimilating the transactions that 
happened during the month. 
Thus, the month end closes are a fast 
track mode of the processes conducted 
during the month.


Different parts Financial 
Reporting Service
Parts of 
Financial 
Reporting 
Service
Board and 
Indian GAAP US GAAP IFRS Management 
Reporting
Indian and US GAAPs
What is Indian-GAAP?
Indian GAAP this is a set of accounting 
standards that every company operating 
in India has to follow when reporting its 
financial results.
What is US-GAAP?
These are the generally accepted 
accounting principles, also called GAAP or 
US GAAP, are the generally accepted 
accounting principles adopted by the U.S. 
Securities and Exchange Commission.
What is IFRS?
These are referred to as International 
Financial Reporting Standards, are 
defined as a common global 
language for business affairs so that 
company accounts are 
understandable and comparable 
across international boundaries.
Thus it is a cumbersome process of 
reporting within a less time span to 
compare the multiple GAAP’s.
Why Board and Management 
Reporting is key elements of FRS?
The Board of directors and the management 
of the company are responsible for 
organization’s operational, strategic, and 
financial performance. Board exercise its 
responsibilities by clearly setting out the 
policy guidelines within which they expect the 
management to operate.
Thus a good board and management 
reporting helps in the accurate decision 
making and also establishing the good 
governance thereby helping in gaining 
investor’s confidence.

Conclusion
Therefore, it can be clearly concluded 
that financial reporting service is an 
important system that can be used to 
examine their procedures and implement 
broad changes by way of financial 
reporting. Thus, for any organization it is 
essential to have an ongoing financial 
reporting being conducted systematically 
and properly to correctly analyze the 
successes and failures of the companies.