BCOMNOTES

  CHAPTER-4 SUSTAINABILITY, TRIPLE BOTTOM, AND CSR REPORTING INTRODUCTION - The Triple Bottom Line (TBL) framework is a concept that expands the focus of business performance beyond financial aspects. - The TBL framework evaluates a company's performance in three areas: profit (economic), people (social), and planet (environmental). - Sustainability reporting, such as Corporate Social Responsibility (CSR) reporting, provides information on a company's social and environmental impact. - CSR reporting includes disclosure of policies and practices related to social and environmental issues, such as labor practices, human rights, environmental management, and community engagement. - Both the TBL framework and CSR reporting aim to assess and communicate a company's performance beyond financial metrics, considering its social and environmental responsibility. DEFINITIONS OF SUSTAINABILITY REPORTING - Sustainability reporting is the process of measuring, disclosing, and communicat...

 CHAPTER-3 FINANCIAL STATEMENT FOOTNOTES & B SEGMENT REPORTING INTRODUCTION Financial statement footnotes are additional information provided in a company's financial reporting that explains important details not included in the main statements. These footnotes help investors, analysts, and stakeholders understand the company's financial performance and position. They cover topics such as accounting policies, contingencies, and other significant information. Footnotes also aid in regulatory compliance and provide transparency to investors and regulators. Segment reporting is another important aspect of financial reporting that enhances transparency and accountability. It provides information about a company's operating segments and their contribution to overall financial results. Both financial statement footnotes and segment reporting are crucial for informed decision-making and promote transparency in financial reporting. WHAT ARE FINANCIAL STATEMENT FOOTNOTES? 1. Pur...

 CHAPTER-2 XBRL REPORTING INTRODUCTION  XBRL (Extensible Business Reporting Language)  1. XBRL is a special language used by computers to talk about money and financial information.    - Example: It's like a secret code that helps computers understand and share important money information. 2. It uses tags called "elements" to identify and capture specific data points in financial information.    - Example: It's like putting labels on different parts of a toy to know what they are and how they work. 3. XBRL helps make financial information easier to process and analyze by computer systems.    - Example: It's like having a robot friend that can quickly read and understand numbers and tell you what they mean. 4. It provides important context for financial information, like units of measure and currencies.    - Example: It's like saying "This toy costs $5 and weighs 1 pound," so you know how much money and how heavy it is. 5. XBRL is us...

 CHAPTER-1 INTRODUCTION TO CORPORATE FINANCIAL REPORTING INTRODUCTION - Financial reporting is a method of presenting financial information about a company's performance, financial position, and cash flow. - Its purpose is to provide relevant financial information to stakeholders such as shareholders, investors, lenders, and government. - The objective is to help stakeholders understand the financial performance of an entity and make informed decisions. - Financial reporting serves the informational needs of external users who rely on the information communicated by management. - It is vital for organizations to communicate their financial information and performance to stakeholders. - The American Financial Accounting Standards Board emphasizes the importance of financial reporting standards in providing reliable information. WHAT IS CORPORATE FINANCIAL REPORTING - Corporate financial reporting is crucial for businesses to provide important information to stakeholders like investo...