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Overview of Financial Accounting as a distinct Subject from Financial Management and its Importance in the Business world along with career scope in the field
The article emphasizes the concept of Financial accounting, generally misunderstood as finance management. The difference between both concepts; is presented as one of the major concerns of the article due to misconception in the interpretation of the concepts.
The article offers comprehension of the importance of the widely known concept of financial accounting in the business world along with its career scope. The article presents financial accounting as a distinct concept holding unique importance in the corporate world against financial management
Financial Accounting- An Overview
Financial Accounting is a process that involves documentation, analysis, and presenting reports of an organization’s economic transactions through its financial statements.
Financial accounting involves recording monetary transactions of an organization for a financial year in the financial statements.
The field involves documenting financial transactions of an organization are under four main kinds of financial statements- income statement, cash flow statement, balance sheet and retained earnings statement.
Financial Accounting- A misconception of Financial Management
Normally while comprehending the term financial accounting, we relate it completely with the concept of Financial Management. But the truth is that both the concepts are two different rivers of the same ocean, which means that they both might have a similar origin but they are not the same.
Financial management is concerned with managing the inflow, outflow, investments, liability, and concerned monetary transactions of a company.
On the other hand financial accounting focuses on penning down the managed financial transactions that occurred in an organization for a given period of time.
The common aspects of both the concepts i.e. finance and the aim of the organization’s growth make it confusing to distinguish between them both. But financial accounting can be seen as recording and reporting the financial transactions that were managed by the finance management department and occurred during a fiscal year.
Financial Accounting- Need and Importance in Business
An expert in the study of financial accounting is a highly demanded person in any organization. Financial statements are the true indicators of any organization and recording them properly and reporting them with accurate results is the core of any organization’s success.
The requirement for Financial Accounting practitioner is leveling up day by day as new companies are stepping foot in the industry and old companies are focusing more on having a proper and well maintained financial report.
- A finance accountant is highly demanded due to its need in the company’s decision-making process. Well maintained financial statements allow the decision-makers to evaluate the loss and profits and adopt to new decisions accordingly.
- Finance accountant is a profession that is worth a million in respect and honor when it comes to business’s bottom line management. True financial statements can allow the business to adopt the means to overcome the bottom line.
A finance accountant lends a major hand in a company’s decision affecting its growth and falls, which makes financial accounting a white-collar study with huge returns in terms of money and reputation.
Financial Accounting- Career Scope
A scholar in financial accounting will be offered various career options to establish an honorable career in financial accounting. Various career options are offered in line to anyone pursuing a career in financial accounting. This career scope in the stream is:
- Financial Analyst
- Financial Manager
- Portfolio Manager
- Financial Controller
- Personal Financial Advisor
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Financial accounting is a fascinating subject. The course will expose an individual's skills to quantitative techniques and theory that will be useful in the financial industry - a portfolio manager, risk management consultant, or financial analyst. Financial accounting holds the oxygen of any industry with its acute understanding of the functioning and the costing involved.
Q1 - A response to the IASB’s Exposure Draft 2009/5 Fair Value Measurements, stated: In practical terms we doubt that an asset measured on any other basis than its intended use will provide more useful information to readers. The fact that, say, a site used for production would have a higher market value if it were redeveloped for retail purposes, is not relevant if the entity is not engaged in retail or, more obviously, needs the site in order to carry out its production operations. The risk here is that the fair value measure, as redefined, results in irrelevant information