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Finance & Accounting

Finance & Accounting

The management and operation of all activities related to recording financials and financial reporting
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Finance & Accounting

The Finance & Accounting framework describes the function or Domain that analyzes, strategizes, and develops financial models for future growth and expenditures ('Financial Management') and performs the day-to-day financial record keeping and financial reporting ('Financial Accounting & Reporting').

Metrics

Accounting & Reporting

The daily activities performed by the Accounting function are grouped in the following groups:

  • Record - Posting financial entries based on business transactions.
  • Close - Balancing and closing sub-ledgers and the general ledger for the past period.
  • Consolidate - Combining operational and financial results of affiliated business units and/or companies in order to produce aggregated and complete results and reports.
  • Report - Generating, reviewing and publishing of consolidated financial statements. Once reviewed and approved reports are submitted to stakeholders and regulatory agencies.
  • Audit

The four key Finance & Accounting reports are: Statement Of Financial Position, Statement Of Comprehensive Income, Statement Of Comprehensive Income and Statement Of Changes In Equity

Terms

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Notes

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Finance, Accounting, Reporting, Record-to-Report, Balance Sheet, Income Statement, Equity The management and operation of all activities related to recording financials and financial reporting