Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete if the three primary financial statements are not included. but a financial report is much more than just those statements. A financial report requires disclosures. This term refers to additional information provided in a financial report. Therefore, any comprehensive and ethical financial report must include not only the primary financial statements, but disclosures as well.
The chief executive of a business (usually the CEO in a publicly held corporation) has the primary responsibility to make sure that the financial statements have been prepared according to generally accepted accounting principles (GAAP) and the financial report provides adequate disclosures. He or she works with the chief financial officer or controller of the business to make sure that the financial report meets the standard of adequate disclosures.
Some common methods of disclosures include:
–Footnotes that provide information about the basic figures. Nearly all financial statements require footnotes to provide additional information for several of the account balances in the financial statements.
–Supplementary financial schedules and tables that provide more details than can be included in the body of the financial statements.
–Other information may be required if the business is a public corporation subject to federal regulations regarding financial reporting to its stockholders. Other information is voluntary and not strictly required legally or according to GAAP.
Some disclosures are required by various governing boards and agencies. These include:
–The financial Accounting Standards Board (FASB) has designated many standards. Its dictate regarding disclosure of the effects of stock options is one such standard.
–The Securities and Exchange Commission (SEC) mandates disclosure of a broad range of information for publicly held companies.
–International businesses have to abide by disclosure standards adopted by the International Accounting Standards Board.
There are wide varieties of business opportunities that allow you work at home. In fact a work at home business is not a new concept. There are number of old home based businesses, like a child day care, candle making, catering and much more. However the advent of internet improves the home based business options.
You can consider starting a home based business if you really have passion for it. You need to have the ability to work hard, dedication and effort would provide you reward once your home business is up and running.
Though work at home business requires hard work, you can also enjoy the freedom and fun of working at home. You can also spend splenty of time with your family.
Before starting a work at home business, plan well what type of home based business would suit you. Remember what seems perfect for your neighbor or friend may not suit you.
Starting work at home business is not an easy task. You need to consider whether there are any risks in that business. You need to consider whether the business requires huge investment. You also need to seek the help of a mentor who can guide you well to get sure success in home based business.
Some essentials for starting a work at home business:
Once you have decided to start a home based business, you need to organize it properly so that unnecessary delays can be avoided. The following things are essential for home business success:
1. A phone with unlimited long distance calling option, caller Id, Voice mail, call forwarding and anonymous call rejection.
2. You must have a calendar. You can also use a online calendar like Google, outlook or yahoo calendar.
3. Computer software tools, high speed internet connection, flash player, Adobe reader and Java script etc are also important. You can use email software like outlook or outlook express for business email.
4. A good filing system is extremely important so that you can do work most efficiently. Organize business mails, faxes, training materials etc in separate folders.
5. You can use Instant messenger service which allows you to communicate with your online contacts and getting your questions answered since your phone line needs to be opened for incoming calls from prospects.
6. You can use any room in your home for business purposes. But organize the room well so that you can work peacefully.
These simple steps can help you start home business and run it successfully.