tailieunhanh - Systems accounting information (Seventh edition): Part 2

(BQ) Continued part 1, part 2 of the document Systems accounting information (Seventh edition) has contents: Financial reporting and management reporting systems, database management systems, enterprise resource planning systems, electronic commerce systems,. and other contents. Invite you to refer. | chapter 8 Financial Reporting and Management Reporting Systems The chapter begins with a review of the objectives operational features and control issues of two related systems the general ledger system GLS and the financial reporting system FRS . The chapter illustrates the central role of the GLS as a hub system that is connected to transaction processing systems through formal information flows. Transaction cycles process individual events that are recorded in special journals and subsidiary accounts. Journal vouchers and account summaries of these transactions flow into the GLS which provides input to the FRS. The financial reporting process is presented as a multistep activity that begins with the capture of the transaction and concludes with the preparation of financial statements. Significant changes to the traditional financial report process in the form of XBRL extendable business reporting language are imminent. This chapter outlines the key features of XBRL and its implications for accountants. Finally the management reporting system MRS is examined. The MRS is distinguishable from the FRS in one key respect financial reporting is mandatory and management reporting is discretionary. Management reporting information is needed for planning and controlling business activities. Organization management implements MRS applications at their discretion based on internal user needs. This chapter examines the factors that drive the design of such applications. Learning Objectives After studying this chapter you should Understand the operational features of the general ledger system GLS financial reporting system FRS and management reporting system MRS . Be able to identify the principal operational controls governing the GLS and FRS. Understand the factors that influence the design ofthe MRS. Understand the elements of a responsibility accounting system. Be familiar with the financial reporting issues surrounding XBRL .