ICAS Poject, Mapping Document

baileyqueens

Im doing the ICAS Project on Inkwell which I have just completed but when I have been filling in the mappping document I have found a things which I have missed but dont know what to write about them they are:

1. Explain the various business purposes for which the following financial information is requred - Income Statement, Cash Flow Statement and Statement of financial position.

2. Explain the effect on users of changes to accounting systems caused by external regulations and organisational policies and procedures.

Any help would be greatly appreciated.

James Patterson

Hi Baileyqueens,

1. It is asking you about all the different accounting statements you can complete for a business so it is looking for your understanding of them all. So briefly describe what they are? What is in them? Who within the business would use them (this could include external) so board of directors, shareholders, suppliers and anyone who would take an interest in the business's finances such as potential investors.

2. This is saying how can changes from acts, policies or anything which will affect how the procedure works; so possibly how data protection act affects the procedure and what impact it would have. Maybe, if your company went 'paperless' and how that would effect the procedure but it really does depend on what you're completing your report on. You could link this into fraud if you go down the data protection route etc.

Hope this helps

baileyqueens

James,

Thanks a lot, that makes a huge difference. I have read the questions a good 10-15 times and couldn't understand them. But you have put it into "my language" thanks again.

Dan

James Patterson

Glad i could help