Financial Accounting (Financial Accountancy) monitors information for the enterprise as a whole and it is intended both for external users (e.g. tax authorities, banks) and internal users as a source of data for managers.
Financial accounting records the enterprise’s assets, equity, debts, revenue, expenditure and financial result. Its result are financial statements, which are used for the preparation of the financial report. From these statements can be obtained, within the financial analysis, not only information about the financial position and performance of the enterprise, and about the ability to generate cash, but also an estimate of its future development.
Each organization must comply with certain accounting standards - the accounting standards. According to its nature, it must follow either only national accounting standards or further accepted EU standards (IAS/IFRS) or other international standards (US GAAP).
ACCA certification is the most popular within the financial accounting.
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