ICAS Report Planning Template Essay

first rudiment Ltd supplies a distinguish upchuck of carpets and furniture to the general public. first principle Ltd has over 75 nationwide game street craps in whole study UK cities and many large towns. first rudiment Ltd as easily as has a 24/7 online shop which is on the head office rate in Aberdeen. Over the past septenary years the partnership has grown steady and now has revenue of over 29 million. It employs around 400 full- era staff. Who atomic number 18 the p arentagees major stakeholders (internal and external) and why?Major stakeholders of the occupancy could be anyone who has an interest in the line of work.The course is the sole provider of a range of furniture. The relationship with this supplier is crucial to the achiever of the business due to the competitive emolument that it offers first principle.Accounts Department (PIC 1.1, 1.4)How big is the Accounts department? What is the use of the accounting function? What type of organisational gra mmatical construction is there? Where does the accounts department get its selective information from? How does the accountsdepartment inter-relate with opposite departments within the business?At rudiment Ltd the accounts department consists of the finance Director, Company Accountant, General Ledger and take entrepot Clerk, Accounts Pay adequate to(p) Clerk, accounts receiv sufficient clerk, costing technician As well as payroll and military group database clerk. The departments deal with the fees of invoices, comparing them to thepurchase orders and the stock receipts. They in any case superintend the stock and subjective for purchase orders.The department is similarly obligated for the credit control function, monitoring customers and the payment of the staff wages.In order to lend out these roles Accounts are forced to move with the whole of the organisation to gather information.ABC use an account spackage which is fully coordinated with the rest of the busines s software. The use an opening Management System called PRONTO. This software allows for multi substance abuser access which apprise be circumscribe found on job roles. Non accounts users female genital organ see, but not stir essential pecuniary data, such as supplier and customer balances.Describe (in relation to the organisation) the 3 main monetary masterys Income parameter, SOFP and Statement of billsflow. (PIC What do they show? Who uses them? What decisions are made based on them?IncomeStatementSOFPStatement ofCashflowIncome statements beautify ABC Ltd profit or injustice over a certain periods of time. The income statement records all revenue, losses and operating expenses for the business. The IS can be utilize to show lucrativeness of the smart located. Income statements are used by stakeholders, companionship accountants, financial directors andmanaging directors. The income statements compared with other income statements within ABC Ltd over a period of time orcompanies within the same field will be commensurate to deposit the operating performance of ABC Ltd. Managers and the caller-outaccountant may be able to notice out what areas of the business are over budget or below budget and make necessary changes.Statements of fiscal Position (SOFP) illustrate a gentle wind shot of the business financial condition. The SOFP includes the assets and liabilities of ABC Ltd. This is ia good indicator of the liquidity of the business. This statement will again be used by stakeholders, family accountants, financial directors and managing directors. Managers and the company accountant may be able to quickly get a oversee on the financial strength and capabilities of the business, its similarly demonstrates if ABC s assets is teeming to cover its liabilities, how liquid its assets are if ABC was to declare bankruptcy, if the business is in a position to expand etc.Statements of Cash flow illustrate the amount of change generated and used by the business in a given period of time. once again this gives an indication of liquidity and working upper-case letter management. This statement will again be used by stakeholders, companyaccountants, financial directors and managing directors. Managersand the company accountant may be able to determine whether the business has complete cash to cover payroll and other immediate expenses or liabilities, as well as allow potential lenders to find whether or not ABC Ltd is able to pay of its liabilities.What accounting regulations cover the preparation of the above financial statements? (PIC 2.1)In the UK, financial statements are governed by UKGAAP (UK Generally originalAccounting Principles). They are also governed by the Companies Act What other accounting regulations and intentness specific regulations does the company contain to play along with? Does the company have to deal with Money-Laundering regulations? Does the company come under Sarbanes-Oxley? (PIC 2.1) The company also has to comply with the data protection execute as they hold customer and staff information. Non compliance with this act can have severe financial and reputational implications.They are also required to comply with any rules set out by HMRC when paying employees and also calculating the tax liability of the business. The company does not have to comply with Sarbanes Oxley as this only affects companies registered with the New York Stock tradeWhen the company has to deal with a change to the above regulations how does it organise this? In what modality are system users affected by the change How do they get to find out about the change? (PIC 1.5)The pay manger and HR manager monitor all regulations and alert the business when changes are made that will affect how the business operates. Changes are implemented by ensuring all staff are made alert of the change via internal communication methods. If involve be employees are trained to picture they fully understa nd the changes taking place.