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Importance of Financial and Non-Financial Information in any business

University: Stanford University

  • Unit No: 7
  • Level: High school
  • Pages: 3 / Words 701
  • Paper Type: Assignment
  • Course Code: ACCT6007
  • Downloads: 171
Question :

This assessment will cover following questions:

  • PSC Insurance Group Ltd. provides insurance brokerage service to its clients. How accounting information help to make effective decisions of the organisation.
  • Identify the significance of financial statement and ratio analysis to make better investment in a PSC Insurance Group Ltd.
  • Discuss the non- financial information such as corporate governance practices and ethical considerations.
Answer :
Organization Selected : PSC Insurance Group Ltd

Non-Financial Information and its Importance

The financial information for every business is an important aspect for growth and making decisions. Along with the financial information non financial information is also of equal importance for the business. It is essential in the decisions for making policies and in allocation of resources. Company if do not take effective steps for financial performance, it may not be able to achieve its desired goals and objectives (Haller, Link and Groß, 2017). A business is not only affected by the factors related to the financial but also by other factors like social, environmental changes, competition and many other. There are number of times where the performance of company is affected more by the non financial factors than the financial figures of revenues and operational cost.

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Investors and experts often neglect the information that is not related with the financial and profitability but these information have relevant importance in making investment decision. The non financial information include the corporate governance, business ethics and like others. The corporate governance of company provides for the solid management foundations and oversight. The governance structure lays the roles and responsibilities of different executives and directors. Board of the company has the responsibility of making strategies for improving the financial performance, management of executives and board along with the directors. The effectiveness of the directors and the practices followed in name of governance. The roles and responsibilities of well known directors reflects success prospects of business.

Company also follows ethics in its decision making process. The group in company is committed for operating ethically and honestly in the business dealings. Company follows strict cod of conduct that applies to its officers, directors, consultants and contractors of the group. The company follows the principles given by ASX corporate governance (Quinn and Connolly, 2017). It has adopted diversity policy that provides to the candidates having commensurate expertise and experience, will be given preference in the appointments for enhancing the diversity. Company also follows the equality and diversity as it has female employees around 47% in proportion to males.

Audit committee has been established for safeguarding the internal and financial risks that can affect the business. Risk management and recognition is important and involves external factors affecting the business (PSC Insurance Group, 2019.). There are various risks like personal risks, regulatory risks, financial risks and underwriter risks.

The other non financial information includes the directors report that provided for the steps and policies taken and their results. Qualification and experiences can be judged by of the directors and top managerial executives.

Company makes balanced and timely disclosures of its policies and other issues complying with Continuous disclosure policy that is designed for ensuring compliance with the ASX listings Rules & Corporation Act 2001.

Competitors analysis, market growth, economic conditions are significantly important for the business to be considered in its decision making process (Krištofík, Lament and Musa, 2016). Therefore it could be said that the non financial information are relatively important for the business and investors in decision making.

You may also like to read  - Different Sources of Fund used by Dexus Limited and GPT Group

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REFERENCES

Books and Journals

Haller, A., Link, M. and Groß, T., 2017. The term ‘non-financial information’–a semantic analysis of a key feature of current and future corporate reporting. Accounting in Europe. 14(3). pp.407-429.

Quinn, J. and Connolly, B., 2017. The non-financial information directive: An assessment of its impact on corporate social responsibility. European Company Law.14(1).pp.15-21.

Krištofík, P., Lament, M. and Musa, H., 2016. The reporting of non-financial information and the rationale for its standardisation.

Online

PSC Insurance Group. 2019. [Online]. Available through : <https://www.pscinsurancegroup.com.au/wp-content/uploads/2019/08/2019-PSCIG-Annual-Report.pdf>.

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