Question

what are the primary differences between financial reporting and corporate accountability reporting

Answer 1

1. Financial reporting is majorly a legal requirement whereas corporate accountability reporting is not a required legal requirement.

2. Financial reporting is based on generally accepted accounting principles and majorly accepted standards where are corporate accountability are set to standards which differ from company to company.

3. Companies needed to comply and showcase their financial statements seasonally as a part of their financial reporting, whereas there is not a necessity for corporate accountability.

4. Financial reporting increases credibility whereas corporate accountability increases visibility