A Budget Is a Longer Term Bridge Between an Annual

question 15

True/False

A budget is a longer term bridge between an annual operating plan and the five-year strategic plan.

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Definitions:

Financial Reporting

Financial reporting involves the disclosure of financial information to the various stakeholders about the financial performance and position of an organization over a specific period.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, which are a set of accounting standards used for financial reporting.

Norwalk Agreement

An agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards fully compatible as soon as practicable and to coordinate their future work programs to ensure compatibility.