Explain principles of Good Reporting. Discuss techniques of Good Reporting.

The principles of Good Reporting are:- 

1. ACCURACY

The accuracy principle simply means that the content of a report represents what it claims it does. It involves, for example, ensuring that the written components and titles in the report are free from spelling and grammatical errors and that the data presented is associated with the time period(s) indicated. It should also require that the titles and descriptions in the report are consistent with the actual amounts included in the report.

For example, an amount reported as wages expense on a report should, in fact, be the amount of wages expense for the period and not some other expense. And, of course, any amounts included in the report need to be accurate, even if amounts (particularly in accounting) sometimes require judgment and estimation. When the true amounts may not be known for certain until some future date, as is common with accounting data, the estimated amounts should at least be verifiable against standard data sources to be considered accurate.

2. CONSISTENCY

The consistency principle requires that the format and layout of a report are similar to prior issuances of the same report and/or other reports issued by the same department. In many organizations, selected individuals or departments (such as the CFO or the board of directors) will receive many different reports each period. Depending on how well such a recipient organizes reports, whether ________ ________ _____ _____ _________.
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