Financial Reporting System you must develop a 4–5-page memo that you will deliver to the board of directors of ICBI. You will describe what a financial reporting system is and explain how management of ICBI should use an activity based budget instead of an operating budget. Be sure to explain the similarities and the differences of the two. Finally, give examples of budget guidelines for ICBI. You must answer the following questions:Describe the meaning and the components of a financial reporting system.Explain the budget cycle and process.Write a description of how management should use an activity based budget instead of an operating budgetExplain the similarities and differences of the two budgetsGive an example of budget guidelines that ICBI should follow in order to successfully plan.Identify and describe at least 5 basic budget guidelines.
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