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ACFI3009 - Contemporary Issues In Accounting

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The University Of Newcastle Australia

   

Contemporary Issues in Accounting (ACFI3009)

   

Added on  2020-03-04

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The purpose of this study is to determine the differences in the financial reports of the companies. The report includes financial notes from the company in the director's annual report, as well as a comparison of two annual reports that demonstrates the annual report's success. The annual report of Activistic Limited shows that the company has followed the Australian Accounting Standards that comprise Australian equivalents to international financial reporting standards.

ACFI3009 - Contemporary Issues In Accounting

   

The University Of Newcastle Australia

   

Contemporary Issues in Accounting (ACFI3009)

   Added on 2020-03-04

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Contemporary Issues In Accounting 1Contemporary Issues in Accounting
ACFI3009 - Contemporary Issues In Accounting_1
Contemporary Issues In Accounting 2Executive SummaryThis report is proposed in order to calculate the annual reports of Activist Limited and AdacelTechnologies Limited Company and their obedience to AASB standards. From this analysis, ithas been observed that both the companies have undoubtedly followed IASB and IFRS forcreating a yearly report. Both the companies have used AASB standards for making a financialreport for the company in the annual report. Companies must follow their country accountingstandard to be more effective in their company’s financial report and disclose all the aspect incompliance to ASSB. It is very important for the companies to disclose all the details in the finalaccounts and activities happen in the organization related to the cash flows. The annual report ofActivistic Limited shows that the company has followed the Australian Accounting Standardsthat comprise Australian equivalents to international financial reporting standards (AIFRS).Obedience with AIFRS makes sure that annual report includes the financial statement, obeyswith (IFRS) International Financial Reporting Standards.The Adacel Technologies Limited follows the basic accounting principles while making thecompany financial report. Company consistently follows the accounting principles every year inmaking of annual report. Adacel Technologies Limited prepared their report in accordance withAustralian Accounting Standards and interpretation concerned by the (AASB) AustralianAccounting Standards Board and follows the Corporation act 2001. The combined annual reportof Adacel technologies Limited meet the terms of (IFRS) International Financial ReportingStandards as rules suggested by the International Accounting Standards Board (IASB).
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Contemporary Issues In Accounting 3Table of ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................4Estimate the conceptual framework with reference to the chosen company’s annual report..........5Annual report Adacel Limited and Adacel Technologies Limited..................................................6Revise conceptual framework in addressing the difference in corporate reporting......................11Clarification in the Directors Report and in the Notes to Financial Statements............................14Compare and contrast of the two annual reports, identify the differences in disclosures of these........................................................................................................................................................14Recommendations:........................................................................................................................16Conclusion:....................................................................................................................................17References:....................................................................................................................................18
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Contemporary Issues In Accounting 4IntroductionThe fundamental need behind this report is to understand the different standards used by thelisted companies in (ASX) Australian Stock Exchange while making their financial report. Everylisted company follows their own country rules and regulations of accounting standard whilepreparing the annual report of the company. Along with this, every listed company in stockexchange has to follow the terms and conditions of the stock exchange of that country. Forunderstanding the accounting standards of ASX, the two companies have been chosen AdacelTechnologies Limited and Activistic Limited. The report also complies the information that thetwo chosen companies making the financial report in accordance with AASB or not. The reportincludes the assessment between the financial reports of the chosen companies. This report ismade to find out the difference between the financial reports of the companies and the reasonbehind the differences. The report includes financial notes of the company’s in the director’sannual report and there is also a comparison between both the company’s annual report andshows the effectiveness of the annual report
ACFI3009 - Contemporary Issues In Accounting_4

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