Contemporary Issues in Accounting

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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Author’s Note

1CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary
The main aim this report is the analysis of different aspects of conceptual framework related to a
newly established Australian company, Domain Holdings Australia Limited. Initial section
shows the main objectives of AASB conceptual framework. The next section involves in the
discussion of the recognition criteria of assets, liability, equity, revenue and expenses as per
AASB conceptual framework. The third section shows the analysis of the qualitative
characteristics of financial information of the companies.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Conceptual Framework Objectives..................................................................................................3
Recognition Criteria.........................................................................................................................5
Qualitative Characteristics of Financial Reporting..........................................................................6
Fundamental Qualitative Characteristics.....................................................................................6
Enhancing Qualitative Characteristics.........................................................................................7
Conclusion and Recommendations..................................................................................................8
References........................................................................................................................................9

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
Financial Reporting is regarded as one of the major part in the financial operations of the
companies and it is needed for the business organizations to follow all the required regulations
and principles at the time of the development and presentation of the financial statements. The
Conceptual Framework for financial reporting is an essential aspect for the business entities as it
provides the companies with all the required regulations and guiding principles for the true and
fair development and presentation of the financial statements. In Australia, the Australian
Accounting Standard Board (AASB) provides the companies with the conceptual framework for
the purpose of their financial reporting and it is the obligation on the companies to follow all the
standards of AASB conceptual framework in their financial accounting (aasb.gov.au 2018). The
main aim of this report is to shed light on diverse accounting policies for Domain Holdings
Australia Limited (Domain Holdings) as it is a newly established company in Australia. The
main operation of the company can be seen in providing multiplatform property solutions in
different regions of Australia as the Domain Holdings provides different marketing solutions for
new developments, commercial properties and residents.
Conceptual Framework Objectives
It can be observed from the above discussion that the conceptual framework of AASB is
a major tool for the companies to prepare and present the financial statements. In this context, it
is need to be mentioned that the conceptual framework of AASB has certain objectives and the
management of Domain Holdings is needed to consider these objective in every aspects of their
financial reporting. The objectives are shown below: