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Accounting Policies and Estimates Assignment

   

Added on  2020-03-23

15 Pages3663 Words134 Views
ACCOUNTING POLICIES ANDESTIMATES – ANINVESTIGATIONStudent Name: Student ID:

EXECUTIVE SUMMARYEvery company shall classify and record the transaction in the defined manner and in accordancewith the relevant accounting standards and the accounting principles. The report has beenpresented and prepared in the investigation manner. The first major aim of the report is to assessthe accounting policies that have been adopted by the company and how the company has madethe different estimates that serves the critical success factors of the company. The second majoraim is to identify the areas where the managers of the company are enjoying the flexibility interms of choosing the accounting policies and estimates. The third major aim is to identify andassess the quality of the disclosure made by the company and the last but main aim of the studyis to identify the flaws that are present in the financial statements of the company and assesswhether the company is following the conceptual framework. The investigation has beenconducted and the report is presented with bifurcation in different sections.

ContentsEXECUTIVE SUMMARY.................................................................................................................................2INTRODUCTION...........................................................................................................................................4KEY POLICIES AND ESTIMATES.....................................................................................................................5ASSESS EASE IN ACCOUNTING.....................................................................................................................6ACCOUNTING STRATEGY – AN EVALUATION...............................................................................................8QUALITY OF DISCLOSURE – AN EVALUATION..............................................................................................9POTENTIAL DISCREPANCIES IN ACCOUNTING.............................................................................................9CONCEPTUAL FRAMEWORK - COMPLIANCE..............................................................................................10CONCLUSION.............................................................................................................................................11REFERENCES..............................................................................................................................................11APPPENDIX................................................................................................................................................13

INTRODUCTIONThe company shall adhere to the accounting standards and the accounting principles that areuniversally applicable across the globe. If the company fails to follow the same or any deviationis there between the real provisions of the standards and the actual applications made by thecompany, then the same shall be disclosed in the notes to the accounts of the financial statementsof the company. Apart from the accounting area, the company shall disclose all the informationand the explanations in the annual report of the company so as to equip the shareholders and thestakeholders of the company with the actual financial position and the financial performance ofthe company. Through this report, the investigation has been made into the state of affairs of thecompany by deeply analyzing the annual report of the company. The company that has beenchosen for the purpose of conducting the investigation is Tap Oil Limited. The company is basedin the Australia and is the company listed in the recognized stock exchange of Australia. At firstthe adopted accounting policies of the company have been detailed and after that the flexibilitythat the managers of the company have assumed and enjoyed has been analysed through theannual report and how the same flexibility has been originated and made the managers to indulgein the bad practices of the accounting. After dealing with the accounting, the reporting part hasbeen investigated as to whether the company has made the adequate disclosure as to therequirements of the schemes and the statutes. Then the red flag which has been noticed inaccounting has been checked and detailed and why the same requires the more information forfull investigation. In the last, the company’s compliance with the conceptual framework ofaccounting has been investigated and the report is then concluded with the overall summary andthe required suggestion and recommendation.

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