Accounting Policies and Estimates Used by BHP Billiton
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Added on 2020-04-01
Accounting Policies and Estimates Used by BHP Billiton
Added on 2020-04-01
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RUNNING HEAD: Accounting policies and estimates used by BHP Billiton company 1Name of the Student-Title- Accounting policies and estimates used by BHP Billiton companyUniversity Name-
Accounting policies and estimates used by f BHP Billiton company2Table of ContentsIntroduction.................................................................................................................................................3Accounting policies and GAAP rules followed by BHP Billiton Company...................................................3Estimates prepared by BHP Billiton Company before incidents of iron ore operations of Samarco Mineração S.A in Minas Gerais, Brazil...................................................................................................4Estimates prepared by BHP Billiton Company after incidents of iron ore operations of Samarco Mineração S.A in Minas Gerais, Brazil...................................................................................................5Red flag in accounting report of BHP Billiton Company............................................................................5Conclusion...................................................................................................................................................6References...................................................................................................................................................8Appendix.....................................................................................................................................................9
Accounting policies and estimates used by f BHP Billiton company3Introduction This report reflects the key understanding on the financial reporting of BHP BillitonCompany. In this report, it is reflected that each and every company prepare their financialreporting as per the IFRS rules and standards in which they have to make estimation in theirfinancial statement. In this report, BHP Billiton Company has been taken into consideration. Present description of organizationIt is an Australian company which has been selling gas and oil products to its clients. Themain reporting issues and changes in BHP Billiton Company has arisen due to changes inestimation prepared in its financial statements. This report has shown the incidents of iron oreoperations of Samarco Mineração S.A in Minas Gerais, Brazil in BHP Billiton Company (Ball,and Shivakumar, 2015).Accounting policies and GAAP rules followed by BHP Billiton CompanyBHP Billiton Company has followed GAAP Rules and IFRS accounting standards in itsreporting frameworks with a view to increase its overall efficiency (Aobdia, Lin and Petacchi,2015).BHP Billiton Company has charged written down value method to reflect true and fairview of its assets as per the IAS-16. In addition to this, all the lease transactions has been recorded as per AASB16 rules andstandards. BHP Billiton Company in its annual report has adopted provision of right ofuse assets in reporting of its underlying leased assets.
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