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Accounting Standards and Practices Essay

   

Added on  2020-07-22

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Accounting standardsand practices
Accounting Standards and Practices Essay_1

Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1a) Objectives and characteristics of FR..................................................................................1b) Critical analysis of annual report as they meet the disclosure requirements of PPE.........2C) Critically analyse the PPE as to what extent they are satisfying the objectives................4d) Discuss the disclosure on PPE align with the purpose of financial reporting....................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONAccounting is a statement that communicates the performance and financial aspects ofany business organisation. It is the standard for financial accounting such as how a businessentity can prepare its financial income, expenditures, assets and liabilities. It is formulatedaccording to the regulation set by international accounting standards board (IASB). This projectreport consists of objectives of financial reporting and its uses as per conceptual frameworks forfinancial reporting (Demerjian, 2011). Further, going to this project report analysis is done forthe current year annual report of a company whether they are meeting is disclosure requirementsfor PPE as per AASB 116. On the basis of the analysis various recommendation has been drawn.PART 1a) Objectives and characteristics of FRFinancial reporting is the process which is based on conceptual model of underlineplanning and display of accounting statement. IASB primary views is that main objectives of thisconceptual modelis to help IASB by determining idea that it will be use regularly at the time ofrevising financial reporting. IASB has determined various problems with the existingframeworks that are discussed underneath:The major areas are not covered because it provides very less direction on measurement,disclosure and the way to determine a reporting entity. The guidance in few areas is unclear because, the present explanation of assets andliabilities could be reinforced.The IASB carried out a public reference on its program. Most respondents to that specificconsultation identified frameworks as the most important project for IASB. Objectives The main purpose of business reporting forms is the basic aspects of accountingstandards which are based on conceptual model of prospect of the structure streaming thecompany growth.The objectives of accounting practices is to analyse the company financialperformances regarding reporting concern which are related with the current stakeholders,impart and creditors in the decision making process.The revnewed design sets various steps which follows as per the general standard ofrecording of financial reporting. It consists of main accounting regime. On an assumption, thecurrent framework that data necessity of an individual demand of other shareholders up to a1
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