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Accounting Theory and Issues Report - Sonic Healthcare LimitedAccounting Theory and Issues - Report

   

Added on  2020-05-28

19 Pages3133 Words124 Views
Running head: ACCOUNTING THEORY AND ISSUESAccounting Theory and IssuesName of the StudentName of the UniversityAuthor’s Note

1ACCOUNTING THEORY AND ISSUESExecutive SummaryThis report takes an attempt to analyze the compliance of Sonic Healthcare with the principlesand standards of the conceptual framework of AASB. The analysis indicates towards the declinein financial performance of Sonic Healthcare in 2017. It can be seen that Sonic Healthcare hasfull adherence to the standards and principles of AASB conceptual framework and GPFR. Thereport also discusses about a recent tax fraud case of Sonic Healthcare. Lastly, the reportprovides suggestion to the investor whether to invest in the company or not.

2ACCOUNTING THEORY AND ISSUESTable of ContentsIntroduction......................................................................................................................................3Company Profile..............................................................................................................................3Conceptual Framework....................................................................................................................5General Purpose Financial Reporting (GPFR)................................................................................6Remuneration Report.......................................................................................................................7Critical Analysis..............................................................................................................................8Property, Plant and Equipment (PPE).........................................................................................8Contingent Liability.....................................................................................................................9Inventories.................................................................................................................................10Revenue.....................................................................................................................................10Dividends...................................................................................................................................11Recent News..................................................................................................................................12Comparison....................................................................................................................................13Conclusion.....................................................................................................................................14References......................................................................................................................................16

3ACCOUNTING THEORY AND ISSUESIntroductionThe main objective of this report lies in the analysis and evaluation of the compliance ofdifferent standards of accounting conceptual framework and general purpose financial reportingby one Australian company. For the progress of this report, Sonic Healthcare Limited (SonicHealthcare) is taken into consideration for the purpose of analysis and evaluation. On a broadernote, the report aims at the analysis of the importance of conceptual framework for thepreparation and presentation of the financial statements of the selected organization (Nobes,2014). It can be seen that Australia has a well developed conceptual framework provided by theAustralian Accounting Standard Board (AASB) for the Australian organizations to get assistancein the process of financial reporting. Moreover, AASB has put the obligation on the Australiancompanies to adhere to the regulations and standards of AASB conceptual framework in theprocess of their financial reporting (Hope, Thomas & Vyas, 2013). This report consists of somespecific parts that analyze various dimensions of the conceptual framework and general purposefinancial reporting for Sonic Healthcare. Based on the outcome of the overall analysis, theappropriate suggestion for the investors is provided in the conclusion part. Company ProfileSonic Healthcare is considered as one of the leading companies in Australia involved inproviding laboratory services, pathology services and radiology services. The company wasestablished in the year of 1987 and it is headquartered at Macquarie Park, Sydney, New SouthWales, Australia. The worldwide reputation of Sonic Healthcare can be seen in laboratory,medicine, radiology and other diagnostic services. Apart from Australia, Sonic Healthcare has its

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