logo

Advance Financial Accounting : Assignment

   

Added on  2020-12-30

10 Pages2778 Words34 Views
Finance
 | 
 | 
 | 
Advance FinancialAccounting
Advance Financial Accounting : Assignment_1

ContentsINTRODUCTION....................................................................................................................3MAIN BODY...........................................................................................................................31. Description of the accounting concepts...........................................................................32. Issue of measurement and relevant examples................................................................53. Fundamental Qualitative Characteristics, Understanding of Relevance and Representational Faithfulness............................................................................................5CONCLUSION.......................................................................................................................8REFERENCES.......................................................................................................................9I
Advance Financial Accounting : Assignment_2

NTRODUCTION In the world of accounting, the concept of financial accounting is related with recording, gathering, posting of the useful financial information and business transaction over a specific period of time to make meaningful business decision (Banerjee, 2012). Usually internal management use to prepare summarised financialstatement that includes balance sheet, statement of cash flow and income statementthat mainly record the company operating performance within a specific time frame. The wider concept advance financial accounting used to be more focused in the finance and accountingfor large companies and their consolidated financial statement. To better understand the importance of advance financial accounting BLACKMORES LIMITED is selected.In this report, various accounting concepts, different issue of measurement are discussed. In addition, Fundamental Qualitative Characteristic, Understanding of Relevance and Representational Faithfulness are described in this report. MAIN BODY1. Description of the accounting concepts. Overview of company: It is one of the leading Australian natural health product supplier company thatused to provide variety of healthy product and services to customer that help to deliver natural approach to health which are mainly based on our expertise in nutrients’, minerals, herbs and vitamins (About BLACKMORES LIMITED, 2019). Blackmore’s limited was founded in 1930s by naturopath and gained success to an immense height as it is ASX 200 Company with a market capitalisation of $2 billion. In Blackmore’s limited Australian Accounting Standards guarantees that the Financial Statements and notes of the Company and the Group comply with International Financial Reporting Standards (‘IFRS’). It is very common that accountings are based on few necessary assumption and condition. Thus accounting concepts are valuable postulates, condition or assumption on which accounting records and statement in Blackmore’s are depended. Some of the useful accounting concepts are defined below:
Advance Financial Accounting : Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Understanding Accounting Concepts and Measurement Issues in Advanced Financial Accounting
|14
|2892
|135

Assignment on Advanced Financial Accounting in PDF
|9
|3074
|7

Advanced Financial Accounting
|15
|2835
|251

ADVANCE MANAGEMENT ACCOUNTING.
|14
|3667
|67

Advanced Financial Accounting
|9
|3106
|41

Financial Reporting - Assignment Sample
|7
|1531
|481