Advanced Corporate Reporting: Conceptual Framework and Qualitative Characteristics

Running Head: Advanced corporate reporting
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Project report: Advanced corporate reporting

Advanced corporate reporting
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Contents
Introduction.......................................................................................................................3
Conceptual framework relevance in corporate reporting.................................................3
MTR conceptual framework analysis...............................................................................4
Qualitative characteristics of financial information.........................................................7
Conclusion........................................................................................................................7
References.........................................................................................................................9

Advanced corporate reporting
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Introduction:
Conceptual framework represents about the assumptions, principles and rules in order
to prepare and present the annual report of an organization that is following the IASB
guidelines. The conceptual framework explains that only items which fall under the definition
of assets, equity and liability are recognized in the financial position statement and the items
which fall under the definition of income and expenses are recognized in the financial
performance statement (Schroeder, Clark & Cathey, 2011). In this report, the main focus has
been done on the conceptual framework. The Conceptual framework relevance in corporate
reporting, conceptual framework relevance in the MTR annual report and the main qualitative
characteristics of annual report has been studied in the report in order to improve the
knowledge about the conceptual framework.
Conceptual framework relevance in corporate reporting:
Corporate reporting defines about the annual report in which all the financial and non
financial activities of the business related to a particular time period is stated by the business
to offer the information to the stakeholders of the business. The IASB has announced the
conceptual framework in order to set the high quality corporate reporting and offer the better
information to the stakeholders about the business so that a better conclusion could be made
(Lee, 2006). The IASB has set the understandable and enforceable corporate accounting
standards and policies so that all the organization could follow it and the stakeholders could
also compare it easily with other organization to identify the industry performance of the
business. The IASB conceptual framework co-operates with national accounting standards in
order to set the similarity in the accounting standards all around the world.
the conduct committee has been set by IASB differently in order to advise and
conduct the high quality corporate reporting of the business which also include the
monitoring, investigation, oversight and disciplinary functions so that the resemblance could
be set among the corporate reporting and it becomes easier for the internal and external
stakeholders of the business to identify the performance of the business and decide about the
organisational performance (Laux & Leuz, 2009). In order to improve the corporate
reporting, the IFRS has done investigation in the UK market and reach over a conclusion that
because of the corporate governance, the transparency level has been improved in the