ADVANCED FINANCIAL ACCOUNTING.

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced financial accounting
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ADVANCED FINANCIAL ACCOUNTING
Table of Contents
Introduction:..................................................................................................................2
Discussion:...................................................................................................................2
Description of accounting concepts:.............................................................................2
Issues of measurement and conceptual framework:....................................................2
Fundamental qualitative characteristics:......................................................................2
Conclusion:...................................................................................................................2

ADVANCED FINANCIAL ACCOUNTING
Introduction:
In the current paper, understanding of the various theoretical models has
been assessed by applying the knowledge of financial reporting issues in reference
to the AASB standards. The development of the conceptual framework has been
evaluated by gaining an understanding of the accounting for accounts. All such
evaluation has been done by analyzing the financial report of one of the listed
companies on ASX (Australian stock exchange). CSR limited is a leading product
company operating in Newzealand asnd Australia and is one of the oldest
manufacturing companies of Australia (Csr.com.au 2019). The products of company
form a part of industry that helps in creating building and home for the people. CSR
prepares its general purpose financial report according to the applicable Australian
accounting standard board requirements and its interpretation along with Corporation
Act 2001. The accounting regulatory framework has been understood by accounting
for the liabilities, assets and noncurrent liabilities. In addition to this, the paper also
demonstrates the understanding of the fundamental qualitative characteristics in
relation to the financial information presented in the financial report of CSR limited.
All the contents presented in the report is addressed by taking examples from the
CSR limited.
Discussion:
Description of accounting concepts:
In this section of the paper, the accounting concepts have been described and
illustrated using the examples of CSR limited and what types of accounting is used
for identifying and treating different accounts. Accounting concepts can be defined

ADVANCED FINANCIAL ACCOUNTING
as the conditions, postulates and assumptions for stating and recording various
accounts. Every organization prepares their financial statement in accordance with
the rules and criteria’s that are laid down in the accounting concepts. However, the
organizations depending upon their suitability and requirements, adopt specific
accosting concepts for preparing the financial report. The financial report of CSR
limited provides the significant and other accounting policies summarizing the basis
of measurements and is relevant in understanding the financial statements of the
users (Bailey and Samuels 2018). There is a consistency between the accounting
policies that are adopted in the current year for analysis and the previous financial
years. All the amendments to the accounting standards of Australia have been
adopted by the group which was applicable from 1st April, 2017. The financial report
of the company is not materially impacted by the revision of accounting standards or
adoption of any new standards.
The management of CSR limited has made key assumptions and critical
judgments in the process of application of key accounting policies with the
assumptions and judgments having significant impact on the amounts recorded in
the financial statements are recorded in the notes. A breakdown of the individual line
of items in the statement of financial performance is provided in the overview of the
financial performance of CSR limited. The accounting policies in the internal
reporting of segments used by the group are those which have been disclosed in the
significant accounting policies.
Assets that are transferred between the segments are recognized at the book
value with some specific treatments of expenses and revenue as per the accounting
policy of the group. The liabilities and assets associated with the segments and are
allocated to them if they are not allocated to operating segments (Schaltegger and