Advanced Financial Accounting: Qualitative Features, Australian Government Decision, FASB Regulation, Motivating Factors for Asset Revaluation

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced financial accounting
Name of the student
Name of the University:
Author note

1ADVANCED FINANCIAL ACCOUNTING
Table of Contents
Answer A:..................................................................................................................................2
Answer B:...................................................................................................................................4
Answer C:...................................................................................................................................5
Answer D:..................................................................................................................................7
a:.............................................................................................................................................7
b:.............................................................................................................................................7
c:.............................................................................................................................................8
Reference:..................................................................................................................................9

2ADVANCED FINANCIAL ACCOUNTING
Answer A:
In order to extend the financial performance of a firm, qualitative features of an
organisation is required to produce their financial statement. These are made in such a way
that that it can aim the qualitative ideologies of the same so as to guide the investors in their
endeavours. According to the (Chaudhry, 2015), major parts that are considered under the
general form of the qualitative features are the faithful relevance and depiction of the
financial performance of the firm. in the same manner, there are various other parts that are
incorporated in the enhancing the qualitative features of the timeliness, understandability,
comparability and opinions of the International Financial Reporting Standards (IFRS) that
enforce the general principles of the same (Barth, 2015). This report provides focus on the
feature that certain parts of the financial statement of the firm are incorporated in the
financial reporting, however, all of them are non-coherent in nature. Details regarding the
same can be found below:
As per the Geoff Roberts who was the earlier head of the AXA Finance, there are almost no
inquiries from the economic investigators as well as from the fund managers for the financial
statement adjustment so that the accurate financial brief of an organisation can be perceived
that are conducted depending upon the norm of the IFRS (Jodoin, 2017). Due to this, they
safeguarded from the any issues while contrasting the financial statement of the various
organisation along with getting information about their financial standing in the operation
market. Thus, important evidences are sourced from these sources that implies financial
statements prepared as per the IFRS norm potentially have comparability and
understandability in them. Under this context, these two qualitative values initiate to expand
the value of the financial information of the firms (Dudin, Prokofiev, & Fedorova, 2017).
However, arguments are there that financial statement made as per the IFRS norm fails to
provide details about the understanding of the firm and miserably fails to bring in comparison

3ADVANCED FINANCIAL ACCOUNTING
of the same. Under this context, deficiency can be observed that in IFRS as per the terms of
the understanbility and the comparability.
As per the argument of the Terry Brown, who was the financial director of the
Wesfarmers, financial statements of the firm can be misunderstood, if financial analyst focus
to explain the same with the utilisation of the IFRS standard and the firm lacks knowledge
regarding the norm of the IFRS (Defond, 2018). Verifiability is another important qualitative
feature of the financial statement of the firm that enhance the financial statement’s quality by
producing path to the end operators to apply their financial knowledge as well as the financial
observation of the financial statements regarding the financial position of the firm. It would
aid the firm to determine the insight of the financial statement and have important factors that
has influenced the performance of the firm. This interprets that ability of the end users to
judge the content described in the notes by the means of the application of their knowledge
and observations. Depending upon the above mentioned statement, understanbility and the
verifiability aspects of the qualitative features are not present in the reporting framework of
the IFRS (Mayo, 2017).
According to the perspective of David Craig, the CFO of Commonwealth bank, the
speculators don't deliver cautious consideration to IFRS-created budgetary frameworks, as
they are of the idea that such reasons may additionally deliver misrepresented records with
appreciation to the monetary exhibitions and cash associated locations of the corporate
factors (Skinner, 2017). It’s far essential to assure significance and persistent depiction of the
financial statements exposed inside the every year reviews of the associations with a specific
aim to make beneficial outcomes, so the challenge selections can be attempted definitely by
the firm. In the event that these highlights are absent, no knowledge regarding the economic
states of the associations will be achieved. It has been recognized that the associations
speaking to the cash related data through setting up the financial articulations as according to