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AFNR315 Advanced Financial Reporting

   

Added on  2020-05-16

13 Pages2777 Words84 Views
Running head: ADVANCED FINANCIAL REPORTINGAdvanced Financial ReportingName of the StudentName of the UniversityAuthor’s Note

1ADVANCED FINANCIAL REPORTINGExecutive SummaryThe main aim of this report is compare and contrasts the recognition criteria of revenue, assetsand liabilities of two Australian ASX listed mining companies; they are BHP Billiton andEvolution Mining. From the discussion, it can be seen that both the companies have moresimilarities in the recognition criteria of revenue, assets and liabilities than the differences.

2ADVANCED FINANCIAL REPORTINGTable of ContentsIntroduction......................................................................................................................................3Introduction of the Companies........................................................................................................3BHP Billiton................................................................................................................................3Evolution Mining.........................................................................................................................4Comparing and Contrasting the Revenue Recognition Criteria......................................................4BHP Billiton................................................................................................................................4Evolution Mining.........................................................................................................................5Comparing and Contrasting the Asset Recognition Criteria...........................................................6BHP Billiton................................................................................................................................6Evolution Mining.........................................................................................................................7Comparing and Contrasting the Liability Recognition Criteria......................................................8BHP Billiton................................................................................................................................8Evolution Mining.........................................................................................................................8Conclusion and Recommendations..................................................................................................9References......................................................................................................................................10

3ADVANCED FINANCIAL REPORTINGIntroductionIn today’s business world, Financial Reporting refers to one of the major aspects for thesuccess of the companies. Financial accounting refers to a particular field of accounting that isconcerned with the summary, analysis and reporting of the financial transactions related with thebusiness operations (Scott 2015). This aspect also involves in the effective and correctdevelopment and presentation of financial statements of the business organizations. Advancedfinancial reporting is an integral part of the process of financial accounting that put an obligationon the companies to comply with the required accounting regulations and standards for thepreparation and presentation of financial statements. The main purpose of the development andpresentation of financial statements is to inform the investors about the financial health of thecompanies with the assistance of company annual report. For this reason, business organizationsare required to comply with the required recognition criteria for various financial substances likerevenue, assets and liabilities (Nobes 2014). The main aim of this report is compare and contraststhe recognition criteria of revenue, assets and liabilities of two Australian ASX listed miningcompanies; they are BHP Billiton and Evolution Mining.Introduction of the CompaniesBHP BillitonBHP Billiton is one of the biggest Anglo-Australian multinational mining companies.The company was established in the year of 1885 and the company is headquartered atMelbourne, Australia. BHP Billiton mainly deals with mining, metals and petroleum products.The main products of the company are iron ore, coal, petroleum, copper, natural gas, nickel,uranium and others. From the business operations of BHP Billiton, it can be observed that the

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