Financial Accounting Research Review

This assignment involves a critical review of financial accounting research. It requires students to analyze and synthesize information from various academic sources such as journal articles, books, and reports. The focus is on identifying key themes, trends, and debates within financial accounting research. Students are expected to demonstrate their understanding of the field and its evolution through a well-structured and insightful review.

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced financial Accounting
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Introduction:...............................................................................................................................2
Discussion:.................................................................................................................................3
Firm’s disclosure to leasing for exploring compliance with relevant accounting standard:......3
Analyzing the annual report of Acacia coal limited relating to lease disclosure:......................4
Analyzing the annual report of Abilene Oil and gas limited relating to lease disclosure:.........5
Firm’s disclosure of liabilities including provisions and contingent liabilities for exploring
compliance with relevant accounting standard:.........................................................................8
Analyzing the annual report of Abilene Oil and Gas limited relating to liabilities disclosure:. 9
Analyzing the annual report of Acacia coal limited relating to liabilities disclosure:.............11
Firm’s disclosure of earnings per share for exploring compliance with relevant accounting
standard:...................................................................................................................................13
Analyzing the annual report of Acacia coal limited relating to earnings per share disclosure:
..................................................................................................................................................14
Analyzing the annual report of Abilene Oil and Gas limited relating to earnings per share
disclosure:................................................................................................................................16
Conclusion:..............................................................................................................................19
Reference List:.........................................................................................................................20

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Introduction:
The report is prepared to explain and demonstrate the compliance of the companies
listed on Australian stock exchange concerning various particular areas. Selected company
for illustrating the compliance disclosure are companies from energy sectors that is Acacia
Coal limited and Abilene Oil and Gas limited. Explanation of disclosure is done in several
areas such as leasing, liabilities that includes contingent liabilities and provisions and earning
per shares. Report is prepared to explore the comparison of both the chosen organizations in
areas of lease, liabilities and intangible assets. Evaluation of the compliance disclosure in the
selected areas is done by conducting analysis of annual report of these companies. Acacia
coal limited is a public listed company on Australian stock exchange that is engaged in
development and exploration of coal and mine. It is based in West Perth in Australia. On
other hand, Abilene Oil and Gas limited is an oil exploration, production and development
company having interest in oil operating assets based in South Melbourne in Australia. For
the evaluation of the disclosure of accounting, standard requirement in respect of three
selected areas, which is leasing, liabilities and earnings per share is done by analyzing their
respective financial reports.
Discussion:
Firm’s disclosure to leasing for exploring compliance with relevant accounting
standard:
The accounting treatment for lease is currently treated under the standard AASB 117
where the liability pertaining to lease relating to future payments is measured at present value
and it is discounted at the rate that is implicit in the lease. Lease incorporate the payment such
as fixed payment, amount that is payable under a residual value guarantee and lease
incentives that are deducted from payments. Two types of expenses are recognized over the

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lease terms and this involves depreciation on the right to use assets and the interest on lease
liabilities. For the operating lease, recognition of lease payment by lessor should be
recognized as income on any systematic basis and on a straight-line basis. Costs of assets
shall be recognized by lessor including the depreciation that is incurred on the earning of
lease as an expense (aasb.gov.au, 2018). The determination of whether the underlying assets
should be recognized as operating lease for impairment and accounting for any impairment
loss should be done in accordance with IAS 136. Any considerable changes in carrying
amount of the net investment of operating leases should be provided with a qualitative and
quantitative explanation (Carlon et al., 2015). A maturity analysis of all the receivable
concerning lease payments should be recognized by organization. Disclosure requirements
leading to assets that are subjected to operating leases shall be done in accordance with the
other applicable standards.
Under the existing lease accounting standard, classification of lease is done to the
extent of rewards and risks that is incidental to leased assets ownership with the lessee or
lessor. Classification of lease as finance lease is done if the rewards and risks incidental to
ownership is transferred substantially (Hoggett et al., 2015). On other hand, if there is no
substantial transfer of all rewards and risks to the assets ownership, then lease is regarded as
operating lease.
Analyzing the annual report of Acacia coal limited relating to lease disclosure:
It has been ascertained from the annual report of the companies that is Acacia coal
limited and Abilene Oil and Gas limited that they currently comply with existing leasing
standard that is AASB 117. While evaluating the annual report of Acacia Coal limited, the
information about leases is mentioned in the notes to financial statements. Acacia coal group
is required to comply with the minimum obligations concerning expenditures as specified by

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Queensland state government for maintaining the current rights of tenure to exploration
tenements (acaciacoal.com.au, 2018).
Exploitation of group related to lease forms the basis of future evaluation of
expenditure and capitalized exploration. Currently the group is undergoing the assessment of
the adoption of new leasing standard IFRS 16 and its influencing their operating lease. On the
implementation of the standard, there will be capitalization of right to use assets in the
statement of financial position that is measured at unavoidable future lease payments present
value to be made over the lease term (acaciacoal.com.au, 2018).
Annual report of Acacia limited does not make a detailed disclosure of the lease in the
notes to financial statements. Company has employed the existing lease standard AASB 117,
they are seeking adaption of the new lease standard that is AASB 116, and this will lead to

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elimination of classifications of finance and operating lease. There will be capitalization of
right to use assets in the financial statements that are subjected to exceptions and the
measurement is done using the present value of unavoidable payment relating to future lease
over the term of lease. Adoption of new lease standard will be providing several benefits to
company relating to lease recognition (Narayanaswamy, 2017).
Analyzing the annual report of Abilene Oil and gas limited relating to lease disclosure:
Abilene has fifty percent net working interest in leases that covers approximately
15000 acres of Wherry Oil fields and Welch Bornholdt. Company has announced it in
financial year 2015 about its agreement to fund exercise across the final and third option of
acquiring leases in some project. On other hand, the application of new lease standard by
Abilene Oil and Gas limited, some of the expectations concerning the organization is related
to short-term lease or lease hat are less than 12 months and leases of low value assets
(abilene.com.au, 2018). There will be depreciation charge of leased assets and recognition of
leased liabilities as interest expenses. However, the expenses under the new standard will be
higher as against expenses recorded under the AASB 117. There will be separation of
components of principal and interest under the new standard. Company regarding the new
standard assesses changes and it is expected that there will not be any material impact on the
financial statements. However, from the analysis of the annual reports of both the companies,
it can be seen that there was not much information was provided regarding lease and the
obligations to lease standard. Additional information was not made in the annual reports
relating to leasing standard.

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There was no detailed disclosure about leases agreement and currently, organization
does not have any lease contracts as depicted from the statement of financial position.
However, they make the implementation of the existing lease standard.
Abilene Oil and Gas limited will be replacing existing lease standard by the new
standard IFRS 116 that will lead to elimination of lease classification. Under the new
standard, expenses incurred on organization relating to lease contracts will be more under the
new standard compared to existing standard. There will be replacement in operating expenses
by depreciation of profit and loss along with interest expenses that will lead to improved

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operating expenses. Moreover, there will be separation of lease payments into both principal
and interests and there will not be any substantial change in lessor amount of lease.
Now, on comparing the disclosure requirement concerning leases of both the
companies, it can be inferred that there is no detailed presentation of lease arrangement of
organization. Nonetheless, users will be able to make the identification of compliance with
the existing lease standard that is AASB 117. Abilene Oil and Gas limited as well as Acacia
coal limited does not have lease contracts in the current year as well as previous financial
year. This was clearly identified from the balance sheets and there was no mention about
leases in the notes to financial statement. Both the organizations are intending to replace the
existing standard of lease with new lease standard that leads to better accounting treatment of
lease and more transparent and faithful representation of lease agreements. The introduction
of new lease standard will help in bringing much needed transparency and faithful
representation of contracts relating to lease, as there will be better-balanced lease versus buy
decisions by management (Hoggett et al., 2014). Elimination of lease classification and its
disclosure on balance sheet will end up making rough estimates and arrive at accurate lease
commitments.
Firm’s disclosure of liabilities including provisions and contingent liabilities for
exploring compliance with relevant accounting standard:
An entity is required to disclose the carrying amount at the beginning of each
financial period. Any amount of additional provisions that is made by reporting entity and
any increase in provision will also mentioned in the financial statement. Any unused amounts
that will be received during the period are to be mentioned. For each class of provisions,
entity should make the disclosure of expected timings and nature of obligations, amount of
any expected reimbursement in the financial statements. Any indications leading to

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uncertainties should also be disclosed in the report. In relation to contingent liabilities, an
entity is required to make disclosure about the description of contingent liabilities along with
the nature of descriptions. An entity should make disclosure about the link between
contingent liabilities and provisions when the contingent liability and provisions are arising
from the same set of circumstances. Recognition of contingent liabilities are done when the
entity has present obligations and when there is probability of outflow of economic benefits
for settling the obligations (Jouber et al., 2017).
For accounting for provision and contingent liabilities, it is required by entities to
comply with IAS 137. Provisions are required to be recognized by entities when there are
present obligations and there is a reliable that can be made for the obligations. Measurement
of provisions is done for the settlement of present obligations and at the best estimate of
expenditures. This incorporates time value of money, uncertainties and risk considerations
and future events in the evidence of sufficient objectives. Recognition of contingent liabilities
is prohibited by organization as per IAS 137 when the recognition criteria is not met under
present obligations and existence of other possible obligations as confirmation is required for
reporting entity present obligations leading to resources outflow.
Analyzing the annual report of Abilene Oil and Gas limited relating to liabilities
disclosure:
The financial report of Abilene Oil and Gas limited is prepared on a going concern by
contemplating realization of assets and settlement of liabilities in the ordinary course of
business. Financial report does not incorporate any adjustments relating to recoverability and
classification of liabilities that might be incurred should the consolidated entity does not
continue as going concern. Total amount of liabilities of the group is divided into current

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liabilities and noncurrent liabilities. Amount of net current liabilities stood at $ 4268528 as
depicted in the consolidated financial statement (abilene.com.au, 2018).
Abilene Oil and gas limited does not have any amount of contingent liabilities for the
year ending 31st December, 2016. Consolidated entity derecognizes the total amount of
liabilities if it loses control over as subsidiary. Liabilities are recognized at fair value and the
liabilities that are disclosed on the statement of financial position are based on noncurrent and
current classification. It is required by the standard for financial liabilities to relate the portion
of alterations in the fair value by relating it to the credit risks of own entity. Judgement and
estimates is continually evaluated by the management of group in relation to liabilities,
provisions and contingent liabilities (abilene.com.au, 2018). Equity method of accounting is
used to incorporate the liabilities of joint venture or associates in the consolidated financial
statements.

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The maturity profiles of financial liabilities are matched for managing the liquidity
risks associated with the company. Disclosure of consolidated entity’s liabilities is done at
fair value using fair value hierarchy and this helps in reflecting the input significance used in
making measurements (abilene.com.au, 2018). Provisions are one of the components of
noncurrent liabilities.
Abilene Oil records total amount of provisions and Gas limited for the financial year
2017 and 2016 stood at $ 259809 and $ 189934 respectively (abilene.com.au, 2018).
Analyzing the annual report of Acacia coal limited relating to liabilities disclosure:
From the analysis of annual report, it can be seen that Acacia does not have any
noncurrent liabilities attributable to it in the recent financial years. The financial statement of
organization is prepared on an ongoing basis by making the settlement of all liabilities that is
incurred in the ordinary course of business. There should be classification of liabilities should
the organization does not continue as a going concern (acaciacoal.com.au 2018). It has been
ascertained that the financial report has been prepared in conformation with the requirements
of AASB by affecting the accounting policies and reported amount of liabilities.
Measurement of non contingent liabilities are done by group by discounting the expected
future cash flow that would reflect the current assessment of market relating to the time value
of money at the pre tax rate. Liabilities of subsidiary is derecognized by the group upon the

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loss of control and the liabilities that are denominated in the foreign currencies are translated
into functional currency at the reporting date at the given exchange rate. Moreover, liabilities
denominated at fair values are retranslated into foreign currency if they are measured at fair
value. Only when the organization ahs the intention of realising liabilities and assets
simultaneously, then there is offsetting of financial assets and liabilities (Callen, 2015).
Recognition of non-derivative financial liabilities is done at fair value and it is done at the
trade date when the company becomes party to contractual instruments provisions.
Measurement of such financial assets is done at amortised cost subsequent to this recognition
by using method of effective interest rate (acaciacoal.com.au 2018). Other liabilities relating
to employee benefits are done at the reporting date and at the amounts that are expected to be
paid during the liabilities settlement. Organization has not recorded any contingent liabilities
and no disclosure has been made for the same.
In relation to contingent liabilities, measurement of contingent liabilities is done by
discounting the expected future cash flow at the pre tax rate that reflects the market
assessment in the current scenario. Any contingent considerations are incorporated in the
finance cost. There were no contingent liabilities that are recorded in the financial year

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ending 30th June 2017. Recognition of provisions on other hand is done if the group has
constructive or present legal obligations that can be reliably estimated. For the settlement of
obligations, there will be probability of economic outflow. Determination of provisions are
done by ascertaining the future cash outflow using a discounted rate at a pre tax rate
reflecting the assessment of risks specific to liability and to time value of money.
Recognition of discount unwinding is done as finance cost. In line with the accounting
requirements, provisions have been raised over 100% of balance resulting from uncertainty
over the amount recoverability (Warren & Jones, 2018). A provision for fully impairing all
the loan accounts was raised by company in advance for the year ending 30th July 2017.
Now, comparing the disclosure requirement of both the companies, it can be inferred
that Acacia Coal limited and Abilene Oil and Gas limited that they have adopted new and any
amended standards and interpretations that are issued by Australia accounting standard board
in relation to the liabilities disclosure. When comparing the disclosure requirements of both
the companies, it can be seen that they have complied with the applicable accounting
standard relating to provisions, contingent liabilities and liabilities (Aye et al., 2016).
However, both the organization has not recorded any amount of contingent liabilities
pertaining to parent entity and therefore they have not disclosed any information relating to
the disclosure requirement of the standard.
Reporting entities adopting the IASB standard or AASB standard are not prohibit
them from disclosing immaterial information as it is perceived by them that such requirement
is not operational. Improvement should be made in terms of effectiveness of communication
of financial information in the conventional formats. The focus on regulators and standard
setters is presentation of financial statement in conventional formats. Moreover, specific
guidance should be provided on clarifying the materiality of requirements of individual
disclosures.

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Firm’s disclosure of earnings per share for exploring compliance with relevant
accounting standard:
AASB 133 deals with the disclosure about earning per shares and the objective of the
standard is to prescribe the principles for presentation and determination of earning per share.
This is done with the intention for improving the comparison of performance between
different reporting periods for different entities. Reporting entity disclosing the earning per
share is required to disclose and calculate earnings per share as per the standard (aasb.gov.au,
2018).
The calculation of basic earnings per share that is attributable to ordinary equity
holders of parent entity should be calculated by reporting entity when loss or profits arising
from continuing operations is attributable to such equity holders. Computation of basic
earnings per share should be done by dividing loss or profit that is attributable to ordinary
equity holders of parent entity by the weighted average number of ordinary shares that are
outstanding during the period. The purpose of information generated from basic earnings per
share is proving a measure of interest of ordinary shares of parent entity concerning entity
performance over the reporting period (Carey et al., 2014).
Amount that is attributable to equity holders of parent entity for the purpose of
computation of basic is in respect of loss or profit attributable to the parent entity and loss
and profit that arise from continuing operations of parent entity. All the expenses and income
items attributable to parent entity equity holders are recognized by including expenses and
dividends on preferences shares. On other hand, diluted earnings per shares are calculated for
the loss and profits that is attributable to parent entity ordinary equity holders. AASB 2 share
based payments is applicable for share options and arrangement for other share based
payments (Gupta, 2016). It involves supplying of fair value for any goods and services for the
share options and arrangement of share based payment in future.

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Analyzing the annual report of Acacia coal limited relating to earnings per share
disclosure:
For the ordinary shares, group presents the diluted and basic earnings per share. It has
been ascertained that the computation of basic earnings per share by group is done by
dividing the loss or profits that are attributable to ordinary equity holders by the outstanding
number of weighted average number ordinary shares during that period. Group does
computation of diluted earnings per share by dividing the loss or profit attributable to
ordinary shareholders of company by weighted average number of ordinary shares during the
particular period. This total numbers of ordinary shares are adjusted for the impact of all
diluted potentially ordinary shares comprising of share options that are granted to employees
(acaciacoal.com.au, 2018).
Acacia coal limited has potential ordinary shares that are anti dilutive and therefore
they are not included in the number of ordinary shares.

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Recognition of share based payment reserve is done at fair value and the measurement
of equity settled transactions relating to key management personnel, directors and service
providers is done with reference to options fair value at the date they are granted
(acaciacoal.com.au, 2018).
Analyzing the annual report of Abilene Oil and Gas limited relating to earnings per
share disclosure:
The accounting policy that is used by Abilene Oil and Gas limited meets some of
criteria or principles of the accounting standard. Group does computation of basic earnings
per share by dividing profits that does not include any cost of servicing equity other than
ordinary shares and are attributable to the owners of Abilene Oil and Gas limited by the
outstanding number of weighted average number of ordinary shares. The amount of weighted

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average number of ordinary shares is adjusted for elements pertaining to bonus in ordinary
shares that are issued in any particular financial year (abilene.com.au, 2018). On other hand,
computation of diluted earnings per shares requires adjustment of financing cost and income
tax effect that is associated with weighted number of ordinary shares and dilutive potential
ordinary shares. Figures used in the determination of earning per shares is adjusted in
relation to potential ordinary shares for income tax and financing costs along with the
assumptions of issuing of shares that are not issued for consideration in relation to dilutive
potential ordinary shares (Macve, 2015). Hence, the earnings per share is adjusted for the
expenses and income tax and from the discussion it can be said that group has complied with
the disclosure and measurement requirement of the AASB 113.
Weighted average number of ordinary shares incorporates the options that are held by
option holders and this is used for the purpose of computation of diluted earnings per share.
This inclusion of options in the computation of diluted EPS as the requirement of criteria for
inclusion is not met in AASB 133 earnings per share (Williams, 2014). It be seen that options
that are on dilutive has generated loss for the year.
Remuneration of executives and directors is not associated with performance and
share price earnings of reporting entity.

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Abilene Oil and Gas limited has generated negative basic earnings per share and
diluted earnings per shares for the two consecutive financial years (abilene.com.au, 2018).
Recognition of equity settled transactions are done as an expense and this will be lead
to corresponding increase in equity. Grant date fair value of award is used for the
computation of cumulative charge to loss and profits. Cumulative charge to profit and loss
during the vesting period is done at the fair value multiplied by expiry period.
Now, comparing the annual report of two companies, it can be seen that Abilene Oil
and gas limited does mention about the reporting standard related to earnings per share. On
other hand, analysis of annual report of Acacia Coal limited depicts that there are no
mentioning about the disclosure and meeting the requirement of accounting standard relating

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to earning per share. However, in some area, group is not meeting the requirement as per the
standard in relation to inclusion of share options granted to employees in the computation of
diluted earnings per share. Comparing the annual report, users will be able to evaluate that
areas of earnings per share in which Abilene oil and gas limited is complying with the
requirement of AASB 133. This is in relation to exclusion of options in the weighted number
of ordinary shares. Acacia coal limited does the computation of its earning per shares and
diluted earnings per shares by partially meeting the requirement or measurement criteria of
the accounting standard (Waegenaere et al., 2015).
For enhancing the transparency of information related to EPS and enhancing decision
usefulness, it is required by company to adopt proper valuation process. This will help them
in faithfully representing the profits figure required for the computation of earnings generated
by company. There should be avoidance of disclosure of inappropriate information that leads
to materiality and affecting the financial statements.
Conclusion:
The report has provided with the detailed analysis of annual reports of two chosen
companies that is Abilene Oil and Gas limited and Acacia coal limited in regard to their
disclosure of the applicable accounting standards. Evaluation of the standard has been done in
relation to leasing, liabilities and earnings per share. It was ascertained from conducting
analysis of financial report that both the organizations have adopted existing leasing standard
that is AASB 117, however, there was no detailed disclosure about the leasing contracts in
the notes to financial statements. Abilene as well as Acacia limited intends to adopt the new
leasing standard that is IFRS 16 that will help in bringing considerable changes to accounting
treatment concerning leases. When evaluating the disclosure requirement in relation to
liabilities including contingent liabilities and provisions, it has been ascertained that the

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selected companies comply with the measurement and recognition requirement to the
applicable accounting standards. In the last recognition area, Abilene Oil and Gas limited and
Acacia limited has complied with the accounting standard for measuring and recognizing
earning per share. However, Acacia limited has not met standard requirements in relation to
measurement of diluted earnings per shares.
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Aasb.gov.au. (2018). [online] Available at:
http://www.aasb.gov.au/admin/file/content105/c9/AASB137_07-04_COMPoct10_01-
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Carey, P., Potter, B., & Tanewski, G. (2014). AASB Research Report No.

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