Contemporary Issues in Accounting

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name of the Student
Name of the University
Author’s Note

1CONTEMPORARY ISSUES IN ACCOUNTING
Abstract
The main aim of this report is to analysis and evaluation of the level of compliance with the
standards and principles of conceptual framework by Amcor Limited. This report shows the
compliance of Amcor Limited with the objectives of conceptual framework. In addition, it also
shows the compliance of Amcor Limited with recognition criteria. Lastly, the report shows the
compliance of Amcor Limited with the qualitative and enhancing characteristics of financial
information.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Compliance with General Purpose Financial Reporting Objectives...............................................3
Satisfaction of Recognition Criteria................................................................................................9
Qualitative Characteristics of Financial Reporting........................................................................13
Satisfaction of Enhancing Qualitative Characteristics of Financial Reporting.............................14
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
In today’s business world, the business entities are facing different kinds of issues due to
the presence of complex business operations. One of these major issues is accounting and
financial reporting issues as these are considered as contemporary accounting issues in the
business organizations. These rise of these kinds of issue can be see due to the non-compliance
with the principles and standard of required financial conceptual framework. In this process,
International Accounting Standard Board (IASB) plays an integral part as it provides the
companies with the required standards and principles that the accountants are required to be
complied with for financial reporting. This report takes an honest attempt in the analysis and
evaluation of the level of compliance with the standards and principles of conceptual framework
by Amcor Limited. Amcor Limited is an Australian high-quality packaging company for foods,
beverages, pharmaceutical products and others. Amcor Limited is in the top 100 companies of
Australian Security Exchange (ASX) (amcor.com 2018). Different part of the report analyzes
various factors of conceptual framework with respect of this company.
Compliance with General Purpose Financial Reporting Objectives
From the above discussion, it can be observed that the business entities are required to
follow the standards and principles of accounting conceptual framework. More specifically,
Amcor Limited is required to meet the conceptual framework objectives. There are three major
objectives of IASB conceptual framework.
First Objective: The first objective of conceptual framework states that the companies must
give the users required information about the current financial position of the entity that must