Contemporary Issues in Accounting

Running head: REPORT 0
CONTEMPORARY ISSUES IN ACCOUNTING
APRIL 15, 2019
student details:

REPORT 1
Executive Summary
The conceptual framework is very essential in respect of the financial reporting. The
conceptual framework creates the basis at that the accounting standards can be established
such as liabilities, expenses and incomes can be identified. This report states the
contemporary issues related to the Reliance Worldwide Company.

REPORT 2
Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Company Overview- Reliance Worldwide Company................................................................3
Conceptual framework- measurement of financial statement....................................................3
Fundamental qualitative characteristics.....................................................................................4
Enhancing qualitative characteristics.........................................................................................4
Requirement of financial statements for the users of company.................................................5
General purpose financial statements.........................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8

REPORT 3
Introduction
The accounting is constantly advancing, significantly affected by exterior elements in the
markets globally. The contemporary issues are the issues, which are faced by the
professionals of accounting. This report directs the Reliance Worldwide Company to handle
the contemporary issues of accounting. In the following parts, the contemporary issues like
compliance with enhancing qualitative characteristics, compliance with fundamental
qualitative characteristics, use of financial statements by the users of company, requirements
by the users to make decisions, assessment of need of the conceptual framework, and
requirements of general purpose financial statements (GPFSs), are evaluated to support
informed debate.
Company Overview- Reliance Worldwide Company
Reliance Worldwide Company is the provider of water control system at international level.
This company provides the plumbing solution for local application, industrial application and
corporate applications. This Reliance Worldwide Company is established in year 1949; the
family of Reliance Worldwide Company of brands has frequently developed to go above
industrial standards at international level with varied operations related to the manufacturing
and distribution diagonally 3 continents. Reliance Worldwide Company has devoted more
than sixty years to the production, brand and product. This company promises to make
innovation through making investment in high-value mechanization to stay competitive in the
international atmosphere. Various product lines are truthfully the entire package of water
control solution, and achieved something on the global stage with the smooth approaches of
functions and local centres of superiority across the portfolio of corporation. The capacities of
production and distribution are the drivers of product lines of the leading market everywhere