Assessment. Assessment Type: Assignment – individual as
Added on - Sep 2019
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AssessmentAssessment Type: Assignment–individual assessmentPurpose:Thisassessment is designed to allow students to demonstrate a higher level ofunderstanding of accounting standards and theoretical and philosophicalapproaches, as they apply to the resolution of more complex accounting problems.This assessment relates to Learning Outcomes a, b and c.Value: 20%Topic:Does the current accounting framework meet the needs of the users of financialreports as prescribed in the objective of the Conceptual Framework of Accounting?How the conceptual framework revision to include Prudence is likely to addressthe disparity in Corporate Reporting is a requirement in your analysis.Task Details:Download the latest annual report of any two listed companies.Annual Reports are available on the company website or ASX website. Analyse the conceptualframework with reference to the annual reports of your chosen companies in light of the reportingrequirements imposed on accountants and those charged with governance of corporations. Youranalysis may include the following:• Are the annual reports in compliance with the conceptual framework and AASB standardrequirements?• You need to use extracts from the annual reports to support your analysis.• Provide screen shots of the relevant sections from the reports in your assignment.• If they are not in compliance, explain the reason.• How the conceptual framework revision to include Prudence is likely to address the disparity inCorporate Reporting• You may find the explanations in the notes to the financial statements or in the Director’s Report.• Compare and contrast the two annual reports, identify the differences in disclosures of thesecorporations.• Reference to material of the course and a critical analysis of the annual reports is required.Students are to critically analyse and develop supported recommendations and conclusions, inreference to the relevant accounting framework (see Topics 1-5).