ADVANCED FINANCIAL ACCOUNTING 9 ADVANCED FINANCIAL ACCOUNTING

ADVANCED FINANCIAL ACCOUNTING 1
ADVANCED FINANCIAL
ACCOUNTING

ADVANCED FINANCIAL ACCOUNTING 2
Contents
Introduction:...............................................................................................................................3
Accounting concepts:.................................................................................................................3
New Accounting standard:.........................................................................................................4
Summary of key disclosures:.....................................................................................................6
Conclusion:................................................................................................................................7
References..................................................................................................................................8

ADVANCED FINANCIAL ACCOUNTING 3
Introduction:
The company undertaken for review us Woodside Petroleum Company which exists for the
purposes of earning profits and is limited by shares. The company exists in Australia and
trades its shares publicly on the ASX.
Accounting concepts:
The financial statements of the company are the general purpose financial statements that
have been prepared as per the requirements as have been laid down under the Corporations
Act, 2001. The AAS and other such relevant requirements of the AASB. The statements of
the company comply with the IFRS as have been issued by the International Accounting
standards Board. The financials prepared comply with the relevant rules and regulation of
IASB as well. The accounting policies are in line with the relevant disclosures of the 2017
financials, apart from the new or the amended standards and the interpretations. The adoption
of these standards have no effect on the accounting policies of the company, with an
exception of AASB 15 which deals with the revenue from the contracts with the customers.
The group went on to adopt the AASB which deals with the financial instruments. The
company has decided not to adopt any new accounting standards and the relevant rules and
regulations.
In respect of currency, the company and its subsidiaries have used US dollars. The
transactions and the events have been expressed in the foreign currencies have been reported
in the functional currency of the transactions entity at the relevant rate of exchange ruling as
on the date of the transaction. In the monetary terms, all of the assets and the liabilities have
been reported in the foreign currency as on the date of reporting and the same have been
translated using the rates of the exchange ruling as on that date. The exchange differences
have been reported in the statement of income. All of the figures have been rounded off to the
nearest million dollars.
With regard to the basis of preparation, these financials are reported on the basis of historical
costs, part from the derivative financials and some of the financial assets and the liabilities
that have been reported at their fair values or the amortised cost which has been adjusted for
the changes in the fair values which are connected with the hedging risks. The financials
consist of the financials of the group and that of the subsidiaries as at December 31 of each