Conceptual Framework Obligations of BHP Billiton: An Analysis
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This report analyzes the effectiveness of BHP Billiton in fulfilling the obligations of the conceptual framework of accounting. It evaluates the company's recognition criteria, fundamental and enhancing guidelines, and consideration of objectives of conceptual framework.
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CONTEMPORARY ISSUES
IN ACCOUNTING
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CONTEMPORARY ISSUES
IN ACCOUNTING
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BHP Billiton
Executive summary
Conceptual framework has become crucial in the modern corporate environment because it
paves a path for companies to enjoy a good market reputation and enhance organizational
effectiveness respectively. With the help of this report, the annual report of BHP has been
considered. Moreover, it will be evaluated whether the company has been efficient in
fulfilling its conceptual framework obligations. For such purpose, consideration of the
company’s fulfillment of conceptual framework objective will be assessed. This will be
followed by its recognition criteria and fundamental and enhancing guidelines.
2
Executive summary
Conceptual framework has become crucial in the modern corporate environment because it
paves a path for companies to enjoy a good market reputation and enhance organizational
effectiveness respectively. With the help of this report, the annual report of BHP has been
considered. Moreover, it will be evaluated whether the company has been efficient in
fulfilling its conceptual framework obligations. For such purpose, consideration of the
company’s fulfillment of conceptual framework objective will be assessed. This will be
followed by its recognition criteria and fundamental and enhancing guidelines.
2
BHP Billiton
Contents
Introduction...........................................................................................................................................3
Consideration of objective of the conceptual framework.....................................................................4
Recognition criteria...............................................................................................................................5
Recognition of revenue.........................................................................................................................5
Taxation.................................................................................................................................................5
Trade receivables..................................................................................................................................6
Plant, property, and equipment............................................................................................................6
Goodwill and other intangibles.............................................................................................................6
Closure and rehabilitation.....................................................................................................................6
Fundamental and enhancing guidelines................................................................................................7
Recommendation..................................................................................................................................9
Conclusion...........................................................................................................................................10
References...........................................................................................................................................11
3
Contents
Introduction...........................................................................................................................................3
Consideration of objective of the conceptual framework.....................................................................4
Recognition criteria...............................................................................................................................5
Recognition of revenue.........................................................................................................................5
Taxation.................................................................................................................................................5
Trade receivables..................................................................................................................................6
Plant, property, and equipment............................................................................................................6
Goodwill and other intangibles.............................................................................................................6
Closure and rehabilitation.....................................................................................................................6
Fundamental and enhancing guidelines................................................................................................7
Recommendation..................................................................................................................................9
Conclusion...........................................................................................................................................10
References...........................................................................................................................................11
3
BHP Billiton
Introduction
In the modern corporate environment, there are several complexities in the financial
transactions that occur on daily basis, and that necessitates fulfillment of conceptual
framework obligations of accounting. The reason behind this ideology can be attributed to the
fact that conceptual framework obligations allow an organization enhance its fundamental
and enhancing qualitative characteristics like materiality, relevance, reliability, faithful
representation, etc of financial reporting, thereby assisting both users and preparers in making
effective decisions for future developments (BHP Billiton, 2017). Furthermore, in the
absence of a conceptual framework of accounting, interpretation of financial information will
become difficult for the users and they may fail in making proper decisions based on such
information, thereby creating a topsy-turvy scenario for the entire organization (Carmichael
& Graham, 2012). With the help of this report, the effectiveness of BHP Billiton in fulfilling
the obligations of the conceptual framework of accounting will be analyzed taking into
consideration its recognition criteria, fundamental and enhancing guidelines, and
consideration of objectives of conceptual framework.
4
Introduction
In the modern corporate environment, there are several complexities in the financial
transactions that occur on daily basis, and that necessitates fulfillment of conceptual
framework obligations of accounting. The reason behind this ideology can be attributed to the
fact that conceptual framework obligations allow an organization enhance its fundamental
and enhancing qualitative characteristics like materiality, relevance, reliability, faithful
representation, etc of financial reporting, thereby assisting both users and preparers in making
effective decisions for future developments (BHP Billiton, 2017). Furthermore, in the
absence of a conceptual framework of accounting, interpretation of financial information will
become difficult for the users and they may fail in making proper decisions based on such
information, thereby creating a topsy-turvy scenario for the entire organization (Carmichael
& Graham, 2012). With the help of this report, the effectiveness of BHP Billiton in fulfilling
the obligations of the conceptual framework of accounting will be analyzed taking into
consideration its recognition criteria, fundamental and enhancing guidelines, and
consideration of objectives of conceptual framework.
4
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BHP Billiton
Consideration of objective of the conceptual framework
BHP Billiton has efficiently considered the objective of conceptual framework by disclosing
relevant financial information to the stakeholders and other shareholders in order to assist
them in understanding and interpreting such information prepared in accordance with the
IFRS standards. Besides, the company has also explained its underlying performance through
disclosure of alternate performance measures. Moreover, the company has also excluded
certain details from its financial statements to the extent offered by Australian Law and the
United Kingdom. The reason behind this can be attributed to the fact that any such matter that
is associated with impending developments and matters in the negotiation course can cause
serious harm to the prejudicial interests of the company (Peirson et. al, 2015). Nevertheless,
this is because such disclosure can be misleading owing to the fact that it is preliminary or
premature in nature, associated to commercially sensitive contracts, may undermine
confidentiality between the clients or suppliers and the company, or may otherwise
unreasonably spoil the entire business (Freeman & Alexander, 2013). Overall, the
information categories excluded from the annual report of BHP Billiton Group comprises of
forward-looking projections and estimates prepared for the management of internal purposes,
information associated with the projects and assets of the company that is susceptible and
developing to change, and details related to pricing modules and commercial contracts
(Caradonna, 2014). All these inclusions and exclusions in the financial statements of the
Group clearly shed light on the fact that BHP has effectively considered the ideology of
proper disclosure strategies that can, in turn, assist its stakeholders in their decision-making
processes.
With respect to the corporate governance affairs, BHP Billiton Group has been committed to
highest standards of corporate governance by undertaking its business based on the ASX
recommendations listed in the third edition of the ASX (Australian Stock Exchange)
Corporate Governance Principles and Recommendations. In addition to this, BHP Billiton
has also furnished their reports in accordance with the UK Corporate Governance Code that
also comprises of the Turnbull Guidance. Furthermore, in order to consider the objectives of
the conceptual framework of accounting, the Group has offered material information in
relation to its investments in low-emission technologies for reducing fossil fuel emissions
(Deegan, 2011). With the provision of such material information, the stakeholders can be
easily guided on whether to invest their funds into the company or get associated with the
5
Consideration of objective of the conceptual framework
BHP Billiton has efficiently considered the objective of conceptual framework by disclosing
relevant financial information to the stakeholders and other shareholders in order to assist
them in understanding and interpreting such information prepared in accordance with the
IFRS standards. Besides, the company has also explained its underlying performance through
disclosure of alternate performance measures. Moreover, the company has also excluded
certain details from its financial statements to the extent offered by Australian Law and the
United Kingdom. The reason behind this can be attributed to the fact that any such matter that
is associated with impending developments and matters in the negotiation course can cause
serious harm to the prejudicial interests of the company (Peirson et. al, 2015). Nevertheless,
this is because such disclosure can be misleading owing to the fact that it is preliminary or
premature in nature, associated to commercially sensitive contracts, may undermine
confidentiality between the clients or suppliers and the company, or may otherwise
unreasonably spoil the entire business (Freeman & Alexander, 2013). Overall, the
information categories excluded from the annual report of BHP Billiton Group comprises of
forward-looking projections and estimates prepared for the management of internal purposes,
information associated with the projects and assets of the company that is susceptible and
developing to change, and details related to pricing modules and commercial contracts
(Caradonna, 2014). All these inclusions and exclusions in the financial statements of the
Group clearly shed light on the fact that BHP has effectively considered the ideology of
proper disclosure strategies that can, in turn, assist its stakeholders in their decision-making
processes.
With respect to the corporate governance affairs, BHP Billiton Group has been committed to
highest standards of corporate governance by undertaking its business based on the ASX
recommendations listed in the third edition of the ASX (Australian Stock Exchange)
Corporate Governance Principles and Recommendations. In addition to this, BHP Billiton
has also furnished their reports in accordance with the UK Corporate Governance Code that
also comprises of the Turnbull Guidance. Furthermore, in order to consider the objectives of
the conceptual framework of accounting, the Group has offered material information in
relation to its investments in low-emission technologies for reducing fossil fuel emissions
(Deegan, 2011). With the provision of such material information, the stakeholders can be
easily guided on whether to invest their funds into the company or get associated with the
5
BHP Billiton
company in any scenario. Overall, every type of information that is required by stakeholders
for addressing their decision-making process is appropriately taken into account by BHP
Billiton and the reason behind this fact can be attributed to the company’s prior significance
towards materiality segments (BHP Billiton, 2017). Hence, the business model of BHP
Group has assisted it in disclosing every type of information that is required to the
stakeholders and for such purpose, the company has not shown any negligence.
Recognition criteria
The accounting policies of the company have been prepared in accordance with the IASB,
AASB, AAS, IFRS, and requirements of Corporations Act 2001 that has facilitated in
enhancing the meaningfulness of its financial information. Furthermore, for the purpose of
corporate governance, the company has adhered to the UK Corporate Governance Code for
enhancing its recognition criteria as a whole (BHP Billiton, 2017).
Recognition of revenue
The company’s revenue is measured at the fair value of the obtained consideration. In
association with the sale of goods, revenue is recognized when the rewards and risks of goods
ownership have been passed to the buyer in accordance with agreed delivery terms. Further,
in relation to provisionally priced sales, revenue is recognized at the expected fair value of
receivable consideration in relation to contractual or/and forward price and ascertained
hydrocarbon or mineral specifications (BHP Billiton, 2017). Overall, the income of the
6
company in any scenario. Overall, every type of information that is required by stakeholders
for addressing their decision-making process is appropriately taken into account by BHP
Billiton and the reason behind this fact can be attributed to the company’s prior significance
towards materiality segments (BHP Billiton, 2017). Hence, the business model of BHP
Group has assisted it in disclosing every type of information that is required to the
stakeholders and for such purpose, the company has not shown any negligence.
Recognition criteria
The accounting policies of the company have been prepared in accordance with the IASB,
AASB, AAS, IFRS, and requirements of Corporations Act 2001 that has facilitated in
enhancing the meaningfulness of its financial information. Furthermore, for the purpose of
corporate governance, the company has adhered to the UK Corporate Governance Code for
enhancing its recognition criteria as a whole (BHP Billiton, 2017).
Recognition of revenue
The company’s revenue is measured at the fair value of the obtained consideration. In
association with the sale of goods, revenue is recognized when the rewards and risks of goods
ownership have been passed to the buyer in accordance with agreed delivery terms. Further,
in relation to provisionally priced sales, revenue is recognized at the expected fair value of
receivable consideration in relation to contractual or/and forward price and ascertained
hydrocarbon or mineral specifications (BHP Billiton, 2017). Overall, the income of the
6
BHP Billiton
Group is recognized when it becomes feasible that the financial benefits related to a
transaction will flow to it and they can be measured effectively or reliably. Moreover,
dividends are recognized upon their declaration (Parrino et. al, 2012).
Taxation
Taxation on the loss or profit for the year consists of deferred and current tax. Moreover,
taxation of the company is recognized in the income statement except to the level that it is
associated with the items recognized directly in equity wherein the tax effect is also identified
in equity (BHP Billiton, 2017). Furthermore, recognition of deferred tax assets are done to
level that it is feasible that future tax revenues will be prevalent in contrast to the utilization
of temporary differences.
Trade receivables
The Group’s trade receivables happens at the fair value (initially) and later on at an
amortized cost with effective method of interest deducted from the allowance for an
impairment (BHP Billiton, 2017).
7
Group is recognized when it becomes feasible that the financial benefits related to a
transaction will flow to it and they can be measured effectively or reliably. Moreover,
dividends are recognized upon their declaration (Parrino et. al, 2012).
Taxation
Taxation on the loss or profit for the year consists of deferred and current tax. Moreover,
taxation of the company is recognized in the income statement except to the level that it is
associated with the items recognized directly in equity wherein the tax effect is also identified
in equity (BHP Billiton, 2017). Furthermore, recognition of deferred tax assets are done to
level that it is feasible that future tax revenues will be prevalent in contrast to the utilization
of temporary differences.
Trade receivables
The Group’s trade receivables happens at the fair value (initially) and later on at an
amortized cost with effective method of interest deducted from the allowance for an
impairment (BHP Billiton, 2017).
7
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BHP Billiton
Plant, property, and equipment
The Group’s PPE is recorded at cost minus impairment charges and accumulated depreciation
(BHP Billiton, 2017). Cost can be defined as the consideration fair value needed to procure
the asset at the date of acquisition or the period of construction and contains direct expenses
of bringing such asset to the desired position needed for operation and expected future
expenses of rehabilitation and closure of the facility.
Goodwill and other intangibles
Where the payment for the consideration of the fair value of an acquisition exceeds the fair
value of recognizable assets, liabilities, and acquired contingent liabilities, the difference is
regarded as goodwill. Further, where consideration is less than the fair value of procured total
assets, the difference is identified immediately in the company’s statement of income. Such
goodwill is not amortized and is measured at cost minus impairment losses (Needles &
Powers, 2013). Moreover, in relation to other intangibles, the amounts of same are capitalized
8
Plant, property, and equipment
The Group’s PPE is recorded at cost minus impairment charges and accumulated depreciation
(BHP Billiton, 2017). Cost can be defined as the consideration fair value needed to procure
the asset at the date of acquisition or the period of construction and contains direct expenses
of bringing such asset to the desired position needed for operation and expected future
expenses of rehabilitation and closure of the facility.
Goodwill and other intangibles
Where the payment for the consideration of the fair value of an acquisition exceeds the fair
value of recognizable assets, liabilities, and acquired contingent liabilities, the difference is
regarded as goodwill. Further, where consideration is less than the fair value of procured total
assets, the difference is identified immediately in the company’s statement of income. Such
goodwill is not amortized and is measured at cost minus impairment losses (Needles &
Powers, 2013). Moreover, in relation to other intangibles, the amounts of same are capitalized
8
BHP Billiton
for the procurement of recognizable intangibles like licenses, software, and initial payments
for procurement of mineral lease assets wherein it is regarded that the same will assist in
contributing to future tenures through the generation of revenue or reduction in expenses as a
whole (BHP Billiton, 2017).
Closure and rehabilitation
The Group’s provisions for rehabilitation and closure are recognized when the amount can be
estimated reliably, when it pursues a constructive or legal obligation as an outcome of the
events that happened in the past and when it is more feasible the resources outflow is
essential to cover the obligations (BHP Billiton, 2017).
9
for the procurement of recognizable intangibles like licenses, software, and initial payments
for procurement of mineral lease assets wherein it is regarded that the same will assist in
contributing to future tenures through the generation of revenue or reduction in expenses as a
whole (BHP Billiton, 2017).
Closure and rehabilitation
The Group’s provisions for rehabilitation and closure are recognized when the amount can be
estimated reliably, when it pursues a constructive or legal obligation as an outcome of the
events that happened in the past and when it is more feasible the resources outflow is
essential to cover the obligations (BHP Billiton, 2017).
9
BHP Billiton
Fundamental and enhancing guidelines
In relation to the effectiveness of BHP’s obligations in fulfilling the requirements of
conceptual framework, it can be seen that the company has various fundamental and
enhancing guidelines contained within the operations enabling it to sustain a competitive
advantage in the market and provide accurate and adequate information to the stakeholders
for enhancements of their decision-making process. The company’s guidelines for the
independence rules and regulations of the directors allow it to comply with the faithful
representation qualitative characteristic of the conceptual framework because the directors’
independence is guided by fulfillment of rules like UK rules, US rules, and Australia rules.
Moreover, these directors are also bound to reflect an authentic view of the financial
statements of the company by complying with the requirements of Corporations Act 2001
(Davies & Crawford, 2012). In addition, the company also has a guideline that allows it set
reporting processes and controls for the purpose of the release of significant information to
the stakeholders. In relation to this, BHP is committed towards highest disclosure standards
by signalling that all potential investors contains a link to relevant, proper information in a
timely and accessible way for the purpose of making informed decisions (BHP Billiton,
2017). With the help or prevalence of such fundamental guideline within the Group’s
framework, qualitative characteristics of the conceptual framework like relevance, reliability,
and timeliness are also easily taken into consideration, thereby facilitating in enhancing the
meaningfulness of financial information present in the statements (Hemmer & Labro, 2008).
Another significant and enhancing guideline within the Group is the adherence to JORC
Code (Joint Ore Reserves Committee). With the help of such guideline, the company ensures
both external and internal users regarding its effectiveness of operations. This guideline is for
public reporting in relation to mineral resources, reserves of ore, and exploration results in
Australia that is accurately fulfilled by the Group and that can allow stakeholders rely upon
the same for making effective decisions (BHP Billiton, 2017). In addition, the Group also has
a risk management guideline within its affairs that allows it in managing and identifying
opportunities and risks for creating long-term value for the shareholders. Moreover, the
presence of internal control functions for mitigating the effects of risk allows BHP to comply
with the legal requirements and internal guidelines (Levine & Prietula, 2013). Such control
function can provide an opportunity to the Group in reducing the possibilities of risks and
further surveillance of overall processes (Brigham & Daves, 2012). These guidelines have not
10
Fundamental and enhancing guidelines
In relation to the effectiveness of BHP’s obligations in fulfilling the requirements of
conceptual framework, it can be seen that the company has various fundamental and
enhancing guidelines contained within the operations enabling it to sustain a competitive
advantage in the market and provide accurate and adequate information to the stakeholders
for enhancements of their decision-making process. The company’s guidelines for the
independence rules and regulations of the directors allow it to comply with the faithful
representation qualitative characteristic of the conceptual framework because the directors’
independence is guided by fulfillment of rules like UK rules, US rules, and Australia rules.
Moreover, these directors are also bound to reflect an authentic view of the financial
statements of the company by complying with the requirements of Corporations Act 2001
(Davies & Crawford, 2012). In addition, the company also has a guideline that allows it set
reporting processes and controls for the purpose of the release of significant information to
the stakeholders. In relation to this, BHP is committed towards highest disclosure standards
by signalling that all potential investors contains a link to relevant, proper information in a
timely and accessible way for the purpose of making informed decisions (BHP Billiton,
2017). With the help or prevalence of such fundamental guideline within the Group’s
framework, qualitative characteristics of the conceptual framework like relevance, reliability,
and timeliness are also easily taken into consideration, thereby facilitating in enhancing the
meaningfulness of financial information present in the statements (Hemmer & Labro, 2008).
Another significant and enhancing guideline within the Group is the adherence to JORC
Code (Joint Ore Reserves Committee). With the help of such guideline, the company ensures
both external and internal users regarding its effectiveness of operations. This guideline is for
public reporting in relation to mineral resources, reserves of ore, and exploration results in
Australia that is accurately fulfilled by the Group and that can allow stakeholders rely upon
the same for making effective decisions (BHP Billiton, 2017). In addition, the Group also has
a risk management guideline within its affairs that allows it in managing and identifying
opportunities and risks for creating long-term value for the shareholders. Moreover, the
presence of internal control functions for mitigating the effects of risk allows BHP to comply
with the legal requirements and internal guidelines (Levine & Prietula, 2013). Such control
function can provide an opportunity to the Group in reducing the possibilities of risks and
further surveillance of overall processes (Brigham & Daves, 2012). These guidelines have not
10
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BHP Billiton
only assisted the company in fulfilling its disclosure requirements but have also catered to the
obligations of the conceptual framework of accounting (Siraj et. al, 2011).
11
only assisted the company in fulfilling its disclosure requirements but have also catered to the
obligations of the conceptual framework of accounting (Siraj et. al, 2011).
11
BHP Billiton
Recommendation
After a critical assessment of the financial statement of BHP Billiton, it is observable that the
company’s disclosures are of relevant nature and this is the reason why stakeholders have
been able to make proper decisions based on the same. However, it is recommended to the
company that only key financial and non-financial performance methods be disclosed to the
users (Douma & Hein, 2013). This means that information that is not relevant in nature must
be discarded. Further, the discussion be spread to the matter that the provision of non-
significant information may only create troubles and complications for the users in making
informed decisions, thereby spoiling the overall significance of conceptual framework of
accounting.
12
Recommendation
After a critical assessment of the financial statement of BHP Billiton, it is observable that the
company’s disclosures are of relevant nature and this is the reason why stakeholders have
been able to make proper decisions based on the same. However, it is recommended to the
company that only key financial and non-financial performance methods be disclosed to the
users (Douma & Hein, 2013). This means that information that is not relevant in nature must
be discarded. Further, the discussion be spread to the matter that the provision of non-
significant information may only create troubles and complications for the users in making
informed decisions, thereby spoiling the overall significance of conceptual framework of
accounting.
12
BHP Billiton
Conclusion
Based on the previously mentioned report, it can be stated that consideration of objectives of
the conceptual framework is highly needed in the modern scenario because it assists in
enhancing the truthfulness and meaningfulness of financial information. Moreover, in relation
to BHP Billiton, compliance with requirements of the conceptual framework have been
accurately done through the disclosure strategies that must be very useful to the users in
making proper decisions. Nevertheless, this also sheds light on the fact that fulfilling the
obligations of the conceptual framework of accounting can assist an organization attains the
fundamental and enhancing qualitative characteristics like materiality, faithful representation,
relevance, reliability, comparability, understandability, timeliness, etc. Therefore, BHP’s
effectiveness of fulfilling the obligations of the conceptual framework can allow it to enjoy a
good reputation in the market.
13
Conclusion
Based on the previously mentioned report, it can be stated that consideration of objectives of
the conceptual framework is highly needed in the modern scenario because it assists in
enhancing the truthfulness and meaningfulness of financial information. Moreover, in relation
to BHP Billiton, compliance with requirements of the conceptual framework have been
accurately done through the disclosure strategies that must be very useful to the users in
making proper decisions. Nevertheless, this also sheds light on the fact that fulfilling the
obligations of the conceptual framework of accounting can assist an organization attains the
fundamental and enhancing qualitative characteristics like materiality, faithful representation,
relevance, reliability, comparability, understandability, timeliness, etc. Therefore, BHP’s
effectiveness of fulfilling the obligations of the conceptual framework can allow it to enjoy a
good reputation in the market.
13
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BHP Billiton
References
Brigham, E. and Daves, P. 2012. Intermediate Financial Management. USA: Cengage
Learning.
Caradonna, J. L., 2014. Sustainability: A History. Oxford University Press
Carmichael, D.R. and Graham, L. 2012. Accountants Handbook. Financial Accounting and
General Topics, John Wiley & Sons.
Davies, T. and Crawford, I. 2012. Financial accounting. Harlow, England: Pearson.
Deegan, C. M. 2011. In Financial accounting theory. North Ryde, N.S.W: McGraw-Hill
Douma, S. and Hein, S. 2013. Economic Approaches to Organizations. London
Freeman, E. and Alexander, M. 2013. Stakeholder management and CSR: questions and
answers. Oxford Press
Hemmer, T. and Labro, E 2008. On the optimal relation between the properties of
managerial and financial reporting systems. Journal of Accounting Research, 46, pp. 1209–
1240. Available through: https://www.scopus.com/record/display.uri?eid=2-s2.0-
54249141091&origin=inward&txGid=85d117d174c0e27c36a27eeee1be7d6b [Accessed 18
April 2018]
BHP Billiton 2017. BHP Billiton annual report and accounts. [online]. Available at <
https://www.bhp.com/investor-centre/annual-reporting-2017> [Accessed 17 April 2018]
Levine, S. S., and Prietula, M. J 2013. Open Collaboration for Innovation: Principles and
Performance. Organization Science, Harvard Press
Needles, B.E., and Powers, M. 2013. Principles of Financial Accounting. Financial
Accounting Series: Cengage Learning.
Parrino, R., Kidwell, D. and Bates, T. 2012. Fundamentals of corporate finance. Hoboken,
NJ: Wiley
Peirson, G, Brown, R., Easton, S, Howard, P. and Pinder, S. 2015. Business Finance. 12th
ed. North Ryde: McGraw-Hill Australia.
Siraj, S., Mikhailov, L., and Keane, J. A 2011. Priests: an interactive decision support tool to
estimate priorities from pairwise comparison judgments. International Transactions in
Operational Research, 12(4), pp. 45-61
14
References
Brigham, E. and Daves, P. 2012. Intermediate Financial Management. USA: Cengage
Learning.
Caradonna, J. L., 2014. Sustainability: A History. Oxford University Press
Carmichael, D.R. and Graham, L. 2012. Accountants Handbook. Financial Accounting and
General Topics, John Wiley & Sons.
Davies, T. and Crawford, I. 2012. Financial accounting. Harlow, England: Pearson.
Deegan, C. M. 2011. In Financial accounting theory. North Ryde, N.S.W: McGraw-Hill
Douma, S. and Hein, S. 2013. Economic Approaches to Organizations. London
Freeman, E. and Alexander, M. 2013. Stakeholder management and CSR: questions and
answers. Oxford Press
Hemmer, T. and Labro, E 2008. On the optimal relation between the properties of
managerial and financial reporting systems. Journal of Accounting Research, 46, pp. 1209–
1240. Available through: https://www.scopus.com/record/display.uri?eid=2-s2.0-
54249141091&origin=inward&txGid=85d117d174c0e27c36a27eeee1be7d6b [Accessed 18
April 2018]
BHP Billiton 2017. BHP Billiton annual report and accounts. [online]. Available at <
https://www.bhp.com/investor-centre/annual-reporting-2017> [Accessed 17 April 2018]
Levine, S. S., and Prietula, M. J 2013. Open Collaboration for Innovation: Principles and
Performance. Organization Science, Harvard Press
Needles, B.E., and Powers, M. 2013. Principles of Financial Accounting. Financial
Accounting Series: Cengage Learning.
Parrino, R., Kidwell, D. and Bates, T. 2012. Fundamentals of corporate finance. Hoboken,
NJ: Wiley
Peirson, G, Brown, R., Easton, S, Howard, P. and Pinder, S. 2015. Business Finance. 12th
ed. North Ryde: McGraw-Hill Australia.
Siraj, S., Mikhailov, L., and Keane, J. A 2011. Priests: an interactive decision support tool to
estimate priorities from pairwise comparison judgments. International Transactions in
Operational Research, 12(4), pp. 45-61
14
BHP Billiton
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