Contemporary Issues in Accounting

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary
The study’s main objective has been discerned with the evaluation of conceptual framework
required for Cochlear Limited. The report has shown whether the concern has adhered to the
recognition for “assets, liabilities, equities, expenses and revenues”. The next section of the
learning has been able to discuss acquiescence of the company for “assets, liabilities, equities,
expenses and revenues”. It has been further able to discuss on the different aspect of the study
which is related to the qualitative characteristics depicted in the annual report. This is seen with
the several types of the depictions which are related to the reliability and faithfulness in
description of the financial events. The findings have revealed that the company has complied
with “Australian Accounting Standards (AASBs)” followed by “Australian Accounting
Standards Board and the Corporations Act 2001”. The revenue, assets and the expenses has been
based on recognition of the net GST amount. The impairment asset is further seen with annual
consideration. The fair measurement of the derivative instrument is considered with selling of the
investments. The characteristics of financial reporting is discerned with use of graphical
representation of data.

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CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Adherence to the objectives of the conceptual framework with its reporting.................................3
Adherence with the recognition criteria for reporting Assets, Liabilities, Equity, Revenue and
Expenses..........................................................................................................................................4
Adherence with the qualitative enhancing characteristics of financial reporting............................5
Adherence with enhancing characteristics of financial reporting....................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................8
List of Appendix............................................................................................................................10

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CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
“Cochlear Limited” was formed in 1981 with taking the finance from Australian
Government and to commercialise the implants based on pioneering done by Dr Graeme Clark.
At present the company is seen to hold more than two third of the worldwide hearing implant.
Company has been further seen to consider more than 250,000 people receiving one of
Cochlear's implants since 1982. The company has been further seen to be given as one of the
most advanced company in 2002 and 2003.The Cochlear is considered as a medical device
which is seen to design, manufacture and supply for the Cochlear implant of the Nucleas, Baha
bone conduction implant and Hybrid electro-acoustic implant.
The main objective of the study has been seen with the evaluation of conceptual
framework required for Cochlear Limited. The report has shown whether the concern has
adhered to the recognition for “assets, liabilities, equities, expenses and revenues”. The next
section of the study has been able to discuss compliance of the company for “assets, liabilities,
equities, expenses and revenues”. It has been further able to discuss on the different aspect of the
study which is related to the qualitative characteristics depicted in the annual report. This has
been seen with the various types of the depictions which are related to the reliability and
authenticity in explanation of the financial events (Karkhanis, Mack and Franklin 2013).
Adherence to the objectives of the conceptual framework with its reporting
The adherence to the Australian framework has been discerned with the compliance with
“Australian Accounting Standards Board (AASB)”. This has been conducive in the discussion of
developing of the financial report in both private and public concerns. The main concern for the