Compliance of Computershare Limited with AASB Conceptual Framework

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name of the Student
Name of the University
Author’s Note

1CONTEMPORARY ISSUES IN ACCOUNTING
Abstract
This report tests the compliance of Computershare Limited with the AASB conceptual
framework. The analysis and evaluation part of the report shows that Computershare Limited
follows all the requirements of AASB conceptual framework.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Conceptual Framework Objectives..................................................................................................3
Target Audience...............................................................................................................................8
Recognition Criteria.........................................................................................................................8
Fundamental Qualitative Characteristics.......................................................................................12
Enhancing Qualitative Characteristics...........................................................................................14
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
The main aim of this report is to conduct an analysis and evaluation on different elements
and requirement of the accounting conceptual framework. In Australia, the Australian
Accounting Standard Board (AASB) has introduced a conceptual framework containing all the
necessary standards and principles of financial accounting with the help of International
Accounting Standard Board (IASB) (Conceptual Framework for Financial Reporting, 2018). It is
the responsibility of the Australian Security Exchange (ASX) listed business entities to follow
these standards and principles in their financial accounting process in order to avoid the
accounting issues. For the completion of this report, Computershare Limited is taken into
consideration. Founded in the year of 1978, Computershare Limited is a technological company
of Melbourne. One major reason of selecting this company is its inclusion in the ASX (Our
Story, 2018).
Conceptual Framework Objectives
The main aim of the introduction of conceptual framework is to make the companies
comply with its standards and principles. In this process, the AASB conceptual framework has
three major objectives. They are stated following:
1. The first objective is to provide the user with the necessary information about the
economic resources of the business entities so that they can determine the financial
position of those companies (Newberry, 2015).