Importance of Conceptual Accounting Framework for Developing High Quality Financial Reports

   

Added on  2023-06-13

10 Pages2340 Words214 Views
Contemporary Issues In Accounting
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Importance of Conceptual Accounting Framework for Developing High Quality Financial Reports_1
Executive Summary
This report has been undertaken to demonstrate the importance of implementing the
principles of conceptual accounting framework for developing high quality financial reports for
the entities listed on Australian Securities Exchange (ASX). The analyses of the financial reports
of Carsales. Com Ltd has depicted that it has complied with the standard framework of
conceptual accounting appropriately. The financial information is useful for the end-users to take
investment decisions as it is relevant and faithfully presented.
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Importance of Conceptual Accounting Framework for Developing High Quality Financial Reports_2
Contents
Introduction......................................................................................................................................4
General Purpose of Conceptual Framework Met by the Selected Company..................................4
Usefulness of the Financial Reports as per the Requirements of the Target Audience...................5
Fundamental Qualitative Characteristics Used by the Company in Financial Reporting...............7
Enhancing Qualitative Characteristics Used by the Company in Financial Reporting...................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11
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Importance of Conceptual Accounting Framework for Developing High Quality Financial Reports_3

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