Conceptual Framework and Accounting Policies

Running Head: CONCEPTUAL FRAMEWORK AND ACCOUNTING POLICIES
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CONCEPTUAL FRAMEWORK

CONCEPTUAL FRAMEWORK AND ACCOUNTING POLICIES
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Has the company complied with the measurement requirements of the conceptual
framework?
A conceptual framework is an analytical tool, with several with several variations and contexts.
To grab an overall picture of the company the conceptual framework is necessary. The best
feature of the conceptual framework lies in the fact that they process in the real manner to
capture it for the longer duration (Australian Accounting Standards Board, 2016). Info media
Limited Company it can be said that the company has carefully as well as successfully implied
the requirements successfully. Majorly the preparation of the annual reports is done on the basis
of the set directions and rules. In order to collect the information Info media have complied with
accounting financial standards. Not only this has the company followed the guidelines of the
IFRS medium, the company has also set the some of the financial and the accounting scenarios
according to the conceptual framework (Australian Stock Exchange, 2018).
Financial statements are generally prepared taking into consideration the objectives of the
conceptual framework as well as the guidelines of the IFRS in order to provide the reports to the

CONCEPTUAL FRAMEWORK AND ACCOUNTING POLICIES
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investors, shareholders and creditors so that they can make the decisions in the most presentable
manner. This helps in analyzing the overall performance of the organization. The conceptual
framework has also been analyzed keeping in mind the external market factors of the company.
Henceforth from the entire analysis it can be stated that the company has presented the
statements in the most reliable manner and it’s quite satisfying (Australian Accounting Standards
Board, 2015).
Have they complied with the fundamental qualitative characteristics?
The financial statements of the Info Media Limited have thoroughly complied with the factors
and the characteristics of the qualitative nature. Few of the factors have been discussed below
(Australian Accounting Standards Board, 2016).
Relevance
The relevance is one of the most important critical factors in building the relationships with the
stakeholder. The annual report of the Info media helps the stakeholders to take the decisions on
the basis of the figures provided in the balance sheet as well as the income statement. At the
same time the relevant evidence must also be catered to the investors so that the decision can be
taken quickly.
Reliability
Reliability of the financial representation depends upon the recording of the financial and the
non-financial information. This is also related to the different type of the risks the company is
involved with. In case of the Info Media Limited it can be observed those new policies and the