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Contemporary Accounting Theory: Report

   

Added on  2021-02-20

18 Pages5216 Words36 Views
Leadership Management
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CONTEMPORARYACCOUNTING THEORY
Contemporary Accounting Theory: Report_1

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................2MAIN BODY...................................................................................................................................3PART A ..........................................................................................................................................3a. History and development of the Conceptual Framework for Financial Reporting in theUSA, UK, Australia under the International Accounting Standards Board (IASB)...................3b. Defining application of the International Accounting Standard Board / InternationalFinancial Reporting Standard in Conceptual Framework for Financial Reporting....................4c. Discussion regarding the advantages and the disadvantages of the conceptual framework inrespect of the financial reporting.................................................................................................5d. Case.........................................................................................................................................6(i) Statements or reports prepared as per the Conceptual Framework along with their majorcomponents.................................................................................................................................6(ii) Recognition principles and measurement bases applied for revenue, assets and liabilities..7(iii) Qualitative characteristics of information exhibit in company’s various financial reports. .....................................................................................................................................................7PART B............................................................................................................................................8a. Defining broader view of corporate social responsibility reporting in addition to reportingof corporate financial performance.............................................................................................8b. Defining strengths and limitations of the conventional accounting based on the ConceptualFramework for Financial Reporting............................................................................................9c. Applicability of the theories of sustainability as well as integrated reports..........................10d. Preparing an index of various components of an integrated report......................................11e. Comparing the contents of corporate social responsibility reporting & integrated reportingTabcorp Holdings Ltd with Curro Holdings Ltd. .....................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
Contemporary Accounting Theory: Report_2

EXECUTIVE SUMMARYWith the help of accounting standards and policies, a company can make proper and effectivefinancial statements. The report is based on the application of International Accounting standardsand procedures. The report will discuss about two companies named as Tabcorp HoldingsLimited and Curro holdings Limited. In the report, history and development related to theconceptual framework for financial reporting will be described. Also, it will discuss about theintegrated and the sustainability of the reporting with appropriate guidelines. INTRODUCTIONAccounting theory refers to the set of the assumptions, methodologies and the frameworkthat has been used for making the study. The application of the financial principles in respect ofreporting are also called as the accounting theories. Contemporary accounting theory include areview of the historical foundations relating to the practices of the accounting and the ways bywhich these practices are been changed and entered in the regulatory framework which governsthe financial reporting and the statements. Moreover, accounting theory is said to be the logicalreasoning which helps in evaluating and guiding the accounting practices. It also helps indeveloping the new practices and the procedures for the accounting. The present study is basedon the two companies one is Australian company and other is South African company named asTabcorp Holdings Limited which is engaged in the business of entertainment and gamblingacross the world. Another company is Curro holdings limited the largest private companydealing in education sector. Furthermore, the report will include the conceptual framework inrelation to the international accounting standards for the board. The study also describes theintegrated and the sustainability of the reporting with appropriate guidelines.
Contemporary Accounting Theory: Report_3

MAIN BODYPART A a. History and development of the Conceptual Framework for Financial Reporting in the USA,UK, Australia under the International Accounting Standards Board (IASB).The international Accounting standard committee has published conceptual frameworkfor financial reporting in the year 1989. The main objective behind framing of these frameworksis to provide guidance for both international as well as national standard framers related tostandard setting (Flower, 2018). This also helps in resolving issues related to accountingtransaction which is not provided by these standards as well. Development of these standard has been made because of following reasons:For providing a better framework as well as norms with the aim of framing of betteraccounting standards.For resolving all the disputes related to accounting transactions.With the aim of defining fundamental principles which are not to be repeated inaccounting standards again.The conceptual Framework is a system or concept related to meaningful ideas, thoughtsand objectives which can assist every business organisation by creating a definite as well asconsistent set of rules, standards and norms (Leuz and Wysocki, 2016). These frameworks arespecifically related to accounting and financial management system of the company. With thehelp of the set defined rules and standards in context of accounting, it lays down the nature,function, concept for Financial Reporting. It also defines the limits in case of preparation offinancial accounting and statements of the company. These Conceptual Framework sets out therelevant fundamental concepts which are considered as essential for making of the financialreporting. It also helps in providing proper guidance to the International Accounting StandardsBoard which further helps in developing International Financial Reporting Standards. With on the going amendments and development of these standards, it has also helps inensuring that standards are more conceptually framed. Also, it has emphasized that there is aproper consistency in treating of all the similar transactions in the same way, so as to provide
Contemporary Accounting Theory: Report_4

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