Contemporary Accounting Theory

Running head: CONTEMPORARY ACCOUNTING THEORY
Contemporary Accounting Theory
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Author’s Note

1CONTEMPORARY ACCOUNTING THEORY
1. Executive Summary
According to the findings of the report, Kidman Resource Limited has complied with the
standards of IASB conceptual framework for financial reporting for the purpose of
measurement, recognition and valuation of other assets and liabilities. The findings of the
second part of the report shows that Kumba Iron Ore Limited has prepared and presented
their integrated report by complying with all the checklists or indexes of integrated reports.
The findings of the report also shows that the corporate social responsibility reporting of
Kumba Iron Ore Limited is more efficient than the Kidman Resources Limited’s corporate
social reporting.

2CONTEMPORARY ACCOUNTING THEORY
Table of Contents
2. Introduction............................................................................................................................3
3. Part A.....................................................................................................................................3
Requirement (a)......................................................................................................................3
Requirement (b).....................................................................................................................4
Requirement (c)......................................................................................................................5
Requirement (d).....................................................................................................................6
4. Part B......................................................................................................................................8
Requirement (a)......................................................................................................................8
Requirement (b).....................................................................................................................9
Requirement (c)....................................................................................................................10
Requirement (d)...................................................................................................................11
Requirement (e)....................................................................................................................12
5. Conclusion............................................................................................................................13
6. References............................................................................................................................14

3CONTEMPORARY ACCOUNTING THEORY
2. Introduction
The main intention of this report is to analyse and evaluate about two different
aspects; they are conceptual framework for financial reporting and integrated/sustainability
reporting. For this report, two companies are selected; they are Kidman Resources Limited
and Kumba Iron Ore Limited. Data is collected from different sources like literatures, journal
articles, annual report and integrated report of the selected companies. The report is presented
in two parts. First part provided the discussion and analysis on the conceptual framework for
financial reporting and the second part analyses about integrated/sustainability reporting.
3. Part A
Requirement (a)
The presence of a history can be seen behind the development and adoption of the
conceptual framework for financial reporting of the International Reporting Standard Board
(IASB) by the countries all around the world (van Mourik & Katsuo, 2014). It is noteworthy
to mention the fact that the IASB conceptual framework introduced same accounting
standards for the countries all over the world so that the companies can adopt and follow the
same accounting standards and this was considered as the prime reason for Australia for the
adoption of the IASB conceptual framework for financial reporting (Barker & Penman,
2017). For this reason, the Australian Accounting Standard Board (AASB) developed the
Australian version of conceptual framework by collaborating with the accounting body of
IASB. However, different aspect can be seen in case of the adoption of conceptual framework
in United States (US) (André, Filip & Paugam, 2015).
It needs to mention that US had to face major economic crisis in the year of 1934 and
this reason majorly contributed to the decision of the development of conceptual framework
for financial reporting in US. After the occurrence of this financial crisis, US Securities and