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Contemporary Issues in Accounting Study

   

Added on  2020-04-15

19 Pages2625 Words113 Views
Running head: CONTEMPORARY ISSUES IN ACCOUNTINGContemporary Issues in AccountingUniversity NameStudent NameAuthors’ Note

2CONTEMPORARY ISSUES IN ACCOUNTINGAbstractThe present study evaluates the present-day issues in the area of accounting that indicatestowards exploration of diverse difficult notions of accounting along with well as stratagemsand comprehending a wide range of issues with special orientation to the functionalities ofQantas Airways. Again, this study also aims to present an investigative perceptive ofefficiency of Qantas Airways to meet the obligations of the conceptual framework-CF ofAustralian Accounting Standards Board. Thus, the study takes into account analysis ofspecific objectives of the CF, criteria for identification of accounting items in financialreports and examines fundamental along with enhancing characteristics of the strategy.

3CONTEMPORARY ISSUES IN ACCOUNTINGTable of ContentsIntroduction................................................................................................................................3Analysis of satisfaction of the objectives of the conceptual framework....................................4Examination as regards meeting recognition criteria in the financial report.............................5Analysis of financial reports as regards relevance as well as faithful representation................7Critical analysis of fundamental qualitative enhancing features of financial report..................7Analytical evaluation of enhancing qualitative characteristic of financial report......................8Conclusion................................................................................................................................10References................................................................................................................................11

4CONTEMPORARY ISSUES IN ACCOUNTINGIntroduction The present study presents a thorough illustration of diverse systems and methods ofaccounting that can subsequently help in the process of, monitoring, examining, controllingas well as directing business functions with special orientation to the operations of thebusiness concern Qantas Airways. In essence, Qantas Airways can be considered as thelargest airline of Australia when considered from the perspective of the fleet size,international flights as well as worldwide destinations. Qantas Airways is the flag carrier ofAustralia that necessarily possesses the overall share of approximately 65% of the domesticmarket particularly in Australia and carries around 14.9% of passengers drifting both to andfro from Australia. Essentially, the current study intends to a present analytical findings of diverse notions ofdimensions that can help in pointing out the requirements of analysing the compliancetowards diverse regulations and objectives of conceptual framework, analysis of extent ofmeeting the requirements of recognition criteria in the financial reports of Qantas, analysis offundamental qualitative and enhancing facets of financial reports. Analysis of satisfaction of the objectives of the conceptual frameworkThe conceptual framework necessarily refers to the intentions along with the principles ofparticularly general purpose financial reporting. As such, the conceptual framework is aneffective instrument that can help the board of the corporation in developing financialstandards based on themes and notions (Gelmini et al. 2015). Essentially, the conceptualframework can help preparers of general purpose financial reports to design effective and atonce reliable stratagems of accounting whilst financial standard can approve the process ofadoption of specific accounting scheme.

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