Contemporary Issues in Accounting: TPG Telecom Limited

Running Head: CONTEMPORARY ISSUES IN ACCOUNTING
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Project Report: CONTEMPORARY ISSUES IN ACCOUNTING

CONTEMPORARY ISSUES IN ACCOUNTING
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Executive summary
This report mainly focuses on the conceptual framework, accounting guidelines and
policies which are required to prepare and present the financial reports.
TPG telecom Limited’s annual 2018 report has been analysed to assess whether TPG
has complied with conceptual framework, accounting guidelines and policies. According to
this study, it has been concluded that TPG has complied with Conceptual Framework
requirements and Australia Accounting standards because all the guidelines and standards
have been followed by the company.
The annual reports of TPG is relevant, easy to understand and are quite helpful and
useful for potential investors/ existing shareholders, lenders to evaluate its performance and
reach over a conclusion for their investment / financing decision. However, the following can
be improved through improving the presentation and detailed description of financial notes.
Overall TPG telecom’s annual report explains that TPG has complied with Conceptual
Framework.

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Contents
Introduction.......................................................................................................................4
Company overview...........................................................................................................4
Compliance of conceptual framework..............................................................................4
Fundamental qualitative characteristic’s compliances.....................................................8
Enhancing qualitative characteristics’ compliances.........................................................9
Financial statement evaluation.......................................................................................11
Accounting knowledge evaluation.................................................................................12
GPRS requirement..........................................................................................................12
Conclusion......................................................................................................................13
References.......................................................................................................................14

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Introduction:
Conceptual framework is a set of accounting fundamental and objectives which has
been developed by the IASB. the main objectives of conceptual framework is to ensure he
uniformity among the annual reports worldwide so that the users cannot be manipulated. It is
required for each of the businesses to adopt conceptual framework guidelines and policies to
prepare the accounting reports and present the accounting reports to the internal and external
stakeholders of the business. This report focuses on the GPRS guidelines, conceptual
framework, and fundamental and enhancing characteristics, accounting knowledge evaluation
etc. “TPG telecom limited” company’s annual report has been studied for this report.
Company overview:
TPG telecom limited is an Australian company which works under the
telecommunication and IT industry of Australia. The company specializes in the consumer
and business internet services. Along with that, the company also offers the mobile services
to its Australian customers. Company has been founded in the year of 1986. The company
serves the operations in the market of Australia, New Zealand and Singapore. TPG is the
second largest internet services providing companies in the Australian market (Home, 2019).
Along with that, it is also the largest mobile virtual network operator.
Compliance of conceptual framework:
Conceptual framework is a process of accounting which is basically defined as an
objective or ides about the standards and accounting policies. It offers the idea to the users
about accounting book preparations. The conceptual framework provides better guidelines
and policies to the accountants and auditors of an organization. This conceptual framework
offers the same bases to each of the organization to prepare the financial statement which
makes it easier for the stakeholders to understand and compare the annual report of different
organizations in order to make better decisions (Deegan, 2014).
In case of TPG telecom limited, annual report of the company has been prepared
along with policies and compliances by the accountant and auditors of the company. Proper
conceptual framework guidelines have been followed by the company through following the
IFRS guidleines. The standards, guidelines etc depicts that proper collection, recording,
identifying and measuring the financial performance of the company. IFRS rules and AASB