CONTEMPORARY ISSUES IN ACCOUNTING.

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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1CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary
The report focuses on the aspect of the general purpose financial reporting in the ASL
limited. It further discusses the measurement as well as recognition requirements of the
company. The requirement and the objective of the general purpose of financial reporting is
discussed in the report.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction:...............................................................................................................................3
Measurement Requirement........................................................................................................3
Fundamental qualitative characteristics:....................................................................................6
Enhancing the qualitative characteristics:..................................................................................7
Use of General Purpose Financial Reports (GPFR):..................................................................9
Knowledge necessary for analysing the General Purpose Financial Reports:.........................12
Requirements of the purpose of General Financial Reporting.................................................12
Conclusion................................................................................................................................12
References................................................................................................................................14

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction:
The aim of the assignment deals with the development of the financial statement in
order to provide the key stakeholders of the company with further financial information for
the purpose of decision making. While preparing the financial statement, the company
follows the generally accepted accounting principle with the required financial reporting
standards for the purpose of avoiding the financial issues. In Australia it is required to follow
the guidelines as per the ASX listed companies as per the financial reporting standard of the
Australian Accounting Standard Board (AASB) for the presentation and preparation of the
general financial reports. At the same time it is required for this kind of companies to follow
the rules and regulations complied as per the conceptual framework of AASB and the
International Financial Reporting Standards (IFRS). Further the report focuses on the analysis
of the different aspects of the ALS limited for the purpose of financial reporting.
Measurement Requirement
The AASB puts obligation on the ASX listed companies complied with the
recognition requirements as per the conceptual framework associated with the financial
statement of the company. As per the framework associated with the AASB, the companies
needs to adopt the necessary measurement which are the Historical cost and the Current
Value. The chosen measurement bases are the fair value and the Value in use
(Alsglobal.com., 2019).
In addition to such obligation on the companies which is based on the recognition
criteria provided as per the AASB Conceptual Framework in order to understand the
performance of the balance sheet and the income statement of the company (Barr and
McClellan 2018). The economic benefits associated with the future prospects are analyzed
with the financial items from the perspective of the business. The value of the cost is