Contemporary Issues in Accounting: A Study on ALACER Gold Corp's Financial Reports

Running Head: Contemporary issues in accounting 1
Project Report: Contemporary issues in accounting

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Executive summary
This report focuses on the various accounting guidelines and process in order to
present the proper financial reports. The main focus has been done on ALCIER Gold corp.’s
financial statement and the annual report. The accounting process, guidelines of preparing the
accounting reports etc have been studied. The study has been done on the fact that whether
the proper policies have been followed by the company or how is it helping the stakeholders
of the company. On the basis of the study, proper guidelines have been followed by the
company in order to record and offer the fair financial information to its stakeholders.

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Contents
Introduction.......................................................................................................................4
Company overview...........................................................................................................4
Conceptual framework compliances.................................................................................4
Compliance with fundamental qualitative characteristic..................................................7
Compliance with enhancing qualitative characteristic.....................................................9
Evaluation on financial statement...................................................................................11
Evaluation over accounting knowledge..........................................................................11
General purpose financial reporting requirements.........................................................12
Conclusion......................................................................................................................12
References.......................................................................................................................13

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Introduction:
Accounting is a process which is followed by each of the public company in order to
record, identify and measure the financial performance of an organization. The accounting
reports are prepared by the organizations through adopting the various accounting guidelines
which makes it easier for the business as well as the stakeholders of the business to
understand the business and make better decision about the performance of the company
(Elad, 2016). In the report, the accounting process, guidelines of preparing the accounting
reports etc have been studied of ALACER Gold corp. The report focuses that whether the
proper policies have been followed by the company or how is it helping the stakeholders of
the company.
Company overview:
ALACER Gold corp. is one of the leading gold mining Company. It is recognized as
the low cost gold production company. 80% of the market share of the company is in Turkey
market. Currently, various projects are running and operating by the business. The main focus
of the corporation is to leverage the cornerstone copler mine and maximize the portfolio
value of the company, minimize the project risk and improve the free cash flow so that the
maximum value for the shareholders could be created (Home, 2018).
Conceptual framework compliances:
Conceptual framework could be defined as an idea or the objectives which leads to the
business towards a set of standards in order to prepare the better reports. Conceptual
framework offers the better guidelines to each of the organization imp order to make the
consistent and similar reports so that it became easier for the stakeholders of the company to
understand the annual report of the company and compare it with other competitor
organization to reach over a conclusion (Garrett, Hoitash and Prawitt, 2014).
In case of ALACER Gold corp. it has been found that the company has prepared the
annual reports through focusing on the conceptual framework. Proper accounting standards
and guidelines have been followed by the company to collect, record, identify and measure
the financial performance of the business. The company has prepared the financial statement
on the basis of the IFRS rules. Below are the few examples of accounting and financial
statement of the business which has been prepared on the basis of the conceptual guidelines: