Contemporary Issues in Accounting: A Study of Boral Limited's Compliance with AASB Conceptual Framework

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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1CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary:
Based on the evaluation of the report, it is inherent that Boral Limited has conformed
to the required guidelines and norms, as stated in the conceptual framework of AASB. The
conformance could be seen in terms of disclosure of the financial statements containing all
the useful information for assisting the users in undertaking decisions. Finally, it has been
analysed that Boral Limited has adhered to the various objectives of the conceptual
framework, criteria for recognition and qualitative characteristics depicted under the
conceptual framework of AASB.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
1. Introduction:...........................................................................................................................3
2. Objectives of general purpose financial reporting:................................................................3
3. Recognition criteria of conceptual framework:......................................................................7
4. Qualitative characteristics of conceptual framework:..........................................................12
5. Conclusion and recommendations:......................................................................................13
References:...............................................................................................................................14

3CONTEMPORARY ISSUES IN ACCOUNTING
1. Introduction:
The intention of this report is to take into account the significant conceptual
framework aspects for business organisations having headquarters in Australia. In order to fit
such intention, Boral Limited is selected as the firm, which is a multinational organisation
involved in supplying and producing construction and building materials. Despite its base in
Australia, the organisation has widespread global operations in USA and Asian nations
(Boral.com 2018). The paper would be distributed into three different segments. The primary
focal area would be to assess the objectives of general purpose financial reporting from the
perspective of Boral Limited. In addition, the second segment of the paper would assess the
compliance of the organisation with the recognition criteria related to conceptual framework.
Finally, the report would shed light on emphasising the qualitative features of conceptual
framework with respect to the financial information disclosed by Boral Limited.
2. Objectives of general purpose financial reporting:
The “Australian Accounting Standards Board (AASB)” has formulated conceptual
framework, which provides the organisations with the necessary regulations and standards in
relation to financial reporting. The organisations need to be responsible for conforming to
such standards and regulations, as set out in the conceptual framework of AASB
(Aasb.gov.au 2018). The situation could be applied for Boral Limited and the conceptual
framework of AASB has three main objectives, which would be evaluated in the following
decision:
First objective:
This conceptual framework objective states the financial reports of the organisations
need to have information, which would enable the users of the financial statements in