Contemporary Issues in Accounting

RUNNING HEAD: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name of the University:
Name of the Student:
Authors Note:

1CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary
Based on the discussion, it can be gathered that for financial reporting to be effective following
conceptual framework is vital for the business companies. The annual report of this company is
evaluated for the year 2018 for observing its compliance with the requirements of the new
financial reporting conceptual framework. The annual report of Evolution Mining Limit has
certain important information regarding adherence with several elements of the conceptual
framework.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Complying with the Conceptual Framework Requirements...........................................................3
Addressing the Recognition Criteria of Conceptual Framework....................................................7
Assets...........................................................................................................................................7
Liabilities.....................................................................................................................................7
Equity...........................................................................................................................................8
Revenue.......................................................................................................................................8
Expenses......................................................................................................................................8
Satisfaction of Qualitative Characteristics of Conceptual Framework............................................9
Relevance.....................................................................................................................................9
Comparability..............................................................................................................................9
Faithful Representation................................................................................................................9
Timeliness..................................................................................................................................10
Understadability.........................................................................................................................10
Verifiability................................................................................................................................10
Conclusion.....................................................................................................................................10
References......................................................................................................................................12

3CONTEMPORARY ISSUES IN ACCOUNTING