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Contemporary Issues in Accounting - ACCT 3003

10 Pages1414 Words188 Views
   

University of South Australia

   

Intermediate Accounting I (ACCT 3003)

   

Added on  2020-03-04

About This Document

The IASB International Accounting Standards Board (IASB) established and prepared the accounting conceptual framework for the goal of assisting firms in generating their general purpose financial statements.  The following Contemporary issue in accounting discusses about  the current analysis of  Huon Aquaculture Group Pvt Ltd and ARK Mines financial reports with Conceptual Framework and AASB standards Accounting & Prudence in Corporate Reporting.

Contemporary Issues in Accounting - ACCT 3003

   

University of South Australia

   

Intermediate Accounting I (ACCT 3003)

   Added on 2020-03-04

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Contemporary Issues in Accounting1
Contemporary Issues in Accounting - ACCT 3003_1
Executive SummaryThe present report is based on analyzing the effectiveness of current conceptualframework of accounting in meeting the needs of end-users of financial reports. This has beendone through analyzing the compliance of annual reports of two companies listed under ASXwith the AASB and conceptual framework standard requirements. At last, the report discussesthe need of including prudence in accounting conceptual framework for addressing disparity incorporate reporting. 2
Contemporary Issues in Accounting - ACCT 3003_2
ContentsIntroduction......................................................................................................................................4Analyzing the Annual Reports of Huon Aquaculture Group and ARK Mines as per the Conceptual framework and AASB standards..................................................................................4Non-compliance Reason with conceptual framework and AASB standards..................................5Conceptual Framework Revision for including Prudence in Corporate Reporting.........................5Recommendations............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................7Appendix..........................................................................................................................................83
Contemporary Issues in Accounting - ACCT 3003_3

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