Contemporary Issues in Accounting - ACCT 3003

Added on - 04 Mar 2020

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 withConceptual Framework and AASB standards Accounting & Prudence in Corporate Reporting.

ACCT 3003
Course
10
Pages
1414
Words
129
Views
Save
- Share on Facebook Share on Twitter Share on LinkedIn Share on Whatsapp Share on Mail Copy Link
Share

Trusted by 2+ million users,
1000+ happy students everyday

Download This Document

Showing pages 1 to 3 of 10 pages

Contemporary Issues in Accounting1

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

ContentsIntroduction......................................................................................................................................4Analyzing the Annual Reports of Huon Aquaculture Group and ARK Mines as per theConceptual 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

You’re reading a preview

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document

The general discussion in the paper indicates that the financial reporting of both firms, Huon Aquaculture and ARK Mines, differs significantly. According to the annual reports of both firms, the existing accounting structure is proven to be effective in meeting the needs of users of financial reports. In addition, the concept of prudence must be incorporated into the conceptual framework for overcoming any fraudulent acts that include reporting.