Contemporary Issues in Marketing Management - Report

Added on - 03 Mar 2020

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Running head: CONTEMPORARY ISSUES IN ACCOUNTINGContemporary Issues in accountingName of the Student:Name of the University:Author’s Note:
1CONTEMPORARY ISSUES IN ACCOUNTINGExecutive Summary:The report is prepared to demonstrate the analysis of conceptual framework of the consumercompanies in Australia. It also relates to the discussion of the concepts of produce and theirdrawbacks and revised framework. Two organizations selected for the analysis purpose isWesfarmers limited and Woolworths. Moreover, analysis is done by depiction of facts from theirrespective annual reports for the financial year 2016.
2CONTEMPORARY ISSUES IN ACCOUNTINGTable of ContentsIntroduction:....................................................................................................................................2Discussion........................................................................................................................................3Conceptual framework of accounting of Woolworths and Wesfarmers:........................................3General purpose financial statements as per the framework of AASB:..........................................4Director’s declaration:.....................................................................................................................7Analysis of shareholders:.................................................................................................................9Remuneration report:.....................................................................................................................10Prudence and its impact on dealing with corporate disparity:.......................................................12Comparison of the annual report of Wesfarmers and Woolworths Ltd:.......................................13Recommendation:..........................................................................................................................14Conclusion:....................................................................................................................................14Reference:......................................................................................................................................16
3CONTEMPORARY ISSUES IN ACCOUNTINGIntroduction:The report is prepared to emphasize on the overall comprehending operational proceduresof the conceptual framework related to Australian Listed companies. Two companies that havebeen selected for analysing their conceptual framework by referring to their annual reports aretwo consumer companies that are Wesfarmers and Woolworths Limited. Woolworths is thelargest supermarket retail chain operating in Australia and Wesfarmers limited has diversebusiness operations and has diverse portfolio of business. The financial declaration of these twoorganizations has been demonstrated in the current study with the intention of identifying variousmeasures taken by the corporations in order to support the directives laid down by Australianaccounting standard board (Barthet al.2014). For analysing their framework, various extractshas been taken for their annual report such as director’s declaration, remuneration report andnotes to financial statement.DiscussionConceptual framework of accounting of Woolworths and Wesfarmers:Conceptual framework helps in rendering useful information and depicts the financialdeclaration objectives. The framework deals with the enumeration and detection of severalfinancial statements components as indicated under the financial statements. Sometimes, theorganization fails to provide with the user of their financial statements with the relevant anduseful information.The fact whether Woolworths and Wesfarmers adhere to the specific requirements ofconceptual framework is revealed by the analysis of their annual report. The overall financial
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