Contemporary Theoretical Concepts Assignment
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Added on 2020-12-09
Contemporary Theoretical Concepts Assignment
Added on 2020-12-09
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ContemporaryTheoretical Concepts
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Compliance of measurement requirements of conceptual frameworks by Polynovo Limited.....................................................................................................................................................12. Compliance of fundamental qualitative characteristic by Polynovo Limited........................23. Compliance with enhancing qualitative characteristics by Polynovo Limited......................24. Can the users of financial reports able to understand the financial reports of PolynovoLimited........................................................................................................................................35. Requirement of knowledge in users to analyse the financial reports......................................36. Have the Polynovo Limited met each requirement for general purpose reporting?...............4RECOMMENDATION...................................................................................................................4CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
INTRODUCTIONContemporary theory is a modern way of showing the rationale of each perspective of thebusiness organisation. The present study shows a contemporary analysis of the Polynovo Limited(health care) company. It is a health care organisation that focuses on the development anddesign of various equipments of the latest technology as to enhance the efficiency of doctors inproviding their medical services. The assignment shows compliance of the conceptualrequirements and fundamental qualitative characteristics by Polynovo Limited. Further, it alsoprovides information about how efficiently its users can analyse and understand the financialreports of the company. The study also shows the required knowledge and skills for the analysisof financial reporting. At the end of report, it shows a conceptual framework about meeting ofrequirement by the business for general purpose financial reporting. MAIN BODY1. Compliance of measurement requirements of conceptual frameworks by Polynovo LimitedThe accounting standard board of Australia has provided various guidelines andrequirements that are needed to be comply with while developing its accounting and financialreports. Analysis of the annual reports of Polynovo Limited has shown that the business hascomplied with each requirements of the Accounting standard board of Australia (Afriyie andet.al., 2018)Measurement requirements provided by the accounting standard board helps a businessorganisation in development of accounting and financial reporting in such a way so that theycould provide the actual result and performance of a business organisation.As the Polynovo Limited has complied with each of the requirements and guidelines hashelped it in providing actual information about the business to its managers through which theybecome able to analyse the achievements of business towards its set goals and objectives(Bolisani and Scarso, 2017). Further, by measuring the operating activities such as amount of cost, amount ofinventory to be held by business, measurement of several resources pf the company, etc. helps itin having a better analysis of its each business activity through which the managers unable toevaluate the actual business performance and enhancing their efficiency in managing eachresources and business operations as well (Annual Report 2018, 2018).1
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