Evaluation of Accounting Process and Techniques of Anatara Lifesciences Ltd

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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1ANATARA LIFESCIENCES LTD
Executive Summary
The aim of the assignment is to conduct evaluation of the accounting process and techniques
applied by the company in the preparation of the financial statement of the company. The various
fundamental concept behind the preparation of such reports were evaluated and the implications
of the same were analyzed.

2ANATARA LIFESCIENCES LTD
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Measurement Requirement of Conceptual Framework...............................................................3
Fundamental Qualitative Characteristics.....................................................................................5
Enhancing Qualitative Characteristics.........................................................................................6
Users of Financial Report............................................................................................................8
Knowledge of Accounting...........................................................................................................9
Conclusion.......................................................................................................................................9
Reference.......................................................................................................................................11

3ANATARA LIFESCIENCES LTD
Introduction
The financial evaluation of the annual report presented by the company for the year were
evaluated and the various accounting policy in relation to the same were taken into account for
the same. The accounting policies principles used by the company and the measurement concepts
applied by the company in the measurement of the various assets and liabilities of the companies
were evaluated. Various aspects including the fundamental qualitative characteristics and and
enhancing qualitative characteristics were evaluated for the company. The usefulness of the
financial report in the application of the informations and data presented by the company were
evaluated and analyzed according to the usage of the same by the investors and stakeholders of
the company. The company has well complied with the Australian Accounting Standards and
prepared the financial statements of the company in accordance with the International Financial
Reporting Standards (Byrne 2018).
Discussion
Measurement Requirement of Conceptual Framework
The different measurement base with relation to the assets and liabilities of the
companies should be disclosed and measured according to the policies and the concepts
underlying the Australian Accounting Standards (Schaltegger and Burritt 2017). The financial
report for the company has been prepared based on the historical cost and the cost reported on
the financial report is based on the fair value assumptions applicable in exchange of assets of the
company. The measurement of the asset is based on the estimated cash flows from the assets and
assessing the fair market value of the asset of the company with respect to the same. The
company has compiled with the measurement requirement with identifying the assets of the