Evaluation of Annual Report of Argonaut Resources NL

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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Name of the University:
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CONTEMPORARY ISSUES IN ACCOUNTING 2
Executive Summary:
The assessment has evaluated the annual report of Argonaut Resources NL, where it has been
detected that the company follows all the relevant AASB standards in preparing the financial
statement. Moreover, adequate analysis has been conducted, where the company is found to
have provided all the relevant information in their annual report, which can help the investors
in making their investment decisions. Adequate discussion is conducted that whether user of
the annual report needs more than basic information for analysing performance of the
company. Lastly, the annual report is evaluated on the abas of generally accepted accounting
principle to detect whether the organisation has followed all the rules in in preparing the
financial report.

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Table of Contents
Introduction:...............................................................................................................................4
Measurement Requirements of the Conceptual Framework:.....................................................4
Compliance with Fundamental Qualitative Characteristics:......................................................5
Compliance with Enhancing Qualitative Characteristics:..........................................................7
Indicating whether the financial report can be efficiently used by its users:.............................7
Indicating whether basic knowledge is enough to analyse the company:................................11
Stating whether General Purpose Financial Reporting is met by the company:......................11
Conclusion:..............................................................................................................................12
References:...............................................................................................................................13

CONTEMPORARY ISSUES IN ACCOUNTING 4
Introduction:
The assessment aims in evaluating the overall financial report of Argonaut Resources
NL in accordance with the generally accepted accounting principle. The annual report is
evaluated in accordance with the conceptual framework for detecting that all the relevant
measurement has been met. In addition, the fundamental and enhancing qualitative
characteristics of the annual report are evaluated. Moreover, adequate discussion is conducted
that whether user of the annual report needs more than basic information for analysing
performance of the company. Lastly, the annual report is evaluated on the abas of generally
accepted accounting principle to detect whether the organisation has followed all the rules in
in preparing the financial report.
Measurement Requirements of the Conceptual Framework:
The above figure represents the overall fair value measure that has been used by the
organisation, while preparing the annual report. The organisation adequately follows the
AASB conceptual frame work, where the adoption of historical cost conversion and critical
accounting estimates are used for computing the annual report. The revenue recognition is
also conducted on the basis of fair value treatment, which is based on the conceptual
framework of AASB (Argonautresources.com 2018). The organisation has used fair value
measures in evaluating investment, other financial assets, impairment of non-financial assets,
revaluation of surplus reserves, and Employee benefits. This fair value measurement has
allowed the organisation to detect the fair value for the assets listed in the annual report.