Event Hospitality and Tsogo Analysis

Running Head: EVENT HOSPITALITY AND TSOGO ANALYSIS 1
Event Hospitality and Tsogo Analysis
Name
Institution

Event Hospitality and Tsogo Analysis 2
Executive Summary
In this paper the main idea is centered on the enactment of the conceptual framework that is
significantly utilized in accounting of companies statements. The major concept identified in
this is that these financial statements are utilized in effectively making essential decisions of a
specific company. Thus the focus of the paper is assisting organization is acquiring and
evaluating the financial condition of various companies. Hence the conceptual framework
utilization and applicability within the ASX aligned companies will assess the Event
Hospitality (EVT), and methods the company has employed in making sure those financial
statements, and processes. Therefore, in section B there will be a rational of international
reporting frameworks against effective accounting measures which entirely relate to the
strengths and restriction of the conceptual framework (CF) (Ahmad, & Arshad, 2014).
Additionally, in the paper there will be an analysis of a South African firm which is Tsogo
Sun Holdings Ltd. The analysis of the South African based company will be compared to the
Australian company stated in initially.

Event Hospitality and Tsogo Analysis 3
Introduction
The main objective of this paper is stating fundamental financial guidelines which are
important and take into account various processes and rules used in evaluating firm’s
financial records and economic appraisal. Taking into account the financial statements it
enables stakeholders in creating effective decisions using the conceptual framework that is
also applicable for both Event hospitality and the Tsogo Sun Holdings limited respectively.
Consequently, the CF is useful in evaluating the IASB during the implementation of
standardized accounting rules and guidelines which are pertinent for the application of
financial statements and procedures. Based on Event Hospitality, the conceptual framework
will entirely look into the application and relevancy stating how various financial statements
have been outlined. Lastly, part B will analyze how sustainability and integral reporting have
been employed with the aid of the conceptual framework by Tsogo Sun Holding Limited.
Part A: The Conceptual Framework Analysis
a. Analysis of the Conceptual Framework History (CF)
Initially the formulation of the conceptual framework both in US, UK, and Australia was
initiated by Sprouse and Moonitz based on probable accounting techniques and processes in
1962. Thus in 1965, Grady created a theory explaining the CF based on the evaluation of
present accounting methods which led to the establishment of the APB (Accounting
Principles Board). Hence later, there was effective formulation of an actual committee which
implemented the true blood report in 1972. Thus the main constituents of the report were:
Stating 7 qualitative features of financial data and 12 aims linked to accounting
Aim 1: focused on the necessities of financial statements of the clients
Aim 2: must met customer’s having limited ability of accessing financial data

Event Hospitality and Tsogo Analysis 4
In 1974, there was replacement of the accounting principle board with the FASB which
specifically aimed at analyzing the conceptual framework components. Based on this fact,
about 6 of the statements were thus enacted in 1985. Primarily, the foremost SFACS to be
formulated was considered to be normative but the SFAC had been associated to
identification and acknowledgement of current accounting practices. Based on this fact much
reproaches were witnessed in 2005 which made the IASB initiate brand new techniques used
in improving the reviewed conceptual framework that would be used by the entire committee
referred as a joint project. On the other hand, the UK advanced in taking into action the
objectives and documentations of customer’s data availed from the corporate statements.
Thus the major components of the reports entailed the below factors, they include:
Highlighting society privileges and positions of evaluating financial information
Entirely, data is not recommended by the accounting professionals.
Additionally, the IASC was adopted in 1991 which specifically assessed the conceptual
framework. Thus the current accounting policies met the Australian and the US framework
thus was generally known as the IASB framework. Thus considering the Australian
accounting systems, the progress levels of the country’s economy is stagnating five
accounting records were introduced which were:
SFAC 1 – reporting entity explanation
SFAC 2 – financial reporting objectives
SFAC 3 – financial data qualitative factors
SFAC 4 – recognition and explanation of specific financial characteristics
SFAC 5 – having measurements that had not yet been released