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Report on Critical Analysis of PPE

   

Added on  2020-04-07

8 Pages1910 Words149 Views
Executive SummaryIt is important for the board to adhere to the accounting principles so that the disclosure pattern of the organization is strong. The disclosure should align with the conceptual framework and the qualitative characteristics. In this report, the major emphasis will be on the conceptual framework and for this Woolworths Ltd has been selected. The report covers area pertaining to disclosure need for PPE as per AASB 116 and a critical analysis has been done in this regard. From the report, a conclusion can be derived that the company has done all the compliance.

ContentsIntroduction.................................................................................................................................................2a.Objectives of GPFR and qualitative characteristics of financial reporting............................................3b.Extent to which the annual report addresses PPE disclosures based on AASB 116.............................3c.Extent to which PPE disclosures satisfied fundamental and enhancing characteristics of useful financial information...................................................................................................................................4d.Extent to which PPE disclosures align with the objectives of GPFR.....................................................5Recommendation and conclusion...............................................................................................................7References...................................................................................................................................................8

IntroductionAn appropriate and faithful representation of the financial statements is the most vital foundationfor every entity existing in this competitive world because these can directly influence public reputation and confidence of the investors. Furthermore, the intentional fault of representation can also facilitate in business crime (Spiceland et. al, 2011). Furthermore, disclosures must be given due consideration by companies so that reporting quality can be enhanced. The example ofWoolworths has been analyzed with the help of this study so that it can be analyzed whether its disclosures on PPE are appropriately aligned with the requirements of AASB 116 standard and conceptual framework.

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