This presentation provides an overview of financial accounting and reporting, focusing on the importance of financial statements, professional judgement, and impairment of assets. It explores the case of Wesfarmers and discusses the implications of impairment on financial users. The presentation also covers the AASB 16 standard and the disclosure of impairment assets. Recommended practices and characteristics of financial information are highlighted. References are provided for further reading.

Explore financial accounting and reporting, including financial statements, professional judgement, asset impairment, Wesfarmers case, AASB 16, and asset disclosure.

Financial Accounting and Reporting - Desklib

Financial Accounting and Reporting

Financial Accounting And Reporting

The report includes about financial accounting system as this help the company to prepare and record all its transaction. It is governed by both local and international accounting standard and each company should follow this while preparing their financial accounting. Financial reporting is reporting of its annual report to the financial user. It includes balance sheet of the company, income statement of the company and cash flow of the company. The report includes detail about professional judgement and how it affect the public and individual interest. It also have impairment of asset and how the company deals with the same and include the different assumption and why the company have taken such assumptions.

Adamson University

Finance

The report includes about the financial account and reporting. Financial accounting is the process of identifying and recording the accounting transaction of the company. It is done so that the management can take necessary decision in regards with the financial statement of the company. Financial reporting help the company to report all the necessary report such as income statement, balance sheet and cash flow statement to the financial users of the company. Lastly the report includes about professional judgement and how it affect the business and financial user’s decision. It also include a detail explanation of impairment of asset and how the company manages its impairment asset.

This article discusses the accounting standard and practices for impairment test with a case study of BHP Billiton. It covers key estimates and judgements, measurement and recognition, calculation of recoverable amount, key issues and complexities involved in the testing for impairment, and disclosure requirements as per AASB 136.

Hartpury University and Hartpury College

Accounting Standard and Practices for Impairment Test - BHP Billiton Case Study

Leadership Management

Information about goodwill method - Memo

Calculus and Analysis

HA 3011 Advanced Financial Accounting (Doc)

This presentation discusses the role of professional judgment in accounting, using BHP as a case study. It explores the importance of professional judgment in ensuring trust, making informed decisions, and serving as a referee in economic life. The presentation also covers the impairment disclosures made by BHP, the valuation method used, key estimates and judgments involved, and the impairment charges incurred. It concludes by discussing the application of professional judgment and the adherence to fundamental characteristics of financial reporting.

Financial Accounting and Reporting

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Financial Accounting and Reporting

Financial Accounting and Reporting

Accounting Standard and Practices for Impairment Test - BHP Billiton Case Study

Information about goodwill method - Memo

HA 3011 Advanced Financial Accounting (Doc)

Role of Professional Judgment in Accounting

Financial Accounting and Reporting

End of preview

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Financial Accounting and Reportinglg...

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Information about goodwill method - Memolg...

HA 3011 Advanced Financial Accounting (Doc)lg...

Role of Professional Judgment in Accountinglg...

Financial Accounting and Reporting

Financial Accounting and Reporting

Accounting Standard and Practices for Impairment Test - BHP Billiton Case Study

Information about goodwill method - Memo

HA 3011 Advanced Financial Accounting (Doc)

Role of Professional Judgment in Accounting