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Financial Accounting: PDF

   

Added on  2020-10-22

13 Pages4368 Words358 Views
Political Science
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FINANCIALACCOUNTING
Financial Accounting: PDF_1

ABSTRACTFinancial accounting is a branch of accounting which helps managers to keep a track ofvarious transactions in business. The following research focuses on the two companies AccentGroup Ltd which deals in lifestyle and performance footwear in retail and distribution andWebster Ltd, which is the Australia's leading agribusiness company. This research focuses onconcept of reporting entity and how it help in creating quality information. It also focuses on thefinancial statements of two companies and explains about the disclosure of liabilities andintangible assets and tax expense obligations and benefits.
Financial Accounting: PDF_2

Table of ContentsABSTRACT.....................................................................................................................................2INTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1PART 2............................................................................................................................................3PART 3............................................................................................................................................4PART 4............................................................................................................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
Financial Accounting: PDF_3

INTRODUCTIONFinancial accounting is considered as a process in which an accountant records the dailytransactions happened in a business and prepare the financial statements of the company in orderto see the financial position and performance to the users outside which include customer,creditors, investors and suppliers (Henderson and et.al., 2015). This following report contains thedetail information about two different companies working in different sectors Accent groupworking in a retail sectors and Webster Ltd working in a food, beverages and tobacco sector.This report states the analyses of disclosure of its liabilities which also includes provisions andcontingent liabilities it also focuses on the disclosure of intangible assets, tax expense ,obligations and benefits in compliance with accounting standards. This report gives a detailedcomparison of both the companies assets and liabilities and various accounting standards whichthese two firm working in different sectors follow.PART 1According to Flower, (2015) reporting entity is an entity for which its is reasonable toanticipate that there are certain users who relay upon the GPFR, general purpose financial reportin order to gain the proper knowledge and understanding of company's financial position and itsperformance over a specific period of time. It is used by different users to make effectivedecision on the basis of the various financial information and other relevant informationprovided by these annual financial reports. The users to these information includes members,shareholders, creditors, employees, potential investor or lenders. In a entity which is defined as areporting entity it is required by the companies to prepare the financial reports for generalpurposes after the application of all the relevant and applicable Australian Accounting Standards.It is necessary for a reporting entity to prepare its financial statements in compliance with therelevant standards which are applicable on the reporting entity. If any entity considered as anreporting entity has to follow the various standards applicable to it, if not than the AustralianSecurities and Investments Commission (ASIC) will carry out an investigation which arecharged to the governance of not preparing the financial statements as per AASB and breachingthe various requirements given under the corporations Act 2001 and Australian AccountingStandards Board.1
Financial Accounting: PDF_4

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