Financial Accounting & Reporting: Conceptual Framework and Accounting for Lease

Financial Accounting &
Reporting

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The conceptual framework: Definition, recognition, and measurement of the elements in
general purpose financial statements..........................................................................................1
Accounting for lease...................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES ...............................................................................................................................5

INTRODUCTION
The report discuss about the conceptual framework of financial statement for the country
Australia in which it explain the definition of financial documents, it recognition and analyse the
main principles of financial statement which involves assets, liabilities, equity, income and
expenditures(Pata and Isik, 2021). This elements mainly show the financial position of any
business firm. Afterwards in another part it discuss about the accounting for lease which
basically means that the procedure in which firm records all the financial influencers of its
leasing related tasks. It includes some financial statements which mainly analyse to get the
financial impact in the company financial documents such as balance sheets, income statements
and cash flow statements.
MAIN BODY
The conceptual framework: Definition, recognition, and measurement of the elements in general
purpose financial statements.
This statement create the part of the conceptual framework for the main objective of
reporting the financials in the private and public sectors which is mainly grow by the Australian
accounting standard board also the public sector accounting standards.
Definition of financial statements
It can be define as the procedure in which, if any company want to know its financial
position then they analyse the reports of the company through the income statement, balance
sheet and the cash flow of the organization. Company usually to perform this task for measuring
the profitable situation of the enterprise also to know the debt obligations of the entity (Maffei,
Casciello and Meucci, 2021) . If company find any problem which examining the statement then
it take some corrective action immediately to resolve that issue otherwise, it harm the company
portfolio in future and it create less opportunity to generate more funds in the firm. Because
before investing the money in any organization investor check the company portfolio and the
profitable condition of the company in past years. So, on that basis firm prepare the financial
statements accurately and considering each and every aspect in the statements of the
organization. There are some few types of financial statements:
1