Importance of Australian Accounting Standards for Financial Reporting: A Case Study of West Ltd Company
VerifiedAI Summary
The report discusses the importance of Australian Accounting Standards for better financial reporting process and acquiring a better financial position. It also focuses on the classification of financial tangible and non-tangible assets and the valuation of intangible assets like goodwill of the company for adding an economic value to the company. The report recommends the company to follow AASB standards for doing the financial reporting process.