It is the obligation on the Australian business entities to make compliance with the standards of Australian Accounting Standard Board (AASB), Australian Accounting Standards and other accounting regulatory body while conducting the accounting and financial reporting related transactions (Nobes 2014). The aim of this essay is to assess the financial statements of one of the Australian business entities, Farm Pride Foods Ltd, and then to address different kinds of financial issue in the company. Requirement 1 As per the 2017 Annual Report of Farm Pride Foods Ltd, the