Financial Reporting

Running head: FINANCIAL REPORTING
Financial reporting
Name of the student
Name of the university
Student ID
Author note

1FINANCIAL REPORTING
Executive summary
Purpose of the report is focussing on the requirement of general purpose financial reporting
under AASBs conceptual framework. It will further highlight the requirement of establishing
the AASBs for the Australian entities. The report will also mention the details provided in the
financial report of David Jones Ltd and the disclosures required for executive remuneration.
Moreover, the report will focus on the reaction of the investors based on the information
provided in the financial statement of the entity.

2FINANCIAL REPORTING
Table of Contents
Introduction................................................................................................................................3
Answer 1....................................................................................................................................3
Answer 2....................................................................................................................................4
Answer 3....................................................................................................................................5
Answer 4....................................................................................................................................6
Answer 5....................................................................................................................................7
Conclusion..................................................................................................................................8
Reference..................................................................................................................................10

3FINANCIAL REPORTING
Introduction
Financial reports of the entity intend to deliver required information for meeting the
requirements of external users for making various crucial decisions. Development and
establishment of AASBs are crucial for the business practices carried out by Australian firms
as it is responsible for issuing, maintaining and developing the accounting standards
applicable under Australian Company Law (Huber 2017).
Answer 1
Comments on the given statement
Purpose of GPFR is delivering relevant information to help the users in making and
evaluating decisions regarding distribution of the limited resources and enable the governing
bodies and management to perform their accountability. Accountability concept is considered
as an indefinite concept. It is regarded as distinct objective of GPFR that requires delivering
variety of information including reporting for the social responsibility. Financial reports
delivers the means for controller of resources belong to the entity to report regarding their
role as the steward of these resources (Luke 2016). Users of the financial reports require
information regarding –
 Whether reporting entity achieved its objective and is economically and efficiently
operating the procedures
 Ability of the entity to continue providing services and goods in future period
 Whether the resources have been utilised for purposes it was intended for
The reports are intended to fulfil the requirement of common users who are not able
to command. Hence, the report shall be prepared in such way that it can satisfy the