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Accounting Strategy Comparison

   

Added on  2020-03-23

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Accounting Strategy1EVALUATION OF ACCOUNTING STRATEGYBy NameCourse TitleInstructor’s nameName of InstitutionName of Department
Accounting Strategy Comparison_1

Accounting Strategy2Evaluation of accounting strategyFlexibility in accounting choices basically enables company managers to strategically communicate the aspect of economic information or distort performances (Drury, 2013). GrainCorp Company is an Australian public company domiciled in New South Wales, Australia. The company was formed in 1917 in order to transport corns from local collection areas on railways to the corn producing areas of New South Wales. GrainCorp Company corebusiness is the storage and revival of grain and related products. Freedom Food Group Limited is considered to be a diversified food company that operates in Wellness and Health sector throughout a range of brand in Australia (Freedom Food Company financial reports, 2015 & 2016). This company offers great competition to the GrainCorp Company in the production of products and services. This assignment attempts to evaluate the accounting strategy by comparing GrainCorp Company and freedom Food Company as the rival companyAccording to GrainCorp Company financial statements, it demonstrates that the company prepares its reports under accounting policies that comply with accounting standard as defined in the Corporations Act or other acceptable standards to ASX. The company ensures that its reports are in accordance with the Corporate Act of 2001 and its accounting interpretations and standards and are in conformity with other law requirements (Deegan, 2013). As compared to Freedom Food Company, the firm also prepares its financial reports inaccordance with the Corporation Act of 2001. This activity is vital because it often ensures that the financial statements conform to the International Financial Reporting Standards (IFRS) (Deegan, 2013). GrainCorp Company also prepares its report under the historical cost convention as modified by the revaluation of financial liabilities and assets while Freedom Food Company also
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