Importance of Conceptual Framework in Preparation of Financial Statements: Analysis of 1ST Group Limited

Accounting Assignment

Name of the Student:
Date: 8th Dec, 2018
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Executive Summary
The following assignment deals with the importance of conceptual framework and how it plays
an important role in the preparation of the financial statements of the company. It helps in
making the preparation of the financial statements easy and more user friendly so that they can
analyze the statements and take decisions based on the same. The annual report of a selected
company has been downloaded and analyzed to make sure whether they have followed the basic
principles with relation to conceptual framework and what are the ways in which they can
improve the same. A brief analysis has been presented below.
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Table of Contents
Executive Summary................................................................................................... 2
Introduction................................................................................................................ 3
Analysis...................................................................................................................... 4
Requirements of the Conceptual Framework of the company.......................................................4
Enhancing Qualitative Characteristics................................................................................... 6
Directors Report.............................................................................................................. 8
Auditors Report............................................................................................................... 9
Conclusion and Recommendations..................................................................................... 10
References................................................................................................................... 11
Introduction
The company that has been selected is 1ST group limited - Health Care Equipment &
Services providing company is where the doctors and the patients connect with each other on a
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