Accounting, DiscLOSure and Other Requirements 9/29/2017 Student Name: EXECUTIVE SUMMARY

ACCOUNTING, DISCLOSURE
AND OTHER REQUIREMENTS
9/29/2017
Student Name:
Student ID:

EXECUTIVE SUMMARY
The accounting shall be done properly and shall be free from any type of bias and prejudice. It is
due to the fact that the financial health of any company is judged by the report prepared through
the accounting and in case that report is affected then the users of the financial information will
not be able to make an informed decision. Through this report, two major aims have been
achieved. The first and major aim is to ascertain whether there is any form of flexibility while
having the accounting for the various transactions and how far the quality of the disclosure made
of the financial information in the financial statements of the company have been made. The
second major aim is to ascertain whether there is any form of mistakes or discrepancies which
can have the material effect on the financial position and financial performance of the company
and confirm whether the company has complied with the conceptual framework of accounting or
not. In order to achieve these aims, the study has been conducted and presented in the form of
report.

Contents
EXECUTIVE SUMMARY.................................................................................................................................2
INTRODUCTION...........................................................................................................................................4
IMPORTANT ACCOUNTING POLICIES...........................................................................................................5
FINANCIAL INFORMATION FLEXIBILITY........................................................................................................7
STRATEGY IN ACCOUNTING.........................................................................................................................8
DISCLOSURE QUALITY..................................................................................................................................9
POTENTIAL FLAWS IN ACCOUNTING.........................................................................................................10
CONCEPTUAL FRAMEWORK......................................................................................................................10
CONCLUSION.............................................................................................................................................11
REFERENCES..............................................................................................................................................11

INTRODUCTION
Accounting is the integral part of the finance function. The accounting helps in recording the
transactions that are entered into by the company during the period and presents the results of the
accounting in the form of the financial statements of the company consisting of the statement of
profit and loss and the statement of the balance sheet. The former is known as the process of
financial accounting and the latter is known as the process of financial reporting. This financial
reporting will help the users of the financial statements to make an effective decision and an
informed decision. In the report, the financial accounting has been given the main importance.
The company that has been selected for the purpose of the report is the Boral Limited. The report
has been at first started with the identification of the major accounting policies that are duly
mentioned in the annual report and laying down in the report. In the second section, the instances
have been given as to how the managers are in the way of exercising the flexibility in making
choices of accounting practices and concepts and how are they getting motivated for selection. In
the third section, the strategies of the company have been evaluated majorly in relation to the
flexibility enjoyed by the managers in selection of the different accounting policies and the
accounting procedures. After that in the next section, the degree of the quality of the financial
information and other information has been disclosed. After assessing the quality of disclosure
made by the company, the areas have been identified and detailed where there is the high
potentiality of having the frauds, mistakes and the related flaws and discrepancies. In the last, the
importance of the framework of accounting which is known as the conceptual framework has
been given and ascertained whether the company has complied with the same. The report has
then ended up with the defined and appropriate result. .