Contemporary Issues in Accounting: A Case Study of Origin Energy Limited

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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1CONTEMPORARY ISSUES IN ACCOUNTING
Abstract:
The conceptual framework has a significant role to play for managing the financial
aspects of the organisations. Origin Energy Private Limited is chosen as the firm, which is one of
the leading integrated energy firms in Australia. The firm concentrates on exploration and
production of oil and gas, energy retailing and power generation. This report would assess the
conformance of Origin Energy in association with the conceptual framework. It has been
assessed that the organisation has adhered to all the recognition criteria of the conceptual
framework for financial reporting purpose. In case of Origin Energy, the balance sheet statement
is developed in such a manner that it helps the users to obtain crucial information about its
economic resources, while conforming to the necessary regulations as laid out in AASB.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction:....................................................................................................................................3
Achieving the conceptual framework objectives:............................................................................3
Achieving the criteria of recognition of the conceptual framework:...............................................8
Assets:..........................................................................................................................................8
Liabilities:..................................................................................................................................10
Equity:........................................................................................................................................12
Revenue:....................................................................................................................................12
Expense:.....................................................................................................................................12
Achieving the qualitative characteristics of the conceptual framework:.......................................13
Conclusion:....................................................................................................................................15
References:....................................................................................................................................17

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction:
In order to prepare the financial statements, the conceptual framework related to financial
reporting is significant for the business organisations in the recent times. This is because it
delivers considerable course of action along with the techniques and principles needed to
develop the financial reports (Barth 2015). Along with this, the conceptual framework could help
in resolving various issues of the business organisations. Hence, the conceptual framework has a
significant role to play for managing the financial aspects of the organisations.
In order to meet the requirements of financial reporting, this framework was initiated on
the part of “International Accounting Standard Board (IASB)” in 1989. Hence, it would focus on
examining the adherence related to recognition criteria, goals and qualitative characteristics of
the framework. For enhancing the overall report quality, Origin Energy Private Limited is chosen
as the firm, which is one of the leading integrated energy firms in Australia. The firm
concentrates on exploration and production of oil and gas, energy retailing and power generation.
It is included in the top ASX 100 corporations having ASX code of ORG (Originenergy.com.au
2018). Thus, this report would assess the conformance of Origin Energy in association with the
conceptual framework.
Achieving the conceptual framework objectives:
As stated above, conceptual framework is highly significant in order to look after the
aspects of the firms. The annual report of Origin Energy depicts that all the conceptual
framework aspects are followed in this case. According to its recent annual report of 2017, the