Contemporary Issues in Accounting

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name of the Student
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Author’s Note

1CONTEMPORARY ISSUES IN ACCOUNTING
Abstract
The main aim of this report is to analyse and evaluate different standards and principles of
accounting conceptual framework by relating with an Australian Securities Exchange (ASX)
listed companies that is Origin Energy. The results of the report shows the full compliance of
the company with all the required standards of conceptual framework.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................2
Conceptual Framework Objectives..................................................................................................2
Target Audience of Conceptual Framework....................................................................................7
Recognition Criteria.........................................................................................................................7
Fundamental Qualitative Characteristics.........................................................................................9
Enhancing Qualitative Characteristics...........................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
The main aim of this report is to analyse and evaluate different standards and principles
of accounting conceptual framework by relating with an Australian Securities Exchange (ASX)
listed companies. It needs to be mentioned that the business entities of Australia are needed to
comply with the standards and principles of conceptual framework for the purpose of their
financial reporting. In Australia, the presence of accounting conceptual framework can be seen
developed by Australian Accounting Standard Board (AAS) with the cooperation of
International Accounting Standard Board (IASB) (aasb.gov.au 2018). The compliance with all
the standard and principles of this accounting conceptual framework helps in bringing
transparency and accuracy in the financial reporting. For this report, Origin Energy is taken into
consideration. Origin Energy is an Australian energy company with headquarter in Sydney and
the company is listed in ASX in the code of ‘ORG’ (originenergy.com.au 2018).
Conceptual Framework Objectives
The overall aim of the conceptual frameworkof AASB is to make the ASX listed
companies comply with the required standards and principles of financial reporting. For the
achievement of this aim, the AASB conceptual framework has three objectives and they are as
follows:
The first objective is to deliver all the required financial information related to the
financial resources of the business entities to the users so that they can determine the financial
position of the business entities (aasb.gov.au 2018).