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Alumina Limited and Non-GAAP Financial Reporting

   

Added on  2020-05-28

9 Pages1760 Words173 Views
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Implementation Of GAAP In Business Practices And Financial Reporting1IMPLEMENTATION OF GAAP IN BUSINESS AND FINANCIAL REPORTINGBy (Student’s Name)Professor’s NameCollegeCourseDate
Alumina Limited and Non-GAAP Financial Reporting_1

Implementation Of GAAP In Business Practices And Financial Reporting2IntroductionThis paper explained in detail basic accounting guidelines and principles that are majorground in which legal accounting rules are based. It manly describe the use of General AcceptedAccounting principles(GAAP) as required by the Australia Accounting standards Board whichperforms the duty of maintaining accounting rules of the companies( both public and PrivateCompanies) for the purpose of ensuring that the financial statements of the company are in linewith the International Financial Reporting Standards(IFRS). In Australia it is a requirement ofthe law for listed company like in this my study (Alumina Limited Company) to act inaccordance with GAAP in preparation of financial statement(Tuzarová and Mejzlík 2018).By use of financial statements of Alumina Limited Company as an example, this paperoutline and analyses the information mentioned above in different core important sections. Thefirst part deals with how to identify income of a company (Alumina limited Company) and theActual measurement and recognition condition of incomes of Alumina Limited Company. Thesecond part enlightens the significance of applying GAAP in Alumina Limited Companyfinancial statements (Smieliauskas, Craig and Amernic 2017). The third part also states thevaluation and performance of Alumina Limited Company in case of non-compliance of GeneralAccepted Accounting Policies (GAAP). Then the last part is conclusion.How to identify income of a company: The process of income identification involves acompany’s recognition of the Revenue and the amount of expenses used which lead to a profit orloss (Dixon, Odoner and Alterbaum 2017).
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Implementation Of GAAP In Business Practices And Financial Reporting3 FINANCIAL STATEMENT OF ALUMINA COMPAY FOR (2015-2016)Recognition: An item is being recognized in financial statements in case it fulfills the followingconditions:The items fulfill the definition of component of financial statements
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