Qualitative Characteristics of Accounting Information

QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION 1
STUDENT NAME:
STUDENT ID NO.:
UNIT NAME:
UNIT CODE:
TUTOR’S NAME:
ASSIGNMENT
NO.:
ASSIGNMENT
TITLE:
DUE DATE:
DATE
SUBMITTED:
Declaration:
I have read and understand the Rules Relating to Awards (Rule 3 Section 18 –
Academic Misconduct Including Plagiarism) as contained in the SCU Policy
Library. I understand the penalties that apply for plagiarism and agree to be bound
by these rules. The work I am submitting electronically is entirely my own work.
Signed:
(name)
Date:

QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION 2
EXECUTIVE SUMMARY
The purpose of this essay is to discuss the concept of revaluation in regard to the Telstra’s land
which was revalued. The essay also highlights the qualitative characteristics of financial
information and discusses the understandability, comparability, relevance and faithful
representation.it also identify key fundamental characteristics in the annual report of Abacus
property group.

QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION 3
Table of Contents
1.0 PART 1...................................................................................................................................................4
1.1 INTRODUCTION.................................................................................................................................4
1.2 REVALUATION....................................................................................................................................4
2.0 PART 2...................................................................................................................................................4
2.1 AUSTRALIAN ACCOUNTING STANDARDS BOARD (AASB)...................................................................4
2.2 QUALITATIVE CHARACTERISTICS OF FINANCIAL INFORMATION........................................................5
2.2.1UNDERSTANDABILITY..................................................................................................................5
2.2.2 RELEVANCE.................................................................................................................................5
2.2.3 COMPAREABILITY.......................................................................................................................5
2.2.4 RELIABILITY.................................................................................................................................6
2.2.5 FAITHFUL REPRESENTATION.......................................................................................................6
2.3 PRUDENCE CONCEPT.............................................................................................................................6
3.0 PART 3...................................................................................................................................................7
3.1 ABACUS PROPERTY GROUP ANNUAL 2017/2018 ANNUAL REPORT FEATURES.................................7
3.1.1 UNDERSTANDABILITY.................................................................................................................7
3.1.2 COMPAREABILITY.......................................................................................................................7
3.1.3 FAITHFUL REPRESENTATION.......................................................................................................8
3.1.4 RELIABILITY.................................................................................................................................8
3.1.5 RELEVANCE.................................................................................................................................8
3.2 PRUDENCE CONCEPT.........................................................................................................................8
4.0 PART 4...................................................................................................................................................9
4.1 REACTION OF INVESTORS AND SECURITY MARKET...........................................................................9
5.1 CONCLUSION.........................................................................................................................................9
6.0 REFERENCES........................................................................................................................................10
7.0 APPENDICES.........................................................................................................................................12
7.1 APPENDIX I: ABACUS 2017 TOTAL ASSETS.......................................................................................12
7.2 APPENDIX II: ABACUS 2018 TOTAL ASSETS......................................................................................12