Contemporary Issues in Accounting - Analysis of Qube Ltd's Financial Statements

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
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CONTEMPORARY ISSUES IN ACCOUNTING
Executive Summary
The main purpose of this assessment is to analyze the financial statements of Qube Ltd in order
to identify whether the financial reports are prepared as per the conceptual framework of a
business. The report will also be assessing the qualitative characteristics of the annual reports
which are presented by the management of Qube ltd. The framework will also be analyzing the
whether the financial information which is presented is relevant or not. The annual report will be
analyzed whether the same has information which can help the users in order to take investment
decisions of the business.

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CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Objectives of Conceptual Framework.........................................................................................3
Recognition Criteria for Financial Statements............................................................................7
Qualitative Characteristics of Financial Statement....................................................................11
Conclusion.....................................................................................................................................13
Reference.......................................................................................................................................14

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CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
The role of accounting has been widening over the years and the significance of
appropriate reporting framework is more necessary than ever before. The conceptual framework
is a reporting framework which a business uses for the purpose of reporting financial information
to the users. The conceptual framework of a business allows a company to ensure that the
financial information of the business are properly classified and summarized in the annual
reports of the business. The reporting framework requires companies to adhere to relevant
accounting standards and legislations which are applicable to the business (Manes Rossi,
Aversano and Christiaens 2014). The conceptual framework of a business also covers the
disclosure requirements which are necessary so that the investors are able to understand the
various treatments of items which are shown in the books of accounts. In addition to this, the
disclosures also explain the reasons and shows breakup for the calculations which is shown in
the financial statements. Therefore, the management of the company should also adhere to
disclosure requirements as per the conceptual framework of the business.
The company which is selected for analyzing the conceptual framework is Qube
Holdings ltd. The company is engaged in the business of logistics and infrastructure development
in Australia and the company was established in 2010. The company is listed in Australian Stock
Exchange and therefore needs to follow all regulations of the business (Qube.com.au. 2018).
Discussion
Objectives of Conceptual Framework
The conceptual framework of an accounting process is mainly associated with the
framework which is followed by the business for reporting of financial information and also