A1 Investment and Resources Ltd

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CONTEMPORARY ISSUES IN
ACCOUNTING

A1 Investment and Resources Ltd
Abstract
The report is primarily based on the Australian company that is A1 Investment and Resources
Ltd, and a strong critical analysis is undertaken for the company. Such an analysis helps to
know about the effectiveness of the company in tune to the conceptual framework. The main
stress of the report is on the basic elements of the conceptual framework where a strong
understanding is gathered in respect of the company A1 Investment and Resources Ltd. The
report starts with the introduction followed by the major areas of the conceptual framework
and other characteristics.
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A1 Investment and Resources Ltd
Contents
Introduction...........................................................................................................................................3
Requirements of the conceptual framework.........................................................................................3
Fundamental qualitative characteristics................................................................................................5
Enhancing qualitative characteristics....................................................................................................6
The user of financial information..........................................................................................................7
The user needs a basic knowledge of accounting..................................................................................8
Conclusion.............................................................................................................................................8
References...........................................................................................................................................10
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A1 Investment and Resources Ltd
Introduction
When it comes to the concept of the conceptual framework it needs to be noted that it plays a
predominant part in the presentation, as well as preparation of financial statement for the
users so that they can be assisted in undertaking useful decision. Decision making is enriched
through the concept of CF as it leads to a formidable foundation. Therefore, it is vital that it
provides them with the knowledge to understand the pitfall of financial reporting. Moreover,
to make amend with the need of the conceptual framework, the IASB has provided various
characteristics of qualitative nature such as materiality, reliability, etc. that needs to be
fulfilled by every company. Moreover, the framework even presents a criterion of
recognition that needs to be met so that the reporting of assets, liabilities, expenses can be
projected in a well-defined manner. For the main aim of the report, the annual report of A1
Investment & Resources Ltd has been selected, and the report will consider whether the
company met with the specifications of the CF.
Requirements of the conceptual framework
As per the report of the A1 Investment and Resources Ltd, it can be commented that the
annual report is in tune to the rules and regulations defined by the IFRS. Moreover, it is even
noted that the financial statements adhere to the Article 4 of the IAS Regulation and the
Companies Act 2006 that helps the IASB in the establishment of consistent and strong
accounting. Furthermore, it can be commented that depending on the AASB, the financial
statements of the company projects a real view of the performance that indicates the company
adhered to the conceptual framework objectives (Conceptual Framework, 2016). It even
needs to be noted that directors report is properly linked to the financial statement disclosure
and that plays a vital role in understanding the aim and limitation of the financial reporting.
Therefore, it can be commented that annual report of A1 Investment & Resources Ltd is as
per the obligation of the company and the presentation, as well as preparation, is entire as per
the Corporation Act 2001 of Australia (A1 Investment and Resources, 2016). This is a clear
indication that the company has met with the requirements and that denotes the strong
management of the company.
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