Contemporary Issues in Accounting

Running head: REPORT 0
CONTEMPORARY ISSUES IN ACCOUNTING
APRIL 15, 2019
student details:

REPORT 1
Executive Summary
The conceptual framework is the main part of financial reporting. The conceptual framework
creates the base as per which the accounting standards may be made like liabilities, incomes
and expenditures and can be recognised. In the following parts, the contemporary issues
related to The Australian Agricultural Company Limited is discussed and critically examined.

REPORT 2
Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Background of company............................................................................................................3
Conceptual framework- measurement and elements of financial statement..............................4
Fundamental qualitative characteristics and enhancing qualitative characteristics...................5
Use of financial reports for the users.........................................................................................6
General purpose financial statements.........................................................................................7
Conclusion and recommendations.............................................................................................7
References..................................................................................................................................9

REPORT 3
Introduction
The accounting and finance are constantly developing, significantly influenced by outside
components in the market place at an international level. The contemporary issues render the
practical overview of recent issues facing by the financial and accounting profession. This
report directs the Australian Agricultural Company Limited to deal with the application of
Contemporary issues of accounting. The following parts investigate and analyse the features
of the conceptual foundation of financial accounting, a relationship between practices and
financial accounting theories; contemporary issues involving international organisation of
IFRS, and various measurement issues related to the industry.
Background of the company
The Australian Agricultural Company Limited is a manufacturer of beef and cattle in
Australia. The main services of Australian Agricultural Company Limited are owning,
operating and developing the pastoral properties. This company produces beef. It also
includes breeding, backgrounding, and processing of cattle, and selling of branded beef. This
corporation has a speciality in manufacturing the grass-fed beef and grain fed beef. This
company runs the incorporated system of manufacturing of cattle across about twenty owned
platforms of cattle, above 2 leased platforms, about ten existed possessions, above 2 owned
feedlots, the amenity of manufacturing the beef and over 2 owned and an exterior farm placed
through NSW, Queensland, Western Australia and Northern Territory. The Australian
Agricultural Company Limited operates herd of Wagyu cattle, manufacturing the Wagyu beef
that is traded to over twenty nations all over the world. The facilities of processing of
Northern Beef are placed at Livingstone Valley (Kelley and Knowles, 2016).