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Financial Reporting Framework Analysis

   

Added on  2020-03-04

14 Pages2759 Words245 Views
Finance
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RUNNING HEAD: Advance Accounting 1ADVANCE ACCOUNTING
Financial Reporting Framework Analysis_1

Advance Accounting 2Executive SummaryThis report depicts the users about the conceptual framework concept. This report has been prepared to make them understand about the key elements and accounting concept which could assist organization’s external and internal stakeholders to make decision about the company. In this report Australia virgin company and Australia Agriculture Company limited’s annual report have been analyzed to recognize the concepts used by the company. This corporation’s financial statement has been purposeful according to understandability of conceptual framework which has been analyzed. IFSR, IASB, AASB and accounting standards have been analyzed to perform this study.
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Advance Accounting 3ContentsIntroduction.......................................................................................................................4Australian Agriculture Company limited.........................................................................4Final Financial Statement.............................................................................................4Extract of annual reports...............................................................................................5Snap shot of annual reports...........................................................................................5Australian Vintage limited................................................................................................7Income Statement.........................................................................................................7Extract of annual reports...............................................................................................8Snap shot of annual reports...........................................................................................8Concept of prudence.......................................................................................................10Disclosure of differences................................................................................................10Segment reporting...........................................................................................................11Fixed assets.....................................................................................................................11Current assets..................................................................................................................11Recommendation and conclusion...................................................................................11References.......................................................................................................................13
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Advance Accounting 4Introduction:Conceptual framework is just a guideline offered by the IASB and AASB to the professionals and the companies to maintain, present and prepare the final statements of the company. It is not evaluated as a regulation or a guideline about preparation and presentation of final statement of a company. These conceptual framework rules help the company to manage the aspects related to final financial statement and assist them to prepare the bets final statements and present them in a well manner. These frameworks have been set by the IASB/AASB to make it quite easy for the stakeholders to make decision about the performance and position of the company. It ensures the internal and external stakeholder of the company about their reliability, consistency, compliance, relevancy, comparability etc. It has removed the complexity from the earlier set regulations to make it easy for the professionals to prepare the final statements and present them in a good manner.Basically, conceptual framework has been set to offer huge knowledge about the regulations, norms, rules of IASB and AASB standards so that the professionals find it easy to understand and apply it while preparing the final statements. With the help of Conceptual framework, it becomes quite easy for the stakeholders to make decision about the performance and position of the company.Australian Agriculture Company limited:Australian Agricultural Company Limited manufactures and sells beef in Australian market. This company is engaging in possessing, functioning, and developing countrified properties; dealing in beef, including reproduction, feedlot ting, back grounding and processing the cattle and the grass fed beef production, grain fed beef production, and Wagyubeef production. This company functions under many brands such as Wylarah, 1824, Westholme, Welltree and Brunette Downs Grass-fed Beef brands. It functions an incorporated cattle creation system across around 18 owned cattle stations, 7 agisted properties, 2 leased stations, and a beef processing facility, 2 owned feedlots and 2 owned farms which are covering an area of around 7 million hectares of Queensland and around the Northern Territory (Bloomberg, 2017). The Australian agriculture company limited also exports its beef items to around 20 countries. It has been founded in 1824 and currently it is in Newstead, Australia.Final Financial Statement:
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