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Report - Comparison Of Annual Reports

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Added on  2020-03-04

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This report shows the compliance of standards that are laid by the AASB by both the companies in preparing their respective financial accounts in their annual reports. The findings of the report reveal that IFRS and IASB standards are met out in preparing financial reports by the company. In this report, we are discussed:- Evaluated the conceptual framework regarding the both companies annual report, Income Statements of Blackmore Limited, Exposure Drafts are of many types.

Report - Comparison Of Annual Reports

   Added on 2020-03-04

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Accounting 1Contemporary Issues in Accounting
Report - Comparison Of Annual Reports_1
Accounting 2Executive SummaryThe basic purpose lies behind the designing of this report is to compare the annual reports of twodifferent companies of Australia and their compliance with the standards prescribed by theAustralian Accounting Standards Board. These two companies are Blackmore Limited and BWXlimited. This report shows the compliance of standards that are laid by the AASB by both thecompanies in the preparation of their respective financial accounts in their annual reports. Thefindings of the report reveal that IFRS and IASB standards are met out in the preparation offinancial reports by the company. The findings also reveal that the company BWX Limited hasmore fairly complied with the accounting standards than the Blackmore Company. Protectingand promoting the interest of different stakeholders is the main motive behind the application ofthese standards. BWX Company has clearly disclosed about the compilation with AASB standards in its annualreports. Apart from this, the company has used the revised version of accounting standards inorder to improve the quality of its annual reports. Blackmore Company has also compiled withthe standards laid by AASB but the company fails in disclosing it in its annual reports.
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Accounting 3Table of ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................4Evaluated the conceptual framework with reference to the both companies annual report............5Annual report of both companies Blackmore and BWX.................................................................6Role of revise conceptual framework in addressing the disparity in corporate reporting:........12Analyzing the financial position perspective and financial performance of the recognition ormeasurement decision for Blackmore Ltd and BWX Ltd.........................................................13Clarification in the Directors Report and in the Notes to Financial Statements............................14Compare and contrast of the two annual reports, identify the differences in disclosures of these14Recommendations:........................................................................................................................16Conclusion:....................................................................................................................................17References:....................................................................................................................................18
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Accounting 4IntroductionThe main purpose lies with the preparation of this report is to create the knowledge about thevarious standards that are used in the preparation of final accounts by the company. Everycompany is required to comply with the standards and regulations of the country in which thecompany is registered in stock exchange during the preparation of final accounts. Two differentAustralian companies BWX Limited and Blackmore Limited are chosen for this purpose.Compilation with the accounting standards in the preparation of final accounts by the companiesare evaluated in this report. The annual reports of both the companies are compared to find outdeviations and reasons that can be held responsible for the deviations are evaluated.
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