Contemporary Issues in Accounting

Running head: REPORT 1
CONTEMPORARY ISSUES IN ACCOUNTING
Student details:
4/19/2019

REPORT 2
Executive summary
The major objective of the conceptual framework is to assist the Board to make International
Financial Reporting Standards on the basis of constant concepts, resulting in financial data,
which is helpful for the users including investors, potential investors, lenders and creditors. This
report discovers the contemporary issues in accounting in critically manner.

REPORT 3
Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................4
Company overview......................................................................................................................................4
Compliance with measurement requirements of conceptual framework......................................................4
Compliance with fundamental qualitative characteristics............................................................................5
Compliance with enhancing qualitative characteristics...............................................................................6
Use of financial statements for the users.....................................................................................................7
Deep analyses of financial statements for the users.....................................................................................7
Compliance with general purpose financial reporting.................................................................................7
Conclusion...................................................................................................................................................8
References...................................................................................................................................................8

REPORT 4
Introduction
The contemporary issues are related to the issues which are faced by the professional in
accounting. In the following parts, the contemporary issues in accounting in G8 Education
Limited is discussed and critically examined. This report focuses on existing and new issues,
which influence the contemporary practices related to accounting.
Company overview
In Australia, G8 Education Limited is a biggest ASX listed operator related to child care centre.
G8 Education Limited has very easy mission. The main target of this company is to become the
leading provider of high quality, developmental and learning child care service in Australia. G8
Education Limited looks for getting this throughout the 4 pillars for the development and
expansion. This company was established in year 2006 and taken together the dedicated experts
as team driven, to provide highest quality developmental and educational child care service
through Australia. It was in response to improving administrative regulations creating this harder
for single-centre operator to live.
Compliance with measurement requirements of conceptual framework
The IASB issued amended Conceptual Framework for Financial Reporting, the comprehensive
set of theories regarding the financial reporting (Gummer and Mandinach, 2015). The
conceptual framework defines-
1. the objective of financial reporting
2. fundamental qualitative characteristics in respect of relevant financial data
3. Enhancing qualitative characteristics in respect of relevant financial data