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Report of Illuka Resources TABLE OF CONTENTS

   

Added on  2021-01-05

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REPORT OF ILLUKARESOURCES
Report of Illuka Resources TABLE OF CONTENTS_1
TABLE OF CONTENTS1. Compliance of company in relation with the measurement requirements of conceptualframework....................................................................................................................................12. Fundamental qualitative characteristics...................................................................................13. Compliance of Illuka resources with enhancing the qualitative characteristics......................24. Are the users of financial reports able to use reports to make decisions?...............................25. Knowledge required by users for analysing company's financial position..............................36. Have they met the requirements for general purpose financial reporting?..............................3RECOMMENDATION...................................................................................................................4CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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1. Compliance of company in relation with the measurement requirements of conceptualframeworkThere have been various guidelines and standard which were presented by the accountingstandard boards as well as reporting framework would be adequate for the businesses in relationwith having effective ascertainment over the operational practices. In relation with theperformance and activities governed by Illuka resources in the business activities on whichmeasuring each report in a summarized format would have positive impacts on managing thebusiness goals (Baudot, 2018). In accordance with the operational activities of IASBmeasurement methods on which it can be said that, there has been measurement of variousfinancial statement which would manage cost and fair value of the transaction.It can be said that, there have been measurement of several transaction which were beingtransited in accounts throughout year (Hashim, Li and O’Hanlon, 2016). It includes theaccounting records to be made in various reports such as cash flow statement, statement ofchange in equity as well as determination of various fair value as well as current market prices.Moreover, in managing the business resources on which making a reliable ascertainment ofthe operating activities would be effective as if businesses make appropriate disclosure of thefinancial statement which would have impacts on delivering the best and reliable informationamong the stakeholders of the firm.2. Fundamental qualitative characteristicsThere has been various qualitative characteristic which are required to be applicated by thecompanies while disclosing the financial health of the organisation.Relevance: It must be relevant with presenting the financial detail of the organisationamong the users of such information. However, in relation with such aspects it will affect inbetter investment decisions made by users (Walton, 2018).Comparability: There must be comparative analysis over time and information whichwould have bene represented by organisation that helps the accounting professionals in effectivedecision making (Kohler and Le Manh, 2018). On the basis of actual results must be comparedwith the budgeted or estimated plan by professionals.Verifiability: At the time of auditing all information were required to be verified by theprofessionals as well as communicated adequately among the professionals in the right manner.1
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