Contemporary Issues in Accounting - Analysis of Santos Limited

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues
in Accounting
Name of the Student - NIRAJ TAMRAKAR
Student Id - 11601212

1CONTEMPORARY ISSUES IN ACCOUNTING
Abstract
The main objective of this report is to analyse and evaluate different aspects of accounting
conceptual framework and for this report; Santos Limited is taken into consideration. In the first
part, the analysis of the objectives of conceptual framework is done. Second part involves in the
analysis of recognition criteria. The last part involves in the analysis of qualitative and enhancing
characteristics.

2CONTEMPORARY ISSUES IN ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Conceptual Framework Objectives..................................................................................................3
Recognition Criteria.........................................................................................................................8
Fundamental Qualitative Characteristics.......................................................................................12
Enhancing Qualitative Characteristics...........................................................................................12
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

3CONTEMPORARY ISSUES IN ACCOUNTING
Introduction
At the time of performing the business operations, the business entities have to face
different kinds of difficult business issues. In the recent years, accounting issues are the most
faced issues by the business entities all over the world and the main reason contributing towards
the raise of this issue is the non-compliance with the rules and regulations of accounting
conceptual framework. It is the high obligation of the business entities of Australia to prepare
and present their financial statements after complying with the standards and principles of
accounting conceptual framework. The conceptual framework issued by International
Accounting Standard Board (IASB) and Australian Accounting Standard Board (AASB) is a
major directory where the business entities of Australia can get all the required rules and
regulations to prepare and present the financial statements (aasb.gov.au 2018). The main
objective of this report is to analyse and evaluate different aspects of accounting conceptual
framework and for this report, Santos Limited is taken into consideration. Santos Limited is a
major Australian oil and gas company and it is in top 100 companies of Australian Securities
Exchange (ASX) (santos.com 2018).
Conceptual Framework Objectives
According to the conceptual fretwork of IASB and AASB, there are three major
objectives of general purpose financial reporting and Santos Limited is needed to follow these
major objectives to prepare and present various financial accounts. The three objectives are
discussed below: