Contemporary Issues in Accounting - Assignment
Added on 2020-04-15
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Running head: CONTEMPORARY ISSUES IN ACCOUNTINGContemporary Issues in AccountingName of Student:Name of University:Author’s Note:
CONTEMPORARY ISSUES IN ACCOUNTING1Executive SummaryThe study discusses on the important aspects of the study has been seen to identify the varioustypes of factors which has been seen to be related to ascertain whether the Newcrest Limited isable to meet the objectives of the conceptual framework with its reporting. The study also able toassesses the recognition criteria to report Assets, Liabilities, Equity, Revenue and Expenses.Some of the other aspects of the study have been also able to present central qualitativeenhancing features of financial reporting and discern the improving characteristics of financialreportage. The main findings have been able to discern that the selected company is seen tocomply with CG framework complying with Corporate Governance Values and suggestions“(3rd edition)” published as per “ASX Corporate Governance Council”. LTI Plan has been seento be included with the calculation as per “Australian Accounting Standard AASB 2 Share BasedPayments”. The granted in 2017 have been seen to be value as per the non-IFRS financialmeasures throughout the annual report.
CONTEMPORARY ISSUES IN ACCOUNTING2Table of ContentsIntroduction......................................................................................................................................3Adherence to the objectives of the conceptual framework with its reporting.................................3Adherence with the recognition criteria for reporting Assets, Liabilities, Equity, Revenue andExpenses..........................................................................................................................................4Adherence with the qualitative enhancing characteristics of financial reporting............................6Adherence with enhancing characteristics of financial reporting....................................................7Conclusions and Recommendations................................................................................................7References........................................................................................................................................9List of Appendix............................................................................................................................10
CONTEMPORARY ISSUES IN ACCOUNTING3IntroductionNewcrest is identified as one of the largest producers of gold as per the AustralianSecurity exchange and recognised as world’s largest gold mining company. The main mission ofthe company has been seen with the various types of services which have been seen to be relatedto developing, finding and operation as one of the pioneers in gold/copper mines. Some of themost noted mines of the company have been seen to be located in areas such as “Cadia ValleyOperations (New South Wales, Australia), Telfer (Western Australia), Gosowong (HalmaheraIsland, Indonesia), Lihir (New Ireland Province, PNG) and Bonikro” (Côte d’Ivoire) (Milnes etal. 2015).The important aspects of the study is identified with the factors which has been seen to berelated to ascertain whether the Newcrest Limited is able to meet the objectives of the conceptualframework with its reporting. The study also able to assesses the recognition criteria to reportAssets, Liabilities, Equity, Revenue and Expenses. Some of the other aspects of the study havebeen also able to present fundamental qualitative enhancing features of financial reporting anddiscern the enhancing features of financial reporting (Lukasiewicz et al. 2013).Adherence to the objectives of the conceptual framework with its reportingThe company is seen to act in accordance with corporate governance frameworkcomplying with CG “Principles and Recommendations (3rd edition)” published as per “ASXCorporate Governance Council”. The information provided as per the Newcrest’s governanceframework has been seen to be provided with the Corporate Governance Statement which hasbeen seen to be lodged as per ASX lodgement date and compliance with the relevant practices.
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