ACC303 Contemporary Issues in Accounting - Desklib
Added on 2020-04-13
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Running head: CONTEMPORARY ISSUES IN ACCOUNTINGContemporary Issues in AccountingName of Student:Name of University:Author’s Note:
1CONTEMPORARY ISSUES IN ACCOUNTINGExecutive SummaryThe study intends to state whether Newcrest is able to meet the objectives of conceptualframework in its financial reporting. The important aspects of the study also evaluate the criteriafor recognition of Assets, Liabilities, Equity, Revenue and Expenses. The other areas covered inthe report includes factors announcing the characteristics of financial reporting. The maindepictions of the study have been able to state that the company prepare its financial report as perin accordance with “Corporations Act 2001 and Australian Accounting Standards” and other“authoritative pronouncements of the Australian Accounting Standards Board (AASB)”. Themain identification for Newcrest is prepared as per “Assets, Liabilities, Equity, Revenue andExpenses” along with the profit for entity has been prepared with “International FinancialReporting Standards (IFRS)”. Some of the announcing characteristics of the company has beenobserved in form of targeting an annual dividend amount of at least 10-30% as per free cashwhich has been generated in a particular financial year and less than US 15 cents.
2CONTEMPORARY ISSUES IN ACCOUNTINGTable 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....................................................6Conclusions and Recommendations................................................................................................7References........................................................................................................................................8List of Appendix............................................................................................................................10
3CONTEMPORARY ISSUES IN ACCOUNTINGIntroductionNewcrest is recognised as the leading producers of gold in Australia and one of theworld’s largest company for the trade. The mission of the company is seen with finding anddeveloping world’s largest copper and gold mines. The most imminent mines of the companyhave been identified in areas of “Gosowong (Halmahera Island, Indonesia), Cadia ValleyOperations (New South Wales, Australia), Telfer (Western Australia), Lihir (New IrelandProvince, PNG) and Bonikro (Côte d’Ivoire)”.The important factors of the study have been able to ensure the rational weather thecompany is able to meet the objectives of conceptual framework in its financial reporting. Theimportant aspects of the study also evaluate the criteria for recognition of Assets, Liabilities,Equity, Revenue and Expenses. The other areas covered in the report includes factorsannouncing the characteristics of financial reporting (Hoque, Islam and Azam 2013).Adherence to the objectives of the conceptual framework with its reportingNewcrest Mining Limited is seen to be complying with the corporate governanceframework as per “Corporate Governance Principles and Recommendations (3rd edition)” whichis published “ASX Corporate Governance Council”. In addition to this the information providedas per Newcrest’s governance is seen to be lodged based on relevant practices and compliance.The most relevant factors have been identified with limited to the changes in commodityprices. The important relevant factors are discerned in form of project development, economicconditions and the collective nature of exploration and several types of activities associated toactivities such as licensing risk and permit with the regulatory framework in terms of the
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