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The Conceptual Framework and Prudence-ACC 301

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Kaplan Business School Australia

   

Auditing Assignment (ACC 301)

   

Added on  2020-03-07

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The main objective of this report is to focus on the conceptual framework and prudence with regard to accounting and financial statements. The report will focus on the analysis of the general-purpose financial report, remuneration report, inventory analysis, account receivable, income analysis and liabilities of Harvey Norman. Harvey Norman is the big multinational Australian based retailer of furniture, computers, consumer electrical and communication products.

The Conceptual Framework and Prudence-ACC 301

   

Kaplan Business School Australia

   

Auditing Assignment (ACC 301)

   Added on 2020-03-07

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Running head: ACCOUNTING THEORY AND CONTEMPORARY ISSUESAccounting theory and contemporary issuesName of the studentName of the universityAuthor note
The Conceptual Framework and Prudence-ACC 301_1
1ACCOUNTING THEORY AND CONTEMPORARY ISSUESExecutive summaryThe main objective of this report is to focus on the conceptual framework and prudence withregard to accounting and financial statement. The report will focus on the analysis of thegeneral purpose financial report, remuneration report, inventory analysis, account receivable,income analysis and liabilities of Harvey Norman. Further, the report will compare thefinancial aspect of the company with that of Wesfarmers. Based on the outcomes, finallysome recommendation will be provided.
The Conceptual Framework and Prudence-ACC 301_2
2ACCOUNTING THEORY AND CONTEMPORARY ISSUESTable of ContentsIntroduction................................................................................................................................3Analysis of (GPFR) general purpose financial report................................................................3Remuneration report and conceptual framework.......................................................................4Inventory analysis......................................................................................................................5Account receivable.....................................................................................................................6Liabilities....................................................................................................................................7Income analysis..........................................................................................................................8Prudence in conceptual framework............................................................................................9Importance of prudence............................................................................................................10Benefits and criticism of prudence...........................................................................................10Issues with the company..........................................................................................................11Conclusion................................................................................................................................11Recommendation......................................................................................................................11Reference..................................................................................................................................13
The Conceptual Framework and Prudence-ACC 301_3
3ACCOUNTING THEORY AND CONTEMPORARY ISSUESIntroductionHarvey Norman is the big multi-national, Australian based retailer for furniture,computers, consumer electrical and communication products. Their operating structure isdifferent from others with respect to the fact that each of the store department is operated bythe separate management entity. Therefore, the superstores are the combination of three tofour different management of business that are independently managed through contributionof revenue to the Harvey Norman Holdings Ltd. through the sales portion and leasepayments. The stores of Harvey Norman are operated and owned by Sydney based and ASXListed parent company Harvey Norman Holdings Limited. The main objective of thecompany is to get the recognition as the global leader in delivering the retail services in fastmoving sector of consumer goods, generate sufficient returns for the stakeholders, creatingthe inspiring workplace and to be welcomed by the communities under which they operatetheir business (Harveynormanholdings.com.au 2016).Analysis of (GPFR) general purpose financial report The company is the profit company that is limited by shares and incorporated as wellas operated in Australia. The shares of the company are traded publicly under the AustralianSecurities Exchange (ASX) and trading under ASX with the code HVN. The financialstatement of the company is the general purpose financial report and is prepared as per therequirements of the Corporation Act 2001, interpretation of the Australian AccountingStandards and the compliance of other law. The financial report of the company furtheromplied with the AAS (Australian Accounting Standard) as issued by the AASB and theIFRS (International Financial Reporting Board) as released by the IASB (InternationalAccounting Standard Board). Further, the accounts are prepared based on the historical costapproach except for the land, buildings, investment properties, listed shares those are held for
The Conceptual Framework and Prudence-ACC 301_4

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