ACCT 3003 - Contemporary Issues in Accounting
Added on - 04 Mar 2020
The given below report discusses the importance of IFRS and AASB conceptual framework on the accounting and financial statement of Telstra Corporation and Amaysim Australia Limited. It will also focus on the treatment of assets, method of depreciation of the company. Further, the report will concentrate on the AGM of the companies, Director’s reports of the companies and the issue associated with the IFRS and AASB in accounting.
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Running head: CONTEMPORARY ISSUES IN ACCOUNTINGContemporary issues in accountingName of the studentName of the universityAuthor note
1CONTEMPORARY ISSUES IN ACCOUNTINGExecutive summaryThis report will focus on the importance of IFRS and AASB conceptual framework on theaccounting and financial statement of Telstra Corporation and Amaysim Australia Limited. Itwill also focus on the treatment of assets, method of depreciation of the company. Further,the report will concentrate on the AGM of the companies, Director’s reports of the companiesand the issue associated with the IFRS and AASB in accounting.
2CONTEMPORARY ISSUES IN ACCOUNTINGTable of ContentsIntroduction................................................................................................................................3Analysis......................................................................................................................................4Annual reports and its compliance with AASB conceptual framework....................................4Total assets.................................................................................................................................5Tangible asset.............................................................................................................................5Intangible assets.........................................................................................................................6Treatment of assets.....................................................................................................................7Depreciation...............................................................................................................................8Treatment of assets.....................................................................................................................8Depreciation...............................................................................................................................9AGM report..............................................................................................................................10Director’s report and closing statements..................................................................................10Issues in accounting with regard to IFRS and AASB..............................................................11Conclusion................................................................................................................................12Reference..................................................................................................................................13
3CONTEMPORARY ISSUES IN ACCOUNTINGIntroductionTelstra is one of the leading technologies and Telecommunication Company fromAustralia that offers full range of services related to telecommunication sector and competeswith all the other telecommunication companies. They deliver services to more than 17million mobile services, 3.5 million retail services for broadband and 6.8 million services tofixed voices. They believe that more the people are connected, more opportunities they willhave. Therefore, they are assisting in creating the exceptional connectivity for everyone.They believe in content and technology solutions which are easy and simple to use and arevalued by the customers. They always focus on serving and knowing the preference of thecustomers better as compared to others. As the leading information and TelecommunicationCompany from Australia, Telstra always provides a helping hand towards their customer toimprove their living standard through better connectivity (Telstra.com.au, 2017).On the other hand, Amaysim is the telecommunication company that is focussed onproviding the telecommunication services and make the home internet and mobile experienceof the customers with exceptionally simple through solving the unnecessary issues and lettingthe customers to get the superfast speed at pocket-friendly price. They believe in providingthe services in such a way that the customers will have minimum number of complaints withregard to the telecommunication services. They are confident that at least 93% of theircustomers will tell their loved ones or mate regarding the exceptional good services of thecompany. Further, they believe in nolock-in contactsthat mean if the customers withAmaysim it is just because they want to be with the company and not because they are forcedto be with the company (Amaysim.com.au, 2017).
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From the above analysis it is concluded that AASB conceptual framework and IFRS play important role while the companies prepare their financial statement. From the financial statement of the companies it is identified that both the companies prepare their annual statement as per the requirement of AASB framework, interpretation of IFRS and as per the Corporation act 2001.