Woodside Petroleum: Compliance with GPFR and Conceptual Framework

CONTEMPORARY ISSUES IN ACCOUNTING

Woodside Petroleum
Executive summary
Both General Purpose Financial Reporting and adherence to conceptual framework of
accounting is crucial when it comes to an organization’s financial and non-financial
performance. This is because it assists users in making relevant financial decisions based on
the same. For the purpose of this report, Woodside Petroleum has been chosen wherein due
consideration has been exerted on its GPFR, recognition criteria, and compliance with
fundamental and enhancing qualitative characteristics.
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Woodside Petroleum
Contents
Introduction...........................................................................................................................................3
Compliance with objectives of GPFR.....................................................................................................4
Ability of target audience to use GPFR for gathering information.........................................................4
Satisfaction of recognition criteria.........................................................................................................4
 Revenue.........................................................................................................................................5
 Current assets and liabilities..........................................................................................................5
 Gas and oil properties....................................................................................................................5
 Borrowings....................................................................................................................................5
 Trade and receivables....................................................................................................................5
 Inventories.....................................................................................................................................6
 Provisions......................................................................................................................................6
 Operating lease payments.............................................................................................................6
Exhibition of fundamental qualitative characteristics...........................................................................6
Exhibition of enhancing qualitative characteristics...............................................................................7
Recommendation..................................................................................................................................8
Conclusion.............................................................................................................................................9
References...........................................................................................................................................10
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Woodside Petroleum
Introduction
Based on the current corporate scenario, adherence to the objectives of GPFR and compliance
with conceptual framework of accounting is vital to thrive in the market. This is because it
facilitates effective decision-making on the part of users, thereby enhancing the reputation
and goodwill of companies. Moreover, adherence to conceptual framework also assists in
enhancing qualitative characteristics like understandability, comparability, timeliness, etc
(Seilber, 2015). This makes it clear that organizations who do not prioritize such steps may
fail to survive in such competitive environment wherein interpretation of financial
information in order to make decisions is vital in nature. This report will assist in evaluating
the effectiveness of Woodside Petroleum in complying with requirements of GPFR and
conceptual framework.
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