This report critically examines the compliance of AGL Energy and Origin Energy Ltd, both ASX-listed companies, with Australian Accounting Standards Board (AASB) standards. The analysis focuses on their general-purpose financial statements to ensure adherence to the conceptual accounting framework, emphasizing the importance of transparency and prudence in accounting practices. The report includes detailed financial statement analyses, incorporating income statements, and consolidated financial positions, along with graphical representations to illustrate key findings. It evaluates compliance with specific AASB standards like AASB 8, AASB 139, and future compliance considerations with AASB 9 and 15. The report provides recommendations for enhancing financial reporting, including the adoption of new standards and the consistent application of prudence principles. The conclusion highlights the necessity of following the conceptual accounting framework for producing useful and relevant financial information for stakeholders, supporting informed decision-making. References to relevant AASB documents and company annual reports are included.