ACCG224: Financial Reporting and Accounting Report on Wesfarmers

This report provides a financial analysis of Wesfarmers Company for the year 2018, with a focus on accounting policies and their application in accordance with AASB 108. The discussion covers changes in accounting policies, specifically addressing the selection and criteria for these changes, emphasizing relevance, reliability, and faithful representation. It examines the accounting policies and estimations used for measuring Property, Plant, and Equipment (PPE), including cost valuation, depreciation, and impairment. The report evaluates professional judgments made in the valuation of PPE and discusses improvements in accounting estimates and policies, concluding with a summary of the company's adherence to AASB 108 and industry standards. The analysis highlights the importance of consistent application of accounting standards and the impact of professional judgment on financial reporting.