This report analyzes the accounting and financial reporting practices of Dream Furniture Pty Ltd, a furniture manufacturing and selling company in Australia. The report focuses on several key areas, including the acquisition and initial recognition of non-current assets (land, building, and machinery), calculating depreciation using straight-line and diminishing value methods, and accounting for revaluation of assets according to AASB 116. It also examines the presentation of non-current assets in the balance sheet and addresses the accounting treatment of revaluation and impairment losses. Furthermore, the report explores qualitative characteristics of financial reporting such as comparability, verifiability, timeliness, and understandability, and how they relate to Dream Furniture's financial statements. Finally, the report assesses the company's revenue recognition practices in accordance with AASB 15, outlining the five-step model for revenue recognition from contracts with customers. The report provides detailed journal entries and calculations to support its analysis, demonstrating the application of relevant accounting standards and principles.