Analysis of Accounting Framework and Corporate Reporting

This report analyzes the application of accounting frameworks to corporate reporting, focusing on the requirements of the Conceptual Framework of Accounting and AASB standards. The analysis involves a critical examination of two listed companies' annual reports, assessing their compliance with accounting standards and the impact of the conceptual framework, including the role of prudence. The report investigates the disparities in corporate reporting, and how the framework revision to include Prudence is likely to address the disparity. The report also compares and contrasts the two annual reports, identifying key differences in disclosures, and provides recommendations for improved reporting practices. The analysis is supported by academic research and presented in a professional report format, including an executive summary, table of contents, introduction, analysis, conclusions, and recommendations. The report adheres to specific formatting guidelines, including word count limits, font, and referencing style.

Assessment
Assessment Type: Assignment – individual assessment
Purpose: This assessment is designed to allow students to demonstrate a higher level of
understanding of accounting standards and theoretical and philosophical
approaches, as they apply to the resolution of more complex accounting problems.
This assessment relates to Learning Outcomes a, b and c.
Value: 20%
Topic: Does the current accounting framework meet the needs of the users of financial
reports as prescribed in the objective of the Conceptual Framework of Accounting?
How the conceptual framework revision to include Prudence is likely to address
the disparity in Corporate Reporting is a requirement in your analysis.
Task Details: Download the latest annual report of any two listed companies.
Annual Reports are available on the company website or ASX website. Analyse the conceptual
framework with reference to the annual reports of your chosen companies in light of the reporting
requirements imposed on accountants and those charged with governance of corporations. Your
analysis may include the following:
• Are the annual reports in compliance with the conceptual framework and AASB standard
requirements?
• You need to use extracts from the annual reports to support your analysis.
• Provide screen shots of the relevant sections from the reports in your assignment.
• If they are not in compliance, explain the reason.
• How the conceptual framework revision to include Prudence is likely to address the disparity in
Corporate Reporting
• You may find the explanations in the notes to the financial statements or in the Director’s Report.
• Compare and contrast the two annual reports, identify the differences in disclosures of these
corporations.
• Reference to material of the course and a critical analysis of the annual reports is required.
Students are to critically analyse and develop supported recommendations and conclusions, in
reference to the relevant accounting framework (see Topics 1-5).

The analysis and supported recommendations need to be formatted into a professional report as
would be expected in a modern organisation by management and clients.
Research Requirment:
Students need to support their analysis and recommendations with the text and minimum of 10
recent and relevant academic journal articles. Other sources may also be used but students need to
be confident of the academic validity of such sources.
Presentation: Report – 2000 +10% word report The word count excludes the cover sheet,
contents page, references, appendices, and illustrations (e.g. diagrams, graphs and tables).
Students need to stay within the assigned word limits, and indicate the word count on the cover
page of the assignment. Marks will be reduced for assignments shorter than or greater than the
minimum word count
The report should be typed double spaced, using Times New Roman font size of either 10 point or
12 point.
• Every page should be clearly numbered.
• The assignment should include the following parts
: (a) A title / cover page, which indicates basic information such as Subject title, Subject code,
Trimester number, Assignment title, group members’ full names and KOI student numbers, word
count and name of the tutor;
(b) Executive Summary;
(c) Table of Contents;
(d) Main contents – Introduction, analysis using suitable headings and subheadings, Conclusions
and Recommendations, Appendices (if any);
(e) References (using Harvard – Anglia style); and/or
(f) Attachments.
Marking Guide: Analysis 30% Research – extent and application 30%
Recommendations/conclusions 20% Presentation 20% This mark will be scaled to a mark out of 20
subject marks.