This case study report, prepared for the Australian Securities and Investments Commission (ASIC), examines the financial reporting practices of REA Group Ltd for the financial year 2020. The report evaluates REA Group's compliance with key accounting standards, including AASB 16 (Leases), AASB 6 (Exploration for and Evaluation of Mineral Resources), and AASB 121 (The Effects of Changes in Foreign Exchange Rates). The analysis includes an assessment of the company's earnings management practices, measurement practices, and disclosures related to sustainability and environmental accounting. The methodology involves reviewing the company's annual report and relevant accounting standards. The findings indicate that AASB 121 is appropriately applied for foreign transactions, while AASB 6 is not applicable due to the company not being involved in mineral exploration. The report also discusses the implications of AASB 16 and AASB 121, and recommends improved earnings management practices. The report concludes with a detailed analysis of REA Group's reporting practices and their financial implications.
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