As a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you with your first task. In their

Choose Your Topic

All Subject Accounting Finance Engineering Science Computer Science

Economics Management Writing Mathematics Statistics Law Auditing Nursing Childcare Others

As a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you with your first task. In their

Question Preview:

View Complete Question >>

Question Preview:

As a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you with your first task. In their last meeting, the Board of Directors of your company discussed the importance of ensuring that their financial reports meet the objective of general purpose financial reporting and qualitative characteristics of useful financial information as outlined in the IASB September 2010 ‘Conceptual Framework for Financial Reporting’ (CF). Board members are concerned about the company's reputational standing in the market relating to deviations from these objective and qualitative characteristics, specifically in the area of Property, Plant and Equipment (PPE). Therefore, the Board decided to have a review of the relevant disclosures in the company's latest annual report pertaining to PPE and whether these disclosures are aligned with the CF's objective and qualitative characteristics. Required; Based on the Board's decision, the CFO asks you to draft a business research report addressed to the Board of Directors on the following: a. Explain in your own words the objective of general purpose financial reporting and the qualitative characteristics of useful financial information according to The Conceptual Framework for Financial Reporting (covering OB1-OB21 and QC1- QC39) (10 marks). b. Critically analyse to what extent the latest annual report of your company meets the disclosure requirements for PPE as per AASB 116 (10 marks). c. Based on your findings in part b, critically analyse to what extent the disclosures on PPE satisfy the fundamental and at least one of the enhancing qualitative characteristics of useful financial information (10 marks). d. Based on your findings in part c, critically discuss to what extent the disclosures on PPE align with the objective of general purpose financial reporting and, as a conclusion, recommend actions for improvement (10 marks). *You need to choose a suitable company by yourself from: http://www.asx200list.com/ which 1. is constituent of the S&P/ASX 200 index; 2. publishes audited annual reports in English, fully complying with IAS/IFRS or AASB and 3. does NOT belong to the financial sector

View Less >>

Solution Preview

Executive Summary:
This is an individual assignment which makes focus on the necessities of disclosure in the statements of financial performance and financial position of an organization prepared in the light of the conceptual structure for the financial reporting. The selected organization to make analysis of this report is Martin Aircraft Company Limited. In the meeting of the Board of Directors of the company, the importance with respect to financial report which meets the objective of the general purpose financial reporting framework has been analyzed. The members of the board are concerned with the deviation with respect to objectives of the general purpose financial reporting with respect

question Get solution

$

Orginal Price : $

Pay Now

Upload Assignments

Get Your Assignment

Don’t delay more, place your order now. Quick assignment help will be offered to you.

Order Now

CUSTOMER REVIEWS

Excellent

Based on 702 reviews See all reviews here

One of the Best Service

I trust LiveWebTutors for my assignments because of their ability to deliver the perfect assignments time and again. Only a few of my assignments required minor revisions. The rest assured it is the best assignment writing service in the market.

Elizabeth
Sydney

Great Service and on time

I felt so exhausted and burdened with the large number of assignments I had to write and desperately needed someone to help me with all the writing and there was LiveWebTutors company on the internet. They finished my assignments before the due date and also offered me a first-timer discount.

Christina
Perth

One of the Best Assignment Provider

I ordered my Mathematics and Marketing assignments from them last month. I received the content on the set date. Most importantly, the assignments were well-written and plagiarism free. I scored a top grade for the assignment written by them. They are a reliable company.

Oli
Brisbane

Very Helpful Customer Service

I was quite unsure about getting my assignment written online but after coming across LiveWebTutors.com, all my worries have vanished. The quality of the assignments written by their writers is just invincible. Their customer support is very polite and helpful. You should try their service at least once

Kabir
Adelaide

Let Us Help You

shopping cart 0

Amount Payable : $0

World's Leading Assignment Library

Choose Your Topic