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Accounting theory concepts with critical analysis

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This assignment requires a consideration of accounting theory concepts with critical analysis with application to General Purpose Financial Reporting by corporations. Students are required to prepare a comprehensive report directed to an Australian ASX Top 100 listed corporation detailing a critical analysis of the effectiveness of the corporation to meet the obligations of the conceptual framework of accounting. The summary report should include data extracted from the General Purpose Financial Report relevant to the material analysed. 

Marking Guide: Analysis 30% 

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Question Preview:

This assignment requires a consideration of accounting theory concepts with critical analysis with application to General Purpose Financial Reporting by corporations. Students are required to prepare a comprehensive report directed to an Australian ASX Top 100 listed corporation detailing a critical analysis of the effectiveness of the corporation to meet the obligations of the conceptual framework of accounting. The summary report should include data extracted from the General Purpose Financial Report relevant to the material analysed. 

Marking Guide: Analysis 30% 

              Theory support 30% 

              Recommendations/conclusions 30% 

              Presentation 10% Total mark will be scaled to a mark out of 20

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Solution preview

Financial Accounting Standards Board has defined the conceptual framework as –

‘A coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards and that prescribes the nature, function and limits of financial accounting and reporting.’

The conceptual framework describes the objective of, and the concepts for, general purpose financial reporting. It is a tool that –

  1. Assists the FASB to develop and create new International Financial Reporting Standards that are based on sound accounting concepts.
  2. Assists preparers of financial statements to develop consistent policies whenever and wherever no IFRS standard applies to a particular transaction.
  3. Assists others to understand and interpret the standards in a way in which they were intended to.

The objective of the Conceptual Framework is to improve financial reporting by providing a much more holistic, complete, clear and updated set of concepts.

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