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Annual Report: Australian Agriculture

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Topic: Australian Agriculture Report type: Annual report words: 1500 words this is conceptual framework “Australian Agriculture “...

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Topic: Australian Agriculture Report type: Annual report words: 1500 words this is conceptual framework “Australian Agriculture “

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IntroductionAASB in Australia has developed the accounting requirements and standards for the organizations working in Australia so that the organizations are able to follow the principles of corporate governance. They have developed many standards to guide the concerns at the time of the preparation of the financial statements.  The report has discussed the extent to which the conceptual framework has been followed by the company Australian agricultural company ("Australian Agricultural Company", 2018). The report has tried to present a comprehensive insight into the issue.Conceptual frameworkThe Conceptual framework is a framework which guides the organization to follow the standards laid down by the International Accounting Standards Board. This basically has assisted in interpreting and understanding the Standards.Qualitative characteristics of financial informationAs per IASB, the revisions were made in the qualitative characteristics in 2010 after setting a joint project with FASB. The general financial information disclosed by the companies need to have certain qualitative charismatics. These are two types: fundamental and enhancing characteristics.•    Relevance: The financial information must be capable of providing information to the readers so that they make decisions based on this. The company has provided all the data which can help the readers to predict the future value or take certain decisions ("Conceptual framework", 2018).Materiality: The information must be disclosed and no information must be omitted which has the capacity to influence the decisions. The company Australian Agricultural has disclosed all the material information through its annual report to its shareholders and they have stated this in their annual report.•    Faithful representation: The financial reports must also present a fair and true vie to the investors. This must be free from errors and is also neutral. The aim of IASB is to maximize such qualities to the extent as much as possible. The company has stated by a declaration by the CEO and CFO of the company that the report presents a true and fair view of the financial performance end the position of the company. This is also supported by the declaration made by independent auditors.Enhancing qualitative characteristics•    Comparability: This is a feature which facilitates the readers in making a decision by comparing the data. The annual report prepared by the company contain information about the previous years, and the principles used in this are also consistent and in this way the reports are comparable.•    Verifiability: This is required by IASB to know about the authenticity of the reports. This means that various independent authors have come to the same conclusion about the company. The reports of Australian agriculture have been audited by the internal team and also by independent external auditors. They have stated their declaration in the and that the company has followed all the requirements.•    Timeliness: the information has to be provided to the users in time as older information is not useful. The company has provided the information to the users prompt which has enabled them to take timely decisions.

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