Discuss and evaluate the concept of prudence

Assignment Help Accounting Basics
Reference no: EM131222204 , Length: word count:1300

Essay Objective:

The objective of this case study is to understand Australian Conceptual Framework in accounting standard setting and in business practices.

Discussions: You should select a company listed on the Australian Stock Exchange (ASX) and find a copy of 2014/2015 or 2015/2016 annual report of the chosen company.

According to Australian Conceptual Framework Paragraph 37 (2009 version), it states: 'Prudence is the inclusion of a degree of caution in the exercise of the judgements needed in making the estimates required under conditions of uncertainty, such that assets or income are not overstated and liabilities or expenses are not understated.'

You need to answers following questions:

a) You are required to discuss and evaluate the concept of Prudence.

b) Explain why Prudence is very important in financial reporting.

c) Give TWO (2) examples when Prudence is applied in the annual report of the chosen company. Discuss how Prudence is applied.

d) Using the examples you discussed in part c) explore the implications of Prudence for financial statements in future financial year.

I choose QANTAS company and have to prepare annual report of this company along with Australian conceptual framework and examples.

Reference no: EM131222204

Personal income tax return

On January 1 of the current year, George's basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partn

Basics of governmental fund financial statements

January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the governmental fu

Rank the projects from 1 to 8 with 1 being the best project

Compute NPV and IRR for each project. Rank the projects from 1 to 8 with 1 being the best project. If necessary or desired you can provide further computations or explanation

Different types of cabinets that will be produced

You have been hired as a managerial accountant by Mr. Smith of Wilson-West Manufacturing, a start-up company that produces several different product lines. He would like you

The primary area of concern identified by management

Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The company is considering adopting a stand

Indicate whether it represents an accounting error

For each of the following situations, indicate whether it represents an accounting error and explain why it is or is not an error. Also state whether a trial balance would ind

Perform a DCF analysis using the cash flow projections

Assuming Tottenham Hotspurs continue in their current stadium following their current player strategy: Perform a DCF analysis using the cash flow projections given in the cas

Effective in protecting health care information

What are three controls that would be effective in protecting health care information? For each item, describe the risk in your own terms and how the controls address that r

Reviews

len1222204

9/27/2016 6:54:56 AM

Word limit should not be less than 10% of word limit (1,350 words) and not exceed 1,500 words excluding reference list. A loss of 10% of the total marks will apply if you didn’t follow this instruction. If there are any references used in the reflective learning journal, the references should follow Harvard Referencing Style. You must reserve your company by adding a post on ‘Discussion Board’ under ‘Reserve a company here’. Write the name and code of the chosen company in the description line of your post. If you add the company name in the message and NOT in the description line, then the reservation is void because it will not be readily visible to others. The file name should include (in order) initial, your surname and your student number. For example: ‘BParker1235456'. Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.

len1222204

9/27/2016 6:54:48 AM

I need 1300 words and I choose QANTAS company for this assignment, I choose QANTAS company and have to prepare annual report of this company along with Australian conceptual framework and examples. The quality of the essay will be assessed based on the following areas: Demonstrate and identify the accounting concepts and principles applied clearly. Provide examples from the annual report of a chosen company to illustrate the implementation of the concept. Use paragraphs from the Australian Conceptual Framework as a guideline to support your discussion. You may need to use other references as well. Demonstrate effective communication, logical presentation and integrated evaluation.

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd