What is proposed for updating the conceptual framework

Assignment Help Accounting Basics

Reference no: EM131335088 , Length: word count:1500

COMPANY ANNUAL REPORT STUDY

Choose any company and make a report on financial report of company: David Jones

Introduction (about 100 words)

Conceptual framework (200 words)

Critical analysis (200 words)

Ethics (not more than 150 words)

Corporate governance (not more than 150 words)

Legitimacy (not more than 150 words)

Transfer pricing (not more than 150 words) look at example of transfer pricing

Fair value disclosure (not more than 150 words)

Fair value accounting continues to be a topic of significant interest and debate among the preparers and users of financial information. The fair value standards, Accounting Standards Codification 820, Fair Value Measurement (ASC 820) and IFRS 13, Fair Value Measurement (IFRS 13), are principles-based standards that, with few exceptions, impact all fair value measurements in a reporting entity's financial statements. Our popular global guide, Fair value measurements - 2015 global edition, helps reporting entities meet the challenges of applying the key accounting standards under both U.S. GAAP and IFRS related to fair value measurements.

In this guide, we describe the key concepts and requirements of these standards and include specific discussion of the impact of the fair value measurement requirements in significant accounting areas such as:

investments
impairments
business combinations
credit risk

Write remaining 1000 words using the following materials: (look at the sample: Annual Report Study of Myer Holdings Limited by SumitPoudel) Please Take screenshot and put it at the end in Appendix:

- audit report

- directors declaration

- director report

- notes to account

- remuneration report

SUGGESTIONS REGARDING ASSIGNMENT

USE YOUR INDEX WISELY......

Go to Balance Sheet, Income Statements, NOTE 1 (methods adopted by company) and other notes from the financial reports, Remuneration Report, Auditors Report

REMUNERATION REPORT - SCREEN SHOT OR TAKE ELEMENTS FROM ACTUAL REPORT IN RELATION TO EXECUTIVE REMUNERATION. LINKED TO PROFIT? SHARE PRICE? OR OTHER - consider how this drives culture with organisations including a desire to obtain profit to receive bonus payments.

ISSUES WITH REMUNERATION can be SELF INTEREST - SHORT TERM DECISION MAKING, TELEOPATHY (unhealthy pursuit of goals), manipulation of accounts, not adhering to the conceptual framework, aasb issues like in leases.

In your discussion using examples from annual reports (of many companies) will assist however focus should be on your company(ies)

GPFR - general purpose financial reports - for users to make financial decisions perhaps to affect profit rather than in accordance with AASB or conceptual framework.

INVENTORY - OVERSTATE- aasbVALUED AT COST OR LOWER OF COST OR MARKET.

ACCOUNTS RECEIVABLE - OVERSTATE - ESTIMATION OF PROVISION FOR BAD AND DOUBTFUL DEBTS - UNDERSTATE YOUR PROVISION

PPE - OVERVALUE - EXCESS VALUATION (PRUDENCE) - DEPRECIATION - CHOOSE METHODS perhaps to affect profit rather than in accordance with AASB or conceptual framework

LIABILITIES - LEASES - INTANGIBLE ASSETS - NOTES - LOOK FOR EVIDENCE OF ANY LEASING

Contingent legal liabilities - where companies have had to pay out legal obligations due to issues

LEASES HAVE BEEN LEFT OFF BALANCE SHEETS - LIMIT RATIO - ATTRACT INVESTORS

Overstated Revenues, sales returns

Understated expenses

TAXATION

TRANSFER PRICING - FACEBOOK -TAXATION

Eg. TRANSFER PRICING - FACEBOOK -3-5 BN additional tax payments

DISCUSS PRUDENCE - WHAT IS PROPOSED FOR UPDATING THE CONCEPTUAL FRAMEWORK

HOW YOU THINK THIS WILL AFFECT THE REPORTING? BENEFITS AND CRITICISMS (cpaeg)

The inclusion of prudence, then removal and now addition again by accounting.

Or are the issue much more complex than that? Do accountants adhere to the CF? Perhaps addressing remuneration and other issues would achieve better outcomes?

Attachment:- Assignment.rar

Reference no: EM131335088

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len1335088

12/30/2016 11:22:36 PM

Australian student, 1500 words excluding table of content, reference list and appendix, sample attached, I already lost 20% marks for delayed submission, therefore, I need HD quality, anything less than that is useless for me. The assignment is of 2250 words, however, as I am decreasing it to 1500 words, add all topic with less words if it says 150 reduce to 100 words and so on.

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