Posted: March 2nd, 2020

Accounting Theory Concepts Assignment | Homework For You

Topic: This assignment covers the in-depth theoretical concepts with some practical accounting task application based on the topics from the subject.

Task Details: 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.

1. Provide a critical analysis of the annual report of the corporation.  Consideration of the adherence to AASB, true and fair, conceptual framework, corporations law etc should be considered.

2. Provide a comparison with other corporations listed on the ASX and how well you think your corporation has performed.

3. In summary, based on your company and it’s annual report information provided whether you would be likely to invest in your company.  Construct your summary to support your conclusion. Accounting Assignment: I need help writing a research paper.

____________________________
Conceptual Framework of Accounting:
The conceptual framework of accounting provides guidance on how financial reporting should be done. It consists of a set of concepts, principles, and guidelines that companies must follow to prepare their financial statements. The framework includes four primary elements: objectives of financial reporting, qualitative characteristics of useful financial information, elements of financial statements, and recognition and measurement principles.

AASB:
The Australian Accounting Standards Board (AASB) is responsible for developing and issuing accounting standards in Australia. The AASB sets the accounting standards that companies must follow when preparing their financial statements. The standards issued by the AASB are based on the International Financial Reporting Standards (IFRS) framework.

True and Fair:
The concept of true and fair is a fundamental principle in accounting. Financial statements must be presented in a manner that reflects the financial position and performance of the company accurately. This means that the financial statements must be free from bias and material misstatements.

Corporations Law:
The Corporations Act 2001 is the primary legislation that governs the operation of companies in Australia. It sets out the legal requirements for companies to prepare financial statements and the disclosure of information in those statements.

Now, let’s move on to the tasks that you need to perform.

Task 1: Critical Analysis of Annual Report
To perform a critical analysis of the annual report, you need to review the financial statements of the company and assess whether they have adhered to the relevant accounting standards, true and fair concept, and the conceptual framework of accounting. You also need to evaluate the quality of the financial information provided and the disclosures made in the notes to the financial statements. Your analysis should cover areas such as revenue recognition, measurement and recognition of assets and liabilities, and the treatment of contingencies and uncertainties.

Task 2: Comparison with Other Corporations
To compare the company’s performance with other corporations listed on the ASX, you need to review the financial statements and other relevant information of those companies. You should assess how well the company has performed relative to its peers in areas such as revenue growth, profitability, return on assets, and financial position.

Task 3: Investment Recommendation
To provide an investment recommendation, you need to summarize your analysis of the company’s annual report and its comparison with other corporations. Based on your analysis, you should provide a recommendation on whether you would invest in the company or not. Your recommendation should be supported by your analysis and should cover areas such as the company’s financial position, growth prospects, and management quality.