Topic: Does the current accounting framework meet the needs of the users of financial reports as prescribed in the objective of the Conceptual Framework of Accounting? How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting is a requirement in your analysis.
COMMENT FROM LECTURER:
THE ASSESSMENT FOCUS NEED S TO BE ON WHETHER ACCOUNTING IS FULFILLING ITS PURPOSE AS AN INFORMATION SOURCE FOR FINANCIAL DECISIONMAKING.
YOU MIGHT LIKE TO CONSIDER GENERAL PURPOSE FINANCIAL STATEMENTS AND IF THIS IS SATISFYING THE NEEDS OF USERS SUCH AS INVESTOR, SHAREHOLDERS ETC.
AS THIS IS A CRITICAL REVIEW YOU SHOULD CONSIDER WHERE THESE NEEDS ARE BEING MET AND PERHAPS WHERE THEY ARE NOT BEING MET – INCLUDING SUGGESTIONS FOR IMPROVEMENT TO ACCOUNTING.
• Reference to material of the course and a critical analysis of the annual reports is required.
• Students are to critically analyse and develop supported recommendations and conclusions, in reference to the relevant accounting framework
• The analysis and supported recommendations need to be formatted into a professional report as would be expected in a modern organization by management and clients.
Your assignment should include recent and relevant academic references (intext and other).
THERE IS A NEED TO FOCUS IN YOUR ASSESSMENT ON THE QUESTION AND NOT ON COMPANIES SELECTED. COMPANIES SELECTED WILL REPRESENT A DEMONSTRATION ON THE CRITICAL ANALYSIS YOU HAVE UNDERTAKEN.
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Task Details: Download the latest annual report of any two listed companies.
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Annual Reports are available on the company website or ASX website.
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Analyse the conceptual framework with reference to the annual reports of your chosen companies in light of the reporting requirements imposed on accountants and those charged with governance of corporations.
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Your analysis may include the following:
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Are the annual reports in compliance with the conceptual framework and AASB standard requirements?
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You need to use extracts from the annual reports to support your analysis.
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Provide screen shots of the relevant sections from the reports in your assignment.
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If they are not in compliance, explain the reason.
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How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting
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You may find the explanations in the notes to the financial statements or in the Director‟s Report.
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Compare and contrast the two annual reports, identify the differences in disclosures of these
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Reference to material of the course and a critical analysis of the annual reports is required.
The analysis and supported recommendations need to be formatted into a professional report as would be expected in a modern organization by management and clients.
The assignment should include the following parts:
(a) A title / cover page, which indicates basic information such as Subject title, Subject code, Trimester number, Assignment title, group members‟ full names and student numbers, word count and name of the tutor;
(b) Executive Summary;
(c) Table of Contents;
(d) Main contents – Introduction, analysis using suitable headings and subheadings, Conclusions and Recommendations, Appendices (if any);
(e) References (using Harvard – Anglia style); and/or
(f) Attachments.
Every page should be clearly numbered.
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