Select a company from the Australian Securities Exchange website and download the 2014 annual report.
- With reference to the above statement describe what you understand by the term ‘income’ and how they are measured using examples from your selected annual report.
- Discuss ‘income’ and the problems of measurement in the context of the present AASB / IASB standards and framework.
- Evaluate the categorisation and treatment of ‘income’ in your annual report in the context of AASB / IASB standards and framework.
- Comment on the relationship between the measurement of ‘income’ and decision useful information with examples from your selected annual report.