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ACC303 Contemporary Issues In Accounting For Conceptual Framework

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  • Course Code: ACC303
  • University: Kings Own Institute
  • Country: Australia

Questions:

a)Evaluate financial accounting reporting issues and their impact
 
b) Examine various theoretical and philosophical approaches to accounting
 
c) Analyse current accounting issues including ethical requirements
 
d) Evaluate a range of contemporary accounting issues

 

Answer:

Introduction

In general, the concepts associated to the conceptual framework is identified with several factors which are used by the businesses for financial reporting. The main aspects of the conceptual framework used by the business relates to the presentation of annual reports of an organization. The information provided in the conceptual framework is identified to be conducive for solving number of business problems which may be a result of the better management focus. The role of conceptual framework is able to bring the consistency in the accountability and presentation of the financial information.

The important concentration of the financial aspects has been based on the presentation of the financial statement which adheres to the fundamental qualitative and enhancing qualitative characteristics. This is further seen to form an essential part of the conceptual framework. The study aims to analyses these aspects with Galaxy Resources Limited which is a publicly listed mining company in Australia.

 

Discussion

Objectives of Conceptual Framework 

The important role of the application of the conceptual framework in the financial statement is seen to be evident with the business activities. In addition to this, the requirement for the conceptual framework as per the company prepared as per the consideration of the various types of the factors which are seen to be related to the compliance of AASB and Corporations Act 2001 (Camfferman and Zeff, 2015).

Moreover, the information in the annual report of the company has been able to state on the significant nature of the finding for Galaxy Resources Limited which are seen to be taken into consideration with the norms as per the IASB and IFRS. Some of the main objectives of the conceptual framework for Galaxy Resources Limited are seen to be specific to the regulations of the conceptual framework which is used while preparation of the annual report of the company (Brusca and Martínez, 2016).

The primary motive of the conceptual framework is followed by the business which is seen to be considered as per all accountability aspect and who prove to be useful for the business and the users of the financial statement. The preparation of the various types of finical information used by the company is depicted to provide crucial information related to the intricacies in the transaction and preparation of notes to the account which are seen with the reports of the business.  The critical financial components used by Galaxy Resources Limited are depicted in terms of the income statement, balance sheet and cash flow statement.

Another significant aspect of preparation of the financial statement has been considered with the supply of the important information in a timely manner which will be associated to the uncertainties in the business and presentation of the same in the cash flow statement of the company. In case Galaxy Resources Limited has shown a clear view of the outflows of the funds and inflow of the funds along with the consideration of uncertainties. It needs to be also seen that the company has been able to show the necessary information in the annual report of the company (Nobes, 2014). The snippet of the cash flow statement of the company has been shown below as follows:

Comparison of Income Statement and statement of other comprehensive income

 

2017

2016

Net Profit after tax for the period

166

122706

Total comprehensive Income for the period

6,885

117,272

The above cash flow statement relates to the cash flow for the operating activities of the business which was generated in 2017. These are seen to be showing the major sources of expenses for the company.

The third important objective of the information provided in the financial statement of the company are related to the crucial information which are undertaken by the business. These activities are also able to portray the relevant inflation on the exact use of the fund by the business. Some of the various other use of the of the financial statement of the information of the company are further seen to be stating the relevant sources of the income and the expenses by the company in 2017. Henceforth, it can be stated from the annual report of the company that for Galaxy Resources Limited has revealed all the necessary information which needs to be adopted by company for the compliance of the conceptual framework (Ji, 2017).

 

Recognition Criteria of Conceptual Framework

The important criterion for the CF is depicted to be essential for the recognition and representation of the financial statement which are to be mandatorily recognized in the annual report of the company. Some of the important items which are mentioned in the financial statement of the company relates to the various type of the information as per the income, liabilities and expenses of the company. The aforementioned items need to be considered for portraying true view of the financial situation of the company. The financial statement of the company is shown as follows:

Consolidated Statement of Financial Position

 

2017

2016

Total Current Assets

88,968

22,947

Total Assets

615,255

554,284

Total Current Liabilities

31,007

72,875

Net Assets

571,358

472,986

Total Equity

571,358

472,986

Total Revenue

0

125,603

Finance expenses

-6,323

-9,065

Assets: The various assets of the business are seen to be related to earning of revenue and profits pertaining to the business. The presentation of the information in the balance sheet of the company has been further able to depict significant nature of the information pertaining to the PPE and intangibles. The other information includes the depreciation and impairment amount which shows the incurring of these assets as per the financial statements of the company. Henceforth, it is important for the asset section of the company reveal the information as per the recognition criteria (Albu, Albu and Alexander, 2014).   

Liabilities:The is adequately shown in the balance sheet of the company in 2017.  The liabilities of the company comprise of the various information which includes current liabilities and borrowings. The company has also maintained notes in the financial statement (Oulasvirta, 2014). 

Equity: The business has represented the equity which is managed as per the day to day financial requirements of the company. In addition to this, the equity section has shown the issued capital, retained earnings and reserves of the business (Benson et al., 2015).

Revenues: The main source of the revenue of the company has been sated with PL statement. The primary source of the information is stated with the sales in the inventories from the different types of the sources of the pertaining to the inventory sales (Firth and Gounopoulos, 2017).

Expenses:The different sources of the expenses of the company are related to the PL projections of the company in 2017. The important nature of the expenses of the are seen with the cost of the sales and operating expenses which are depicted in the PL statement of the business.

The discussions pertaining to the financial statement of the business has been able to follow the relevant provisions which are useful in the recognition criteria of the financial statement.

 

Qualitative Characteristics of Financial Statement

The different types of the qualitative characteristics need to be shown effectively in the financial statement.

  • Relevance: This shows that the financial statement contains the important information which is present in the annual report of the business and presented in a fair manner. The management at Galaxy Resources Limited has been effectively able to follow the relevant policies, practices and standards which are necessary during the preparation of the financial statement.
  • Faithful Representation: The aforementioned principle has stated that annual report of the company is able to show the financial information in a transparent and fair manner displayed by the management. The audit report of PWC has further shown the correct information to display the relevant information from the annual reports of the business.
  • Comparability: This principle has recognized the financial statements which are able to compare the financial information comparison as per one year to another. In terms of the Galaxy Resources Limited the verifiability of thee financial information is seen to be depicted as per the comparability factor.
  • Verifiability: This principle has been able to state that the financial information which has been depicted in the annual report of the company. This information is also provided in the financial statement of the business.
  • Timeliness: The use of information pertaining to the financial statement in the company are seen to be understandable as users. The precise format followed by the company contains the relevant information as per the understandable and appropriate notes to the financial statement (Andon, Baxter and Chua, 2015).
 

Conclusion

The important depictions of the financial statement of the company is prepared by the Galaxy Resources Limited which are relevant to the accounting standards as complied with AASB and the corporation Act 2001. Moreover, the business follows the IASB and IFRS framework for presentation and preparation of the financial statement of the company. In several aspects the business has followed the recognition criteria related to the liabilities, expenses and assets of the company which has increased the credibility of the financial statements. It is also discerned that Galaxy Resources Limited has followed the important regulations as per the depreciation and tax initiatives. The conceptual framework has also allowed the business to confirm that the relevant information is depicted in the reports of the business. The company has also been able to depict the significant nature of the information which are ensured with the relevant forms data pertaining to the notes to the financial statement.

 

References

Albu, C.N., Albu, N. and Alexander, D., 2014. When global accounting standards meet the local context—Insights from an emerging economy. Critical Perspectives on Accounting, 25(6), pp.489-510.

Aletkin, P.A., 2014. International financial reporting standards implementation into the Russian accounting system. Mediterranean Journal of Social Sciences, 5(24), p.33.

Andon, P., Baxter, J. and Chua, W.F., 2015. Accounting for stakeholders and making accounting useful. Journal of Management Studies, 52(7), pp.986-1002.

Benson, K., Clarkson, P.M., Smith, T. and Tutticci, I., 2015. A review of accounting research in the Asia Pacific region. Australian Journal of Management, 40(1), pp.36-88.

Brusca, I. and Martínez, J.C., 2016. Adopting International Public Sector Accounting Standards: a challenge for modernizing and harmonizing public sector accounting. International Review of Administrative Sciences, 82(4), pp.724-744.

Camfferman, K. and Zeff, S.A., 2015. Aiming for global accounting standards: the International Accounting Standards Board, 2001-2011. Oxford University Press, USA.

Firth, M. and Gounopoulos, D., 2017. IFRS adoption and management earnings forecasts of Australian IPOs.

Galaxyresources.com.au. (2018). [online] Available at: https://www.galaxyresources.com.au/Investor/Annual%20Report%2031%20Dec%202017.pdf [Accessed 16 Aug. 2018].

Ji, X.D., 2017. Development of accounting and auditing systems in China. Routledge.

Nobes, C., 2014. International classification of financial reporting. Routledge.

Nobes, C.W. and Zeff, S.A., 2016. Have Canada, Japan and Switzerland Adopted IFRS?. Australian Accounting Review, 26(3), pp.284-290.

Oulasvirta, L., 2014. The reluctance of a developed country to choose International Public Sector Accounting Standards of the IFAC. A critical case study. Critical Perspectives on Accounting, 25(3), pp.272-285.

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