"Conceptual framework* Screen shot from Annual Report of A-Cap Resources Ltd. shows that Australian AccountingStandards and Interpretations that have latently been made amendments but are not that effectiveand have not been adapted by the company for the final reporting period ending 30 June 2016.12 Conceptual frameworkConclusion of researchThe Australian Accounting Standards Board (AASB) is an Australian Governmentagency that maintains and develops the statements regarding finance applicable to companies inthe both sectors like private company and public company of the Australian economy. Also, theAASB give the financial reporting standards and also maintains the Australian companyparticipation. To maintain the company requirement, its important to take care of all standards orrules and regulation of the companyWhereas after detailed analysis of annual reports of both the companies (i) Acaacia Coal Ltd. (ii)A-Cap Resources Ltd. it is found that yearly statements are properly in compliance with theframework of conceptual and AASB standard requirements as per the extracts of annual reportsof both the companies.Report also explains how the framework of conceptual revisions includePrudence is more like to address the coming difficulties in corporate reporting. The basicprinciple of the revenue measurement requires the need to have provided before profits to berecognized. In measurement terms the retention of the historical cost for most of the item willgive prudence to assets values. Prudence should be considered in taken into care each andeverything. Today firms need to take care of the policies and procedure of the company tomaintain its standards as per client’s requirement. 13 Conceptual frameworkREFERENCES? Gray, R., Owen, D. and Adams, C. (2010) Accounting and accountability. London:Prentice Hall.? Gigglier, F. B. and Hemmer, T. (2011) Conservatism, Optimal Disclosure Policy, and theTimeliness of Financial Reports. Accounting Review, 76 (4), pp. 471.? Rogers, J. L. and Stocken, P. C. (2012) Credibility of Management Forecasts. AccountingReview, 80 (4), pp. 1233-1260? Burns, J. 2013. The dynamics of accounting change: inter-play between new practices,routines, institutions, power and politics. Accounting, Auditing and AccountabilityJournal, 13: 566–596.? Scapens, RW. 2012. Never mind the gap: towards an institutional perspective onmanagement accounting practice. Management Accounting Research, 5: 301–321? Nelson, R and Winter, S. 2008. An Evolutionary Theory of Economic Change? Busco, B, Riccaboni, A and Scapens, RW. 2010. Trust for accounting and accounting fortrust14 "