Reference no: EM131348875 , Length: word count:2000
You are required to select a top 100 ASX company and relate their general purpose financial report with conceptual framework. In order to do this you will need to identify material from the GPFR of the company and provide a critical analysis of the companies reporting relative to the conceptual framework need to identify issues that have been wrongly shown to the users or find out misleading information users
Suggestions regarding assignment
USE YOUR INDEX WISELY......
Go to Balance Sheet, Income Statements, NOTE 1 (methods adopted by company) and other notes from the financial reports, Remuneration Report, Auditors Report
Remuneration report - screen shot or take elements from actual report in relation to executive remuneration. Linked to profit? Share price? Or other - consider how this drives culture with organisations including a desire to obtain profit to receive bonus payments.
ISSUES WITH REMUNERATION can be SELF INTEREST - SHORT TERM DECISION MAKING, TELEOPATHY (unhealthy pursuit of goals), manipulation of accounts, not adhering to the conceptual framework, aasb issues like in leases
In your discussion using examples from annual reports (of many companies) will assist however focus should be on your company(ies)
GPFR - general purpose financial reports - for users to make financial decisions perhaps to affect profit rather than in accordance with AASB or conceptual framework
INVENTORY - OVERSTATE- aasbvalued AT COST OR LOWER OF COST OR MARKET.
ACCOUNTS RECEIVABLE - OVERSTATE - ESTIMATION OF PROVISION FOR BAD AND DOUBTFUL DEBTS - UNDERSTATE YOUR PROVISION
PPE - OVERVALUE - EXCESS VALUATION (PRUDENCE) - DEPRECIATION - CHOOSE METHODS perhaps to affect profit rather than in accordance with AASB or conceptual framework
LIABILITIES - LEASES - INTANGIBLE ASSETS - NOTES - LOOK FOR EVIDENCE OF ANY LEASING
Contingent legal liabilities - where companies have had to pay out legal obligations due to issues
LEASES HAVE BEEN LEFT OFF BALANCE SHEETS - LIMIT RATIO - ATTRACT INVESTORS
Overstated Revenues, sales returns
Understated expenses
TAXATION
TRANSFER PRICING - FACEBOOK -TAXATION
Eg.TRANSFER PRICING - FACEBOOK -3-5 BN additional tax payments
Discuss prudence - what is proposed for updating the conceptual framework
How you think this will affect the reporting? Benefits and criticisms (cpaeg)
The inclusion of prudence, then removal and now addition again by accounting.
Or are the issue much more complex than that? Do accountants adhere to the CF? Perhaps addressing remuneration and other issues would achieve better outcomes?
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