Discuss and evaluate the concept of prudence

Assignment Help Accounting Basics
Reference no: EM131222204 , Length: word count:1300

Essay Objective:

The objective of this case study is to understand Australian Conceptual Framework in accounting standard setting and in business practices.

Discussions: You should select a company listed on the Australian Stock Exchange (ASX) and find a copy of 2014/2015 or 2015/2016 annual report of the chosen company.

According to Australian Conceptual Framework Paragraph 37 (2009 version), it states: 'Prudence is the inclusion of a degree of caution in the exercise of the judgements needed in making the estimates required under conditions of uncertainty, such that assets or income are not overstated and liabilities or expenses are not understated.'

You need to answers following questions:

a) You are required to discuss and evaluate the concept of Prudence.

b) Explain why Prudence is very important in financial reporting.

c) Give TWO (2) examples when Prudence is applied in the annual report of the chosen company. Discuss how Prudence is applied.

d) Using the examples you discussed in part c) explore the implications of Prudence for financial statements in future financial year.

I choose QANTAS company and have to prepare annual report of this company along with Australian conceptual framework and examples.

Reference no: EM131222204

Questions Cloud

Determine whether market structure is perfectly competitive : Determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. Justify your response.
Social services intervened to remove joe : His mother began drinking heavily to deal with her depression and became alcoholic. Social Services intervened to remove Joe from his mother's care. Joe's grandmother took Joe in and raised him from infancy.
Procedures in conducting wage and salary surveys : What are the procedures in conducting wage and salary surveys?
What is brendas break-even price for a dozen of eggs : What is Brenda's break-even price for a dozen of eggs? Explain how you found that answer. If the market price of a dozen eggs at the local farmers' market is $1.45 per dozen, will Brenda make an economic profit? Explainhow you determined your answe..
Discuss and evaluate the concept of prudence : You need to answers following questions: You are required to discuss and evaluate the concept of Prudence.  Explain why Prudence is very important in financial reporting
Information accurate in describing style : Was the information accurate in describing your style? Did it miss anything?  Why might it be important for training professionals to understand the LSI?
Define the basic premises of both hr management : Define the basic premises of both HR management and HR development so that you can explain both terms to someone who is totally unfamiliar with either term.
Determining the business necessity : "BFOQ's and "business necessity" sometimes serve as exceptions to the rule that you cannot discriminate in employment decisions.  Locate a decision from a court or other tribunal where a BFOQ or business necessity argument carried the day--or did ..
Differences between the past and current roles : The differences between the past and current roles in this profession, How and why the roles have changed, What might the future hold for the field of HRM, and

Reviews

len1222204

9/27/2016 6:54:56 AM

Word limit should not be less than 10% of word limit (1,350 words) and not exceed 1,500 words excluding reference list. A loss of 10% of the total marks will apply if you didn’t follow this instruction. If there are any references used in the reflective learning journal, the references should follow Harvard Referencing Style. You must reserve your company by adding a post on ‘Discussion Board’ under ‘Reserve a company here’. Write the name and code of the chosen company in the description line of your post. If you add the company name in the message and NOT in the description line, then the reservation is void because it will not be readily visible to others. The file name should include (in order) initial, your surname and your student number. For example: ‘BParker1235456'. Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.

len1222204

9/27/2016 6:54:48 AM

I need 1300 words and I choose QANTAS company for this assignment, I choose QANTAS company and have to prepare annual report of this company along with Australian conceptual framework and examples. The quality of the essay will be assessed based on the following areas: Demonstrate and identify the accounting concepts and principles applied clearly. Provide examples from the annual report of a chosen company to illustrate the implementation of the concept. Use paragraphs from the Australian Conceptual Framework as a guideline to support your discussion. You may need to use other references as well. Demonstrate effective communication, logical presentation and integrated evaluation.

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd