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22-01-2018

Research based report

As a new accounting graduate you have recently joined the accounting department of an ASX listed company. To complete this assignment you will need to select a suitable company yourself that meets the following criteria:

  • The company must be a constituent of the S&P/ASX 300 index (www.asx300list.com);
  • The company cannot be in the ‘Financial’ sector;
  • The company must publish audited annual financial reports in English, fully complying with IFRS or AASB standards;
  • The company must have a 30 June year end.

Your report must address each of the following:
a) Explain in your own words:

1) who the primary users of general purpose financial reporting (GPFR) are and why they are regarded as the primary users; and

2) the qualitative characteristics of useful financial information according to The Conceptual Framework for Financial Reporting (covering OB5-OB10 and QC1-QC39)

b) Critically analyse to what extent the latest annual report of your company meets the disclosure requirements for PPE as per AASB 116

c) Based on your findings in part b, critically analyse to what extent the disclosures on PPE satisfy the fundamental and at least two of the enhancing qualitative characteristics of useful financial information

d) Based on your findings in part c, critically discuss to what extent the disclosures on PPE meet the information needs of primary users of general purpose financial reporting and, as a conclusion, recommend actions for improvement.

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Primary users are the group of individual or organisations which base their resource allocation decision on the information supplied in general purpose financial report of the organisation (AASB Publications, 2016).Based on the needs and activities primary users are classified in three categories which are explained and mentioned here under: These are the type’s financial information contained in GPFRs which are useful for user groups to forms their decision about the reporting. They help in serving the common information need of different user groups. (IASB Publications, 2010). Fundamental qualitative characteristics include Relevance, materiality and faithful representation.

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