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Business Research Report (Name) (Instructor) (Institution) (Date) Table of Contents TOC \o "1-3" \h \z \u Business Research Report PAGEREF _Toc471838327 \h 3Purpose of Financial Reporting PAGEREF _Toc471838328 \h 3Qualitative Characteristics Financial Statements PAGEREF _Toc471838329 \h 3Comparability PAGEREF _Toc471838330 \h 3Understandability PAGEREF _Toc471838331 \h 4Reliability PAGEREF _Toc471838332 \h 4Relevance PAGEREF _Toc471838333 \h 4Current Accounting Practice in Telstra Corporation Limited PAGEREF _Toc471838334 \h 4FIFO Accounting Method PAGEREF _Toc471838335 \h 5The Impact of Cost Assumption to the Financial Statements PAGEREF _Toc471838336 \h 5Critical analysis of Disclosures PAGEREF _Toc471838337 \h 5Conclusion PAGEREF _Toc471838338 \h 6References PAGEREF _Toc471838339 \h 7 1151 Words Business Research ReportPurpose of Financial ReportingFinancial reporting can be described as the process in which an organization processes and discloses financial statements information to the financial statement users such as the management investors financial institutions customers and the government. The general objective of financial statements is to provide information regarding the system is quite tedious. Also the financial information should be made accurate without assumption since this may fail to disclose the actual financial status of the separate corporation. ReferencesChoudhary P. Merkley K.J. and Schipper K. 2016. Qualitative characteristics of financial reporting errors deemed immaterial by managers. Henderson S. Peirson G. Herbohn K. and Howieson B. 2015. Issues in financial accounting. Pearson Higher Education AU Pal B. Sana S.S. and Chaudhuri K. 2014. Optimal pricing and ordering policy for two-echelon varying production inventory system. Journal of Industrial Engineering 2014. Reimsbach D. Hahn R. and Gürtürk A. 2017. Integrated Reporting and Assurance of Sustainability Information: An Experimental Study on Professional Investors' Information Processing. Tirinato J.A. Zelin M.P. Gibson P.A. Zaltsman L. and Davis G. Abbott Point Of Care Inc. 2014. Point-of-care inventory management system and method. U.S. Patent 8 831 983. Anon (2017). [online] Available at: www.telstra.com.au [Accessed 10 Jan. 2017]. [...]

Order Description:

Research Assignment As a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you with your first task. In their last meeting, the Board of Directors of your company discussed the importance of ensuring that their financial reports meet the objective of general purpose financial reporting and qualitative characteristics of useful financial information as outlined in the IASB September 2010 ‘Conceptual Framework for Financial Reporting’ (CF). Board members are concerned about the company's reputational standing in the market relating to deviations from these objective and qualitative characteristics, specifically in the area of Inventory. Therefore, the Board decided to have a review of the relevant disclosures in the company's latest annual report pertaining to inventory and whether these disclosures are aligned with the CF's objective and qualitative characteristics. Required; Based on the Board's decision, the CFO asks you to draft a business research report addressed to the Board of Directors on the following: a. Explain in your own words the objective of general purpose financial reporting and the qualitative characteristics of useful financial information according to The Conceptual Framework for Financial Reporting (covering OB1-OB21 and QC1-QC39) (10 marks). b. By reference to the annual report of your selected company, discuss the current accounting practice of the company regarding its inventory disclosure, including inventory system (periodic or perpetual), cost assumption (FIFO, LIFO or average cost), the impact of cost assumption to the statement of profit and loss, how to value inventory, etc. (10 marks). c. Based on your findings in part b, critically analyse to what extent the disclosures on i n v e n t o r y satisfy t h e fundamental a n d a t l e a s t one o f t h e e n h a n c i n g qualitative characteristics of useful financial information (10 marks). d. Based on your findings in part c, critically discuss to what extent the disclosures on inventory align with the objective of general purpose financial reporting and, as a conclusion, recommend actions for improvement (10 marks). *You need to choose a suitable company by yourself from: www.marketindex.com.au which 1. is constituent of the S&P/ASX 200 index; ACCG101 Accounting and Governance Session 3, 2016 Research Assignment 3 2. publishes audited annual reports in English, fully complying with IAS/IFRS or AASB and 3. does NOT belong to the financial sector. Structure: Include a report cover page, a table of contents, an executive summary and a list of references. You may include an appendix if required. Length: The minimum total word length of the assignment is 1,000 words and the maximum total word length is 1,200 words. Cover sheet, table of contents and appendices will not be counted in the word count. Please write the number of words used in the assignment after the table of contents. Font/print: The assignment should be one and a half spaced in ‘Times New Roman’ font type and font size 12. Referencing: You are expected and required to use references to support your report, for example, textbooks and other reporting guidelines, journal articles and other academic literature. Any sources of information that you have used must be referenced using the Harvard Referencing System. Plagiarism: It is extremely important that you are familiar with the university policy on Academic Honesty (Plagiarism).

Subject Area: Accounting

Document Type: Research Paper

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Project's rating is 5/5

Price $30

Words 1100

Pages 4

Completed in 2 days

Expert Jwillis

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01.11.2017

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