Diploma of Business: Financial Accounting CC11 Open Book Assignment Weighting: 15% Total...

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Diploma of Business: Financial Accounting CC11
(a) Conceptual framework of accounting is the development of rules and regulations in regard to accounting and the conceptual framework provides a reference for the reporting of financial statements. Conceptual Frameworks as designed by the IASB provides the guidelines for the financial reporting and the Accountants have to use the same so that all the corporate nationally and internationally can have parity in the financial reporting and can be understood by the stakeholders of all types. The reporting entities have to report the financial statements as per the accounting policies under AASB 108 and therefore the accountants have to use the same along with the amendments as and when made.
(b) The purpose of Conceptual framework are given below:-
· The primary purpose of the conceptual; framework was to help the IASB in the formation of future IRFS and review on the present ones.
· The conceptual framework provides the accounting policies which helps in the preparation of the financial statements.
· Its helps in the synchronization of the accounting standards and the application of the same in the financial reporting.
· Conceptual frameworks simplify and provides with references with the complex accounting transactions and how to deal the same in the financial statements.
(c) The following are answered with reference to the chosen company-Metcash:-
· Any two qualitative characteristics in the financial statements of Metcash are as follows:-
· The...

Harshit · Accepted Answer

Diploma of Business:  Financial Accounting CC11
(a) Conceptual framework of accounting is the development of rules and regulations in regard to accounting and the conceptual framework provides a reference for the reporting of financial statements. Conceptual Frameworks as designed by the IASB provides the guidelines for the financial reporting and the Accountants have to use the same so that all the corporate nationally and internationally can have parity in the financial reporting and can be understood by the stakeholders of all types. The reporting entities have to report the financial statements as per the accounting policies under AASB 108 and therefore the accountants have to use the same along with the amendments as and when made.
(b) The purpose of Conceptual framework are given below:-
· The primary purpose of the conceptual; framework was to help the IASB in the formation of future IRFS and review on the present ones.
· The conceptual framework provides the accounting policies which helps in the preparation of the financial statements.
· Its helps in the synchronization of the accounting standards and the application of the same in the financial reporting.
· Conceptual frameworks simplify and provides with references with the complex accounting transactions and how to deal the same in the financial statements.
(c) The following are answered with reference to the chosen company-Metcash:-
· Any two qualitative characteristics in the financial statements of Metcash are as follows:

Diploma of Business: Financial Accounting CC11 Open Book Assignment Weighting: 15% Total Marks: 40 Due: Friday 30 th October no later than 9 am This assignment relates to Ch 17 – Regulation and...

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