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In the excel file “Find Your Company” you will find the listed company you have beenallocated for this course. This file will be made available onFriday of Week 4. Complete this assignment for the...

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In the excel file “Find Your Company” you will find the listed company you have beenallocated for this course. This file will be made available onFriday of Week 4. Complete this assignment for the company you have been allocated. Please be careful to use the listed company you have been allocated. Your assignment will not be marked if you use a different company to the one you have been allocated; and you will be asked to resubmit

your assignment using the right company.

Go to the website of your company in the list of companies in the file“FindYour Company”. Then go to the Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information”or similar name.

In this section, go to your firm’s annual reports and save to your computer your firm’s latest annual report.For example, these may be dated 30 June 2018 or 31 March 2019. Do not use your firm’s interim financialstatements or their concise financial statements. You are need to do the following tasks:

Please read the relevant footnotes ofyour firm’s financial statements carefully and include information fromthese footnotes in your answer.

Required:

▪From the annual report of your allocated company and in addition, to providing examples, define, describe and critically discuss the objectives of general purpose financial reporting (GPFR)? Which objective appears to have been included within existing conceptual framework project? and identify if your allocatedcompany’sreport is a GPFR and if the objectives of GPFR are achieved by your company?

For additional guidance for marks allocations refer to the below marking rubric / guide.
Students need to make sure that performing the assignment using the same company is not permitted.

HA3011 Advanced Financial Accounting

Page3of3

Assessment Criteria:
Assessment of the case study will be based on the criteria listed below and your submission should

include the following:
This assignment is to be your own work. You will find information regarding plagiarism and academic misconduct in Blackboard. It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own workwithout appropriate acknowledgement is an academic offence. Students can submit all assignments for plagiarism checking (self-check) on Blackboard before final submission in the unit. For further details, please refer to the Unit Outline and Student Handbook. It is essential that students use a standard referencing style in their assignments–Holmes Institute uses the Harvard Referencing style.Marking Criteria

Marking Criteria

Weighting

Structure

1.5

Introduction

1.5

General Purpose Financial Reporting (GPFR)–Definition, Description, Critical Discussion & Identification

8

Objectives of the General Purpose Financial Reportingwithin existing conceptual framework project

8

Conclusion

2

Language

2

References

2

TOTAL Weight

25%

Answered Same Day Jun 04, 2021 HA3011

Solution

Harshit answered on Jun 06 2021
155 Votes
PROJECT REPORT ON GENERAL PURPOSE FINANCIAL REPORTING
TABLE OF CONTENTS
    
Serial No.
    
Contents
    
Page numbe
    
1.
    
Introduction
    1
    
2.
    
General Purpose Financial Reporting
    2-3
    
3.
    
Objectives of GPFR within the Conceptual Framework
    4-6
    
4.
    
Conclusion
    7
    
5.
    
References
    8
INTRODUCTION
Resolute Mining Ltd is a gold mining company which has its headquarters in Australia. It was founded in the year 2001. It is listed in Australian Securities Exchange. The company aims at becoming a world class gold miner company. The company’s management comprises of the following persons – John Welborn (Managing Director and Chief Executive Officer), Stuart Gale (Chief Financial Officer), David Kelly (Chief Operating Office). The company tries to follow and be committed into highest possible standards of Corporate Governance and Ethical conducts. The company has different kinds of policies which it follows in its organisation like the Securities Trading Policy, Whistle-blower Policy, Anti Bribery and Co
uption policy etc. The Company has high standards for safety and take charge of the employees and staff working in the organisation and are accountable for their mistakes too. While dealing with environment it takes all the necessary steps to protect the environment in the best possible manner by following different Environmental and Management Policy.
The Company Resolute Mining Ltd being listed in Australian Securities Exchange has to prepare its General-Purpose Financial Reporting Statements to give information to all who are associated with the organization. Itconsists of the Balance sheet, cash flow statements, Profit and Loss Account, Statement of changes in equity and various other information relating to the activities, working etc. of the company which are required by users for decision making process. It also gives details about the goal, mission, vision etc of the company. This report gives a detailed analysis of the General-Purpose Financial Reporting and its objectives and whether the report given by Resolute is a General-Purpose Financial Reporting.
GENERAL PURPOSE FINANCIAL REPORTING (GPFR)
DEFINITION AND DESCRIPTION
As the term refers “General Purpose financial Reporting” refers to reporting of the information of the entities or companies in such a manner that it is easy and reliable and can be used for general purposes by various stakeholders. The purposes for which these statements can be used are – knowing the financial position of the company, growth prospects of the company, in compliance procedures with different authorities etc. Through these statements, company can gain the trust and confidence of investors.Some of the different stakeholders linked to the company is – shareholders, creditors, lenders, employees etc.
DICUSSION ON GENERAL PURPOSE FINANCIAL REPORTING
General-Purpose Financial Reporting has certain features and is of great significance (Costello, A.M. and WITTENBERG‐MOERMAN*, R.E.G.I.N.A., 2011). Some of the importance of GPFR are as follows:
Firstly, it acts as a good communication tool. It provides all the necessary informationto the users and
ings a clear understanding of the company’s financial position. It is mentioned in a very easy and simple format so that anyone can derive information from it.
Secondly, listed companies are required to follow certain compliance procedures which becomes easy through these statements. This is a reliable source of information as it is issued by Board of Directors and management of the company.
Thirdly, the employees of the company can easily ascertain the growth and career opportunities in the company. They can identify that whether the company has the capacity to pay their salaries, other benefits etc. and whether there is scope of increase in salary in near future.
IDENTIFYING THE GENERAL-PURPOSE FINANCIAL REPORTING COMPONENTS
The General-Purpose Financial Reporting has some of the basic components present in it. They are listed as follows:
1) Balance Sheet: It determines the financial position, net asset value of the company, liabilities and obligations...
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