Issues in Financial Reporting Group A1. Class Group Presentation :Each group need to follow the...

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Issues in Financial Reporting Group A1. Class Group Presentation :Each group need to follow the presentation assessment criteria (3) & (7) and each member of the group needs to give presentation. 15 to 20 PowerPoint slides (six slides in one page) need to submit in the presentation time in class before presentation.2. ObjectiveBAP62 covers a range of important theory and practice of issues in financial reporting. The main purpose of this assessment is to provide students with the opportunity to consolidate and extend their understanding in connection with the important issues in financial reporting in Australia.3. Assessment criteria
	
Document Preview: BAP62			Issues in Financial Reporting	Group A1.  Class Group Presentation :Each group need to follow the presentation assessment criteria (3) & (7) and each member of the group needs to give presentation. 15 to 20 PowerPoint slides (six slides in one page) need to submit in the presentation time in class before presentation.2.  ObjectiveBAP62 covers a range of important theory and practice of issues in financial reporting. The main purpose of this assessment is to provide students with the opportunity to consolidate and extend their understanding in connection with the important issues in financial reporting in Australia.3. Assessment criteriaIn assessing presentation consideration will be given to overall neatness, completeness and quality of presentation, timeliness of submission and demonstrated application of appropriate issues in financial reporting. In assessing the presentation the following criteria including marking criteria (section 7) would be strictly followed.Clarity Presentations are expected to be made in a clear, concise and understandable manner. It is required that an outline be made at the inception of the presentation to show introduction, body and conclusion of the presentation. Presenters’ ability to comply with the outline will be assessed. Presentation Tools It is required that Slides must be used. Non-compliance will result in a fail grade. Other visual aids are encouraged to be used (i.e. charts, graph etc).Duration: Students should comply with the duration requirement as per unit outline. The presentation time should not exceed 15 minutes. Presentation too long or too short will be penalised. 4.  Group Presentation Topic: At least one aspect of the recognition, measurement or disclosure criteria from the standards needs to be presented. Recent financial statements of a listed company from ASX need to be used to demonstrate the application of presented recognition, measurement or disclosure criteria. Proper referencing...

David · Accepted Answer

RUNNING HEADER : Conceptual Framework : Income 
1

1. Introduction to Conceptual Framework
2. Australian Conceptual framework
3. Purpose and Scope
4. Levels of Conceptual Framework for Financial 
Reporting
5. Basic Principles of Accounting
6. What is Income?
7. Revenue Recognition Principle
8. ADAIRS Limited revenue recognition principle
9. Specific revenue criteria of ADAIRS Limited
10. References
2
 
Conceptual Framework: Income 
The purpose of conceptual Framework is to
provide coherent set of the principles:
 Issued by AASB
 Assists with the standard consistency
 Assists the preparers to deal with the issues
which are not addressed by any of the
standards
 Assists the auditors in forming the opinion on
the compliance
 Assists the user of the statements to interpret
the same
3

Australian Conceptual framework
applicable comprises of the following:
 The Framework for Preparation and
Presentation of the Financial Statements
 SAC 1 Definition of Reporting entity
 SAC 2 Objective of the General Purpose
Financial Reporting
4

Conceptual Framework: Income 
The Conceptual Framework is an important
aspect as it addresses concepts that are
underlying in the preparation and the
presentation of the financial statements.
There are some important objectives of the
Conceptual Framework which are as
follows:
 To provide basis for use of the judgment for
the resolution of various accounting issues,
including the assistance to standard setters,
including IASB, for the development of new
accounting standards and also to review
existing standards prevailing
5

 To facilitate the logical and consistent
formulation of the IFRS
 To assist preparers of the financial
statements for applying the accounting
standards, and
 To assist users of the financial statements
for the interpretation of financial
statements which are prepared in
accordance with relevant accounting
standards
6
 
Conceptual Framework: Income
Accounting profession needs conceptual framework
for the following purpose:

Issues in Financial Reporting Group A 1. Class Group Presentation : Each group need to follow the presentation assessment criteria (3) & (7) and each member of the group needs to give presentation. 15...

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