The Disclosure Of The And E Of Financial Reporting Essay

1143 WordsSep 28, 20165 Pages
Exclusive summary This report objects to succinctly compare between the disclosure of PP&E as per AASB116 and Western area’s disclosure on the PP&E of financial statement. It firstly outlines the objective of the general purpose financial reporting of company and its relevance to the qualitative characteristics such as relevant, faithful representation, timeliness, verifiability, comparability and understandability. It will then go on investigates and analyze Western area’s current general purpose financial reporting and its future advices. In particular, this report will discuss Western area’s current disposal of current assets. Although there may be a lack of understanding regarding the disposal of the current assets, it is critically important for Western areas of disclosure of GPFR with qualitative characteristics of users and our economic future as it acts as a AASB116 for them to learn about the company’s philosophies and make important users’ decision. 1 Introduction The report of the general purpose of financial reporting outlines an importance of ensuring about what companies disclosure on the PP&E in the report in regards to the qualitative characteristics of useful financial information by the general purpose financial reporting. The report investigates how this company meets the disclosures requirements for PP&E as per AASB116 as well as what extents the disclosures on the PP&E contain the fundamental and enhancing qualitative characteristics of useful
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