The General Purpose Financial Reporting And The Background Of The Iasb Essay

1329 Words6 Pages
Executive summary In this report, the introduction introduces the origin of the general purpose financial reporting and the background of the IASB. The first paragraph analysis the objective of general purpose financial reporting is the basis foundation of the conceptual framework, and discuss the six qualitative characteristics of the useful financial information which separate to two main part: fundamental and enhancing. The second paragraph extent the Boral Limited has highly met the disclosure of AASB 116. The third part present the qualitative characteristic align the disclosure of PPE. The final part discusses disclosure of PPE and general purpose financial reporting has the same purpose in the BLD group and some own recommendation which can improve the BLD financial statement. Introduction A financial statement provides various financial information to external users and global companies, although every country’s financial statement has many difference which caused by the social and economic, and users has different requirement of the financial report in different country. In this case, the use of professional elements of the financial statement are important, these definition of the elements could help different users to measure different criteria in the financial report. according to these situation, the establish of the International Accounting Standards Board largely improve their issue, the IASB committed to minimized these difference through the regulation and
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