Research-Based Case Study and Report: Financial Reporting Disclosures in the Australian CorporateSectorAs a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you withyour first task.In their last meeting, the Board of Directors of your company discussed the importance of ensuring that their financial reports meet the objective of general purpose financial reporting and
qualitative characteristics of useful financial information as outlined in theIASB September 2010 ‘Conceptual Framework for Financial Reporting’ (CF). Board members are concerned about the company’s reputational standing in the market relating to deviations from these objective and qualitative characteristics, specifically in the area of Property, Plant and Equipment (PPE).Therefore, the Board decided to have a review of the relevant disclosures in thecompany’s latest annual report pertaining to PPE and whether these disclosures arealigned with the CF’s objective and qualitative characteristics.Required;
Based on the Board’s decision, the CFO asks you to draft a business research report addressed to the Board of Directors on the following:a. Explain in your own words the objective of general purpose financial reportingand the qualitative characteristics of useful financial information according to TheConceptual Framework for Financial Reporting (covering OB1-OB21 and QC1-QC39) (10 marks).b. Critically analyse to what extent the latest annual report of your company meetsthe disclosure requirements for PPE as per AASB 116 (10 marks).c. Based on your findings in part b, critically analyze to what extent the disclosures on PPE satisfy the fundamental and at least one of the enhancing qualitative characteristics of useful financial information (10 marks).d. Based on your findings in part c, critically discuss to what extent the disclosures on PPE align with the objective of general purpose financial reporting and, as aconclusion, recommend actions for improvement (10 marks).
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