Application Of Accounting Standards And The Conceptual...

A Case Study Analysis on the Applications of Accounting Standards and the Conceptual Framework by a Reporting Entity The Warehouse Group Limited (WHS) Shannil Varma 1106665 366601 Case Study Analysis Words: 1883 Contents Introduction 3 Regulating external financial reporting 3 Role of accounting standards and the conceptual framework 4 Statement of Changes in Equity 4 Application of management judgement and estimates 5 Application of management judgements and estimates issues 6 Conclusion 7 Evaluation 7 Introduction The purpose of this case study analysis is to evaluate the disclosure and presentation of information in the accounting policies, financial statements and notes of The Warehouse Group Limited (WHS) which is listed in the stock exchange. A company that is listed in the stock exchange would make it a reporting entity and reporting entities would need to comply with the conceptual framework and accounting standards. This analysis covers why it is important for WHS to regulate its external financial reporting, the role of accounting standards and conceptual framework in external financial reporting in New Zealand, how the statement of changes in equity is presented and disclosed in the financial statement of WHS and what is the extent of application of management judgement and estimates for items disclosed in WHS s financial statements. Regulating external financial reporting It is important to regulate external financial reporting because there are manyShow MoreRelatedEvaluation And Disclosure Of Information Essay1674 Words   |  7 Pagesstatements, the accompanying notes and accounting policies of MFT Ltd for the year 2014. This essay will pay specific interest to the application of the conceptual framework of accounting to the relevant Accounting Standards (NZ IAS 1, NZ IAS 7, NZ IAS 8 and NZ IAS 10). 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After that, the relationshipRead MoreConceptual Framework for Financial Accounting1185 Words   |  5 PagesIntroduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company, about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB are knownRead MoreConceptual Framework1208 Words   |  5 PagesAbstract This essay protrudes the objective of general purpose financial reporting (GPFR) as edged in the conceptual framework. The essay instigated with a brief history and development of conceptual framework which comprises Statement of Accounting Concepts. 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And then, following this, the other projects’ role such as Financial Reporting Council (FRC) and International Accounting Standards Board (IASB) and the relationship between AASB, FRC andRead MoreAccounting and Financial Statements Essay example1585 Words   |  7 PagesIn this essay I am going to explain and identify external users of accounting information and give detail on the main characteristics and how these characteristics and the conceptual framework develop the benefits of financial statements for external users. Financial accounting includes information distributed to external users that are not part of the enterprise, e.g. stockholders, creditors, customers and suppliers, although the information is also of interest to the companys officers and managers

Is Democracy the Best Form of Government free essay sample

Democracy is a form of government in which all eligible citizens have an equal say in the decisions that affect their lives. Democracy allows eligible citizens to participate equally—either directly or through elected representatives—in the proposal, development, and creation of laws. It encompasses social, economic and cultural conditions that enable the free and equal practice of political self-determination. The term originates from the Greek (demokratia) rule of the people,[1] which was coined from demos) people and (kratos) power in the 5th century BCE to denote the political systems then existing in Greek city-states, notably Athens; the term is an antonym to rule of an elite. The English word dates to the 16th century, from the older Middle French and Middle Latin equivalents. In a democratic government, power is given to the people. This allows the people to have a direct say in who governs them, via the votes cast by every adult member of the population. We will write a custom essay sample on Is Democracy the Best Form of Government? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As such it ensures that a government is made up of those who are truly representative of the people, satisfying the population of electing a government that will think about them, care about them and provide for them. Furthermore, when power is given to the people, the people will be more careful when using their power as they will have to bear the consequences if the leader elected is corrupted or not a wise leader. By giving power to the people allows decisions to be made according to the will of the people and also prevents the abuse of power. Citizens are kept informed by the media and are thus fully capable of making an informed decision. Furthermore, the will of the people is far more representative of different groups in society than the condescending rule by elites, who have no understanding of different ways of life. Only the citizens of a country understand what kind of leader they truly needs and in a democratic country they will have the ability to vote for them. Democracy empowers the people and allows them to participate in decision-making, which is why it is the best form of government.