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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