ASSIGNMENT
Choose the company from top 100 listed companies.
You are free to choose companies but all 7 companies should be different than each other and every company should be in top 100 ASX and should be from Australia as well.
Apply aasb standards
Go to Balance Sheet, Income Statements, NOTE 1 (methods adopted by company) and other notes from the financial reports, Remuneration Report, Auditors Report
Consider how this drives culture with organisations including a desire to obtain profit to receive bonus payments.
In your discussion using examples from annual reports (of many companies) will assist however focus should be on your company(ies)
GPFR - general purpose financial reports - for users to make financial decisions
perhaps to affect profit rather than in accordance with AASB or conceptual framework
INVENTORY - OVERSTATE- aasbVALUED AT COST OR LOWER OF COST OR MARKET.
CHOOSE METHODS perhaps to affect profit rather than in accordance with AASB or conceptual framework
Overstated Revenues, sales returns
Understated expenses
TAXATION
TRANSFER PRICING - FACEBOOK -TAXATION
DISCUSS PRUDENCE - WHAT IS PROPOSED FOR UPDATING THE CONCEPTUAL FRAMEWORK