Part I General features and Qualitative characteristics of financial statements

Review the most recent financial statements of two (2) ASX listed Australian firms. Critically evaluate the financial statements and discuss how the information disclosed meets the central tenets from the AASB Conceptual Framework; namely Relevance and Faithful Representation. Compare that analysis with the eight (8) general principles as outlined in AASB 101 Presentation of Financial Statements and provide examples from the annual reports of the application of AASB 101 and the AASB Conceptual Framework.

Part II Revaluation of non-current assets and measurement of assets.

Discuss which sections of the annual report provides information regarding the re-valuation of non-current assets. Whilst reviewing AASB 116 Property, Plant and Equipment, compare the basis of the calculation for re-valuation across your chosen companies. AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors may also be relevant to your analysis. How has the re-valuation affected the companies debt/asset ratio? Explain using figures contained from the annual reports you have selected.

Chapters 7 and 18 from Loftus et al (2020) will assist you with background reading.