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 Recognition and measurement of Property, Plant and Equipment.

Discuss the recognition criteria of assets prescribed by the AASB Conceptual Framework and compare those with the measurement of AASB 116 Property, Plant and Equipment and AASB 136 Impairment of Assets. Part of your critique will be to assess the consistency between AASB 116 and AASB 136 with the requirements of the AASB Framework.