Accounting Conceptual Framework- Newcrest Mining Limited
Introduction
Newcrest Mining Limited has been selected to develop appropriate information about financial statement. It has applied AASB standards for each portion of this assignment.
Question 1:
Use of AASB 101: Presentation of financial statement
In this section, it is presented that AASB 101 is based on presentation of general purpose financial statement. It ensures that entity’s financial statement in previous year and this year is same and can compare with various. It evaluates the presentation of financial statements, guideline for developing structure of financial statement and minimizes the requirement of this context.
AASB 108 and AASB 110
AASB 108 change in accounting approximations and errors that are issued for evaluating criteria for selection and changing accounting guidelines and gather information with accounting treatment and revelation for changing the accounting policies, approximations, and correction of errors. It is applicable for specific period of time(AASB 108, 2011). It is applicable for specific entities that prepare for financial reports and also evaluate the standards for materials. It is applied for selection and application of accounting policies, accounting estimates, changing policies and corrections of errors. The objective of this standard is to provide entity and should adjust for financial statement in order to determine events after reporting period.
(I.C. JPS 1749)