Key concept of accounting

Key concept of accounting

a) Discuss, with reference to the fundamental qualitative characteristics of financial
information outlined in the conceptual framework, how the usefulness of annual
reports is improved by the inclusion of:

i. Financial statements prepared according to the statutory and regulatory
requirements articulated in the Corporations Act 2001 and Australian
Accounting Standards. (1.5 marks)

ii. Notes to the Financial Statements (1.5 marks)

b) Discuss two reasons for voluntarily including non-financial information on the
sustainability of the organisation in the annual report. Illustrate by referring to two
of these types of sustainability disclosures in the Wesfarmers Limited annual
report. (2 marks)


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