Conceptual Framework Format And Standards Essay

Question:

Discuss about the Conceptual Framework Format and Standards.

Answer:

Introduction:

Coca Cola is considered as one of the largest companies in non-alcoholic ready-to-drink beverages industry in the Asia-Pacific region. This company is operating in 6 countries majorly which includes Australia, Indonesia, New Zealand, Fiji, Papua New Guinea and Samoa. This company is offering a great range of product which extends from energy drinks, soft drinks to Fruit juices. Currently it is holding 29% in Coca Cola Amatil Company. Coca cola Amatil Company is operating its business with a vision of making every day, every moment of the customer happy.

At the same time, BHP Billiton is considered as one of the biggest mining firms in mining industry which is working in Australia; the main operations of the company is in petroleum segment and metal mining. This company has been known as the largest mining company of the world in terms of the computed value of market in 2015. Along with this the BHP Billiton is the 4th largest company in terms of revenue in Australian market. This Company has been incorporated as a result of merger of the Anglo–Dutch Billiton plc and Australian Broken Hill Proprietary Company Limited (BHP) in the year 2001. As the result of this merger, the company came up into the market with the name BHP Billiton. This firm has diversified its market out of Australia and England, BHP Billiton was incorporated in 2001 by association of Billiton Company and Broken Hill. The headquarters is in Melbourne of BHP Billiton.

Conceptual Framework

The Coca Cola Amatil Company limited’s main goal is to make profits. The company has been incorporated in Australian market and the shares of the company have listed itself in ASX to trade the shares. The final financial statements of the coca cola have been prepared with the base of Corporations Act 2001 and Australian Accounting standards offered by the Australian board i.e. Australian Accounting Standards Board (AASB). The final financial statements of coca cola are complied with the IFRS (International Financial Reporting Standards). It has been issued by International Accounting Standards Board. The figures recorded in the final financial statements are presented on the basis of historical numbers apart from some particular financial assets and some liabilities. Their figures have been recorded on the basis of its fair value.

After analyzing the annual report, it has been made available by the auditor, the financial statements of the company are prepared in accordance with the AASB accounting standards. There has been no evidence in the annual report which states that the management of the company hasn’t complied with the accounting standards.

References

Annual Report of Coca Cola Amatil Limited, 2015, Viewed on 9th Apr 2017, Retrieved from

BHP Billiton Ltd, Annual Report 2015_ Viewed on 9th Apr 2017, Retrieved from,

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