Apply AASB 1001 to Report:
The Financial Report 2004 of Coles Myer Ltd has proven that the company has obliged the Standard of AASB 1001 Accounting Policies.
The report has satisfied relevance by Relevant financial information assisting users in making and evaluating decisions about the allocation of scarce resources(Statement of Financial Position-profit or loss). It assists them in making predictions about future situations and in forming expectations, or it plays a confirmatory role in respect of their past evaluations Financial information may be relevant because of its nature, itsnature and magnitude, or because of its magnitude in relation to its nature. Additional guidance on relevance is provided in SAC 3.
The financial report has reliable financial information which faithfully conveys to users theunderlying transactions and other events that have occurred. For financial information to be reliable, it needs to be free from bias. Reliable financial information does......
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Approximate Pages: 2 (260 words per double-spaced page) |