Property Plant and Equipment and the Financial Statements

In: Business and Management

Submitted By juhia
Words 2367
Pages 10
ACCG 224
Report: Fairfax Media Limited
28th April 2014 (4pm)

Juhi Agarwal
Student Number: 42462843
Tutorial Class: Thomas Kern – Thursday 5pm-7pm
Word Count: 2183

Contents:

Executive Summary………………………………………………………………………….3

1. Introduction………………………………………………………………………………..3

2. Body……………………………………………………………………………………..…...

2.1 – A – Objective of GPFR and qualitative characteristics..……………….…….3, 4

2.2 – B – Disclosure requirements for PPE as per AASB116…...…………………….5

2.3 – C – Extent disclosure on PPE satisfy fundamental characteristics…………….6 2.4 – D – Extent disclosure on PPE align with the objective of GPFR……………..7,8

3. Conclusions and Recommendation…..…………………………………………………7,8

4. References………………………………………………………………………...………..9

5. Appendix……………………………………………………………………………….10,11

Executive Summary:
The Board of Directors of Fairfax Media Limited discussed the importance of ensuring that this years financial reports should meet the objective of general purpose financial reporting and along with that the qualitative characteristics as outlined in the 2010 Conceptual Framework.
The aim is to examine Fairfax Media Limited’s 2013 Annual Report and how the relevant disclosures in the company’s report concerning to PPE align with the Conceptual Framework’s objectives and qualitative characteristics.

Introduction:
Fairfax Media Limited is a prominent multi-platform media company throughout Australasia. The Fairfax Media Limited stock price is currently trading at $0.9600 and is currently in an upward trend.
Fairfax Media financial reports are based on the International Financial Reporting Standards (IFRS) that is issued by the International Accounting Standards Board (IAS) to improve performance and quality of its reports for the company. This report’s purpose is to identify whether Fairfax Media Limited…...

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