conceptual framework ofColes GroupYou need to look at the annual report of your company and answer...

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conceptual framework ofColes GroupYou need to look at the annual report of your company and answer these questions:1. Has the company complied with the measurement requirements of the conceptual framework?2. Have they complied with the fundamental qualitative characteristics?3. Have they complied with the enhancing qualitative characteristics?4. Are the users of financial reports (investors/potential investors/lenders/other creditors) able to use the report to make decisions.5. The conceptual framework says users only need a basic knowledge of accounting - do they need more than this to analyse your company.6. Have they met the requirements for general purpose financial reporting.You need to use screen prints from the annual report to support your arguments as well as academic arguments etc.Remember this is a report and must have all the usual requirements. Don't forget	Academic research	Referencing	Grammar Check	Spell Check	Use Paragraphs.	No Footnotes - You need to use Harvard referencing

Khushboo · Accepted Answer

CONCEPTUAL FRAMEWORK
CONCEPTUAL FRAMEWORK	                                                                                                 9
CONCEPTUAL FRAMEWORK
30/05/2019
Student Signature:
Brief Introduction about the Company:
Coles Group Limited is a public company with its headquarter at Melbourne, Australia. The company operates in various retail chains. The company provides fresh food, groceries and other merchandise from its various operating approximately eight hundred nine supermarkets. The company also operates through online supermarkets having numerous delivery channels and it also provides insurance, credit cards and personal loans. It also operates various convenience stores which is engaged in the selling of daily products such as groceries, snacks and drinks.
1) Requirement of the Conceptual framework:
The measurement requirement of the conceptual framework is used for performance of the company and it is used for the measuring the assets and liabilities in the statement of financial performance and by providing the relevant information in the financial statement by selecting various measurement basis. In the given company it is mentioned in the notes to accounts that the financial statement are prepared on the basis of historic cost concept except for the investment by associates and other financial instruments that has been measured at fair value. Other than this the carrying amount of the recognized assets and liabilities which are hedged items in fair value hedged items in fair value hedge relationship that are otherwise carried at amortized value that are adjusted for recording the changes in the fair value associated with the risk that are hedged. The company has disclosed and summarized the basis of measurement for the assets and liabilities in the significant accounting policies.
2) Fundamental Qualitative characteristics:
The fundamental qualitative characteristics are relevance and faithful representation of the conceptual framework. The general information disclosed in the financial statements should be in nature of relevance the users can take the decision based on the information contained in financial statements. There are various kind of information such as shareholding pattern of the company, current level and structure of assets, dividend and wages payment, price movements, etc. In Coles group,

conceptual framework ofColes Group You need to look at the annual report of your company and answer these questions: 1. Has the company complied with the measurement requirements of the conceptual...

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