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Analysis of Myer Holdings Limited

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Analysis of Myer Holdings Limited
ACCG224: Intermediate Financial Accounting Case study
(Myer Holdings Limited)

Lecturer: Tas Nair
Prepared by: ZENG FAN
Student ID: 43140505

Contents

1.
Contents 1

Executive Summary
The purpose of this research report is to understand of two important concepts from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this report, Myer Holdings Ltd is as an example to describe these two concepts. This report includes the analysis on whether the disclosure of PPE from Myer Holdings Ltd meets the requirements of AASB 116, especially the requirements of objective of general purpose financial reporting and qualitative characteristics of useful financial information.

Introduction
For provide guidelines and instructions for reporting entities to prepare proper and useful financial reports for external users, the International Accounting Standard Board (IASB) has issued the Conceptual Framework for Financial Reporting. (IASB 2010) This research report will use the two important concepts----the objective of general purpose financial reporting and qualitative characteristics of useful financial information to analyze the disclosure of PPE from Myer Holdings Ltd’s 2013 annual report.

Objective of General Purpose Financial Reporting
The objective of general purpose financial reporting forms the foundation of the Conceptual Framework. According to the Conceptual Framework for Financial Reporting OB1-OB21, the objective of general purpose financial reporting is to provide the reporting entity’s financial information that is useful to present and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.


References: AASB. 2009, "AASB 116 Property, Plant and Equipment", Complied AASB Standard, viewed 22 April 2014, IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014, Myer Holdings Ltd’s 2013 annual report, 2013, Myer Holdings Limited, viewed 23 April 2014, < http://investor.myer.com.au/Reports/> Appendix 1. Corporate Governance Statement (Myer Holdings Ltd’s 2013 annual report, p34) 2. Notes to the consolidated financial statements (Myer Holdings Ltd’s 2013 annual report, p75) 3. Financial report, 12, Plant and Equipment (Myer Holdings Ltd’s 2013 annual report, p89)
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