Advanced Financial Accounting Report - Domino Pizza

Question :

Learning Outcomes

1. Explain various theoretical models of accounting
2. Apply knowledge and understanding to specific financial reporting issues to AASB accounting standards
3. Discuss the theoretical constructs of contemporary financial accounting
4. Evaluate and explain the need for the development of a conceptual framework for accounting and demonstrate the influence of such a framework on accounting practice.
5. Develop an understanding of Australian accounting regulatory framework and the conceptual framework.
6. How to account for assets, non-current assets and liabilities
7. Calculate for revaluations and impairments of non-current assets
8. Analyse the account for leases for both lessees and lessors.

Instructions  

 Go to the website of Domino Pizza and select Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information” or similar name.

In this section, go to your firm’s annual reports and save to your computer your firm’s latest annual report. For example, these may be dated 30 June 2018 or 31 March 2019. Do not use your firm’s interim financial statements or their concise financial statements. You are need to do the following tasks:

Please read the relevant footnotes of your firm’s financial statements carefully and include information from these footnotes in your answer. Within your firm’s latest annual report, Required:

1- From the annual report of Dominos Pizza and in addition, to providing examples, explain, demonstrate and present factors of a reporting entity and identify if your allocated company is a reporting entity or not?

2- As fundamental qualitative characteristics state your understanding of relevance and representational faithfulness in relation to the useful information of the financial statements and if one is more important than the other in accounting for, assets and liabilities. Provide suitable examples from your allocated company.

Report Structure

• Introduction
• Reporting Entity- Definition, Description & identification
• Fundamental Qualitative characteristics- Understanding of Relevance ad representational Faithfulness
• Conclusion
• Language
• References

INTRODUCTION

Financial reporting deals with communicating the financial information such as the financial statements to the users such as creditors or investors. Financial reporting is been viewed mainly as the companies issuing the financial statements. Main financial statements are income statement, balance sheet and cash flow statement. Financial reporting has very broad area and not just limited with reporting statements. Financial reports communicates all the information from the businesses to the outside users. Anything that is being conveyed as financial information to outside users can be termed as financial reporting. Financial reports are prepared in accordance with reporting frameworks given by the accounting authorities and regulatory bodies. Present report will provide about the concept of reporting entity and the essential of reportig entity. The annual reports of Domino Pizza of year 2019. Report will also provide for relevance and representational faithfulness of the useful information given in financial statements.