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 Explain what you think is meant by the AARF statement

Business and Finance

Business and Finance

 Explain what you think is meant by the AARF statement

Assignment Information:

· Use A4 size page leaving at least a 2.5cm margin on either side, Arial 11 font, single spaced

· This assignment is worth 15% of the total assessment for this unit. This assignment will be marked out of 50 and scaled down to being out of 15.

· Word Limit: Word limit is kept open.

· Follow Harvard Referencing Style in the Assignment.

 

 

Question

 

“The definition of liabilities is comprehensive in its coverage: indeed, some would argue that it is too comprehensive in that it does not attempt to distinguish between liabilities and commitments. It includes obligations arising from firm contracts where neither the entity nor the counterparty has honoured its promises.”

 

References:

Australian Accounting Research Foundation (AARF), (1998),” Measurement in Financial Accounting”, Accounting Theory Monograph, AARF, Melbourne, p. 36.

 

Required:

 

A. Describe what you understand by the term liabilities and briefly summarize the various ways they are and can be measured by entities. [10 marks]

 

B. Explain what you think is meant by the AARF statement. [10 marks]

 

C. Discuss liabilities and the problems of their measurement in the context of the conceptual framework. [10 marks]

 

D. Select a company from the Australian Securities Exchange website and download the 2021 annual report. Explain the categorization and treatment of liabilities in the annual report. [10 marks]

 

E. Establish links between the measurement of liabilities in your selected annual report and decision-useful information. Please refer to examples from your selected annual report. [10 marks]

 

 

The following rubrics/comments should provide you with a guide on how the Assignment will be assessed.

 

QA: Excellent understanding of liabilities, types of liabilities and measurement.

 

QB: Excellent understanding of liabilities concept by AARF.

 

QC: Excellent understanding of liabilities and the problems of their measurement in the context of the conceptual framework.

 

QD: Excellent explanation the categorization and treatment of liabilities in the selected annual report.

 

QE: Excellent Establish links between the measurement of liabilities in your selected annual report and decision useful information

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