Ifrs Application in Companies

Analysis of accounting standards application by companies

Name

Institution

The same:

• They have a joint controlled entities in their structure

• Both companies haven’t applied AABSB 11 yet until next financial year.

• Follow almost the requirement in accounting treatment.

• Using Equity accounting method in the consolidated accounts for its joint ventures.

Difference:

• Aurora is a company incorporated in Australia whose share are publicly listed on both Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX) while Caltex only listed on ASX

• Aurora ‘s Financial report of the Consolidated Entity is presented in US instead of AUD. In 2010, it changed the functional currency of the US subsidiaries from AUD to USD. (PAGE 67- ANNUAL REPORT)

• Aurora financial statement follows both Australian Accounting Standard and International Financial Report Standards (IFRS).

• Qantas Airway Limited restructured the application of reporting entities through consideration AASB 131 under Australian legal provision. AASB 131 is foreseen to accumulatively assist Qantas Airway Limited on presenting financial reports regarding financial reporting entities assisting in intensity feature of Joint Ventures that the company plans for after 30 July 2012 financial transition.

Disclosure: Segment

20 An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.

Caltex: No evidence

Aurora: No evidence

Qantas: No evidence

21 To give effect to the principle in paragraph 20, an entity shall disclose the following for each period for which a statement of comprehensive income is presented:

a) general information as described in paragraph 22;

Caltex: yes – Information about company

Aurona: Yes- General...