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Meeting the objectives of General Purpose Financial reporting by the company


The main objective of General Purpose Financial Reporting put emphasis to offer fiscal information related to the organisation to the users like creditors, investors or lenders. This financial information helps the users to decide about providing resources to the organisation. According to Loughran & McDonald (2016), the financial reporting provides information that is of importance to present and potential users to make investment and credit decision. The users are given primary importance, so the information was updated based on the user’s needs. The financial report also includes information like amount, timing and uncertainty regarding cash flows. The cash flow of an organisation impacts their users such as investors or creditor. The financial report should include clear information regarding the uncertainty of cash flow as it would help the users to assess the time and amount involved in the cash flow of that organisation. This in further will help the users in making investment decision. The financial reporting should also include information relating to economic resources and the effects of different transactions and circumstances that causes changes in resources. This information will help the users to understand the present and future cash flow in an organisation.

Boral Limited has fulfilled the general purpose of financial reporting by providing useful information in the financial report for their users.

Use of the General Purpose Financial Reports by the target audience to gather information for their needs


The target audience of the financial report of an organisation are the existing and future potential investors and creditors. According to Cascino et al. (2014), their main need is to get financial information about an organisation, so that they could analyse those information, determine about the profitability of the organisation and make a decision about their current or future investments.  There are various factors or tools that help the investors and creditors in making investment decision. They are price regarding book ratio, value to cash flow ratio, value to earnings ratio, and gross margin score on shares. Price to book ratio of an organisation can be derived by dividing the current share value of a company by the book value per share. The price to cash Flow ratio is obtained by dividing the market value of a company by cash from operating activities. The price to earnings ratio is obtained by dividing the current share price by earning per share. Gross margin score on shares can be obtained from Gross Margin stability and growth for the last eight years (augustaherald.com, 2018). These ratios and score are very much important for the investors for analysing the organisation’s profitability. Other useful information for the investors is the Shareholder’s yield. This yield help the investors to understand the financial return an organisation is providing their shareholders. This yield also helps the investors to understand the organisation’s baseline rate of return. All the current and prospective investors are using this information in Financial Reports of Boral Limited to meet their needs which is to analyze Boral’s profitability and decide on their further investments in Boral Limited (boral.com.au, 2018).

The recognition criteria for the elements of financial statements satisfied by the company


Factors of financial statements of an organisation include liabilities, assets, equity, and distribution to owners, investments by owners, expenses, revenues, comprehensive income, gains and losses. According to Martínez-Ferrero, Garcia-Sanchez & Cuadrado-Ballesteros (2015), the main recognition criteria of the elements of financial statement is that the future benefits related to the element in terms of finance will flow to or from the organisation. Other important criteria are that the element's cost or value can be calculated in terms of reliability. According to Gebhardt, Mora & Wagenhofer (2014), assets are recognised as objects whose value increases with reliability and the benefits obtained from those objects also increases with time. Liabilities are recognised when the amount of liability can be measured with reliability. These elements are currently making a profit but they will not help in earning any benefit in future, and so their sacrifice is necessary. Equity is recognised in an organisation after deducting the liabilities and assessing the assets (Flower, 2016). Revenues are recognised in the terms of cash inflows or saving in cash outflows or future economic benefits. Expenses are recognised in the way which is necessary for the organisation. Gains and losses are recognised by calculating the number of investments and the number of returns. Comprehensive income is recognised by the sum of net income which is not yet realised.

Fundamental qualitative characteristics of Financial Reporting exhibited by the company


Fundamental qualitative characteristics of financial reporting distinguish useful information in a financial report in an organisation from the not useful or misleading information. The fundamental qualitative characteristics of financial reports are relevance and faithful representation (Kulikova, Grigoryeva & Gubaidullina, 2014). The information should be of relevance to the needs of the users. The investment decision of the investors is based on this information. All the information provided in the financial report should be accurate and free from error (Gomariz & Ballesta, 2014). So, the financial report should reflect all the information including the estimates and uncertainties involves. Boral Limited has always exhibited these fundamental qualitative characteristics in their financial reports.

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