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Measurement Requirement Of The Conceptual Framework

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Measurement Requirement Of The Conceptual Framework

 

Introduction:

In the following report an effort will be made to ensure that certain parameters related to the reporting of the financial statements of the entity is being carried out. For the purpose of carrying out several analysis the company that has been chosen isSyrah Resources. Some of the aspects on which the analysis will be conducted include the compliance of the company corresponding to measurement requirement of the financial statement of the entity, the compliance with the qualitative characteristics of the financial statements of the entity, enhancement of the qualitative characteristics of the entity, the ability of the users of the financial statements of the entity to make decisions based on the information given out in the financial statements of the entity. In addition to this it is also needed to be ascertained whether the shareholders of the company need any additional information pertaining to the entity to be disclosed in the financial statements of the entity for taking any decisions. Furthermore the compliance of the company in respect to the general purpose financial reporting will also be analysed. After completion of the detailed analysis a conclusion in respect of the compliances will be drawn.

Measurement requirement of the conceptual framework:

There are basically three fundamental principles that govern the measurement criteria in the financial statement of the entity. They are as follows:

a)      The first principle states that the main objective of measuring any value of the various components of the financial statements of the entity is to ensure that the reporting is done in the most faithful manner for the purpose of reporting the correct information about the various economic resources that pertain to the entity (Yogi 2019). In addition to that an effort must be made by the management of the company to ensure that the various claims against the company are presented before the shareholders of the company. The Management and the Board of the company is also responsible for the purpose of representing how efficiently they have been able to execute their duties by making use of the various resources of the entity (Yogi 2019).

b)      The second principle states that it is not necessary that the various factors relating to the measurement of any value is applied only to such components that are represented in the statement of the positon of the company. Or in other words that the importance of the measurement of any value should not only be derived from theft act that how the same is going to affect the statement of the financial position of the company rather the impact of the same on the comprehensive income statement and the statement of equity should also be considered (Yogi 2019).



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