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Introduction: With the growing competition in the corporate world in the current century, there is success of business organisations to register comprehensive progress for obtaining greater profitability and business growth. However, as the business operations have become complicated with the passage of time, certain issues tend to crop up for the organisations and one of the highly significant issues is accounting issues. Categories of accounting issues vary from organisations to organisations and certain influential dynamics precede such kinds of issues. Hence, this has necessitated the need of the business entities to conform to the needed financial principles and standards and the ASX listed entities are obliged to do the same as well (Barth 2015). In case of Australia, the necessary rules and principles of financial reporting could be obtained from AASB conceptual framework. It is noteworthy that this specific framework is developed with the help of IASB and this mandates th...