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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 the need of all the organisations to follow such rules. The intention of this report is to develop a thorough evaluation of the doctrines and principles of the conceptual framework of AASB. In this report, Wesfarmers Limited is considered, as it is the leading retailer of the nation listed in ASX 100 (Wesfarmers.com.au 2018).

Conceptual framework objectives From the above discussion, it is evident that the ASX listed entities are obliged to conform to the principles and norms laid out in the AASB conceptual framework. It is to be taken into account that certain objectives are present before introducing the conceptual framework in case of the Australian business organisations.

In order to ascertain the current financial condition of the corporate entities, the users of the financial statements want to obtain information about the economic resources of the entities and such resources are current and non-current assets, current and non-current liabilities and equity (Birt, Muthusamy and Bir 2017). Due to this, the conceptual framework of AASB intends to provide information related to the financial statements for the above-depicted resources that would enable in ascertaining the financial health.

For evaluating the financial performance of the organisations, there is huge need for information regarding the primary financial factors like profit margin, revenue, expenses and others so that suitable decisions could be undertaken. Thus, the users could seek better insight of the financial condition of the firms. Hence, the AASB conceptual framework intends to provide change in financial position for delivering useful information to the users (Cordery and Sinclair 2016).

The below-stated evaluation represents the degree of compliance to which Wesfarmers has complied with the above-stated objectives related to the conceptual framework of AASB.

In accordance with the above figure, Wesfarmers Limited has presented its balance sheet statement in 2017 in its annual report where all the necessary information about the financial resources could be observed. As a result, the users are benefitted in ascertaining the financial standing of the organisation in the market (De Villiers, Rinaldi and Unerman 2014). 

In accordance with the above tables, Wesfarmers Limited has disclosed its income statement and statement of comprehensive income in its 2017 annual report. Crucial information could be obtained regarding the aspects such as income, revenue, expenses, profit and others from such statements and thus, the financial performance of the organisation could be evaluated in order to make appropriate decisions (Filip et al. 2017).

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