Constructing and Reconstructing Childhood †MyAssignmenthelp.com

Question: Discuss about the Constructing and Reconstructing Childhood. Answer: Introduction: In recent business surrounding, relevance of the conceptual framework in financial reporting of the companies is necessary for financial statements preparation. The companies are offered with all important action course in alignment with doctrines and techniques needed for financial statements preparation (Bamber and McMeeking 2016). Along with that with the help of the doctrines and techniques of the conception of the conceptual framework, it is possible to deal with various business concerns. This also validates that the functions of the conceptual framework are considered in the context of the financial activities of the business companies. Considering the same, IASB (International Accounting Standards Board) has introduced such framework for effective financial reporting purposes. For this reason, the report is intended to analyze the compliance with criteria of objectives, recognition along with qualitative aspects of conceptual framework on the behalf of the organizations (Brusca and Martnez 2016). The organization that is selected within the report is Medibank that is listed within top 100 listed ASX companies. Medibank is positioned as a renowned health insurer that has more than 40 years of experience to offer health cover needs to more than 3.7 million consumers by means of Medibank services such as ahm brands and life insurance. It is gathered that financial reporting based conceptual framework is an important requirement for financial management of the business companies. All the vital information is present within the annual report of Medibank Company regarding the compliance with various aspects mentioned within the financial reporting conceptual framework (Bryce, Ali and Mather 2015). This is the reason for which all the corporate organizations totally comply with the norms set by the conceptual framework of IFRS for better financial reporting. However, this framework is deemed to have three specific objectives and it is vital for Medibank Company to satisfy all of them. The 2017 annual report of Medibank indicates that all the doctrines along with regulations of the Corporations Act 2001 and Australian Accounting Standards Board (AASB) are implemented within general purpose financial reporting. The share price graph of Medibank in above image indicated that the company is dealing with loss of market share due to several reasons. These include tough competition, high price, average business performance along with decrasing individual healthcare coverage levels that aare causing problems for the company. However, investors are recommended to hold the share of Medibank in the long term as government legislated boots in premium per year that causes revenue of the organization to maintain its market share. There are three objectives based on which a company can abide by the conceptual financial reporting framework that are explained below: Offering Helpful Financial Information Based on the conceptual framework it can be stated that all the companies are responsible for offering meaningful and valuable financial information to its investors that can facilitate them in better decision making (Camfferman and Zeff 2015). Through analyzing the annual report of Medibank Company, it is gathered that vital information is offered to its investors through timely publishing financial statements. The financial statements of all the listed companies in Australian stock exchange must include the balance sheet statement along with the cash flow statements in its finical statements. Along with the same, accounting notes are explained within the annual report that facilitates the users in gathering necessary information. Another conceptual framework objective is that all the companies is responsible for offering important and reliable financial information to its investors in analyzing amount, timing along with uncertainties related with the companys cash flow position (Di Pietr, Ay, Art and Ronen 2016). Evaluation of the annual report of Medibank validates the companys statement of cash flow in a timely manner and it offers important information to the investors related with the financial statements. As per the third objective of financial reporting conceptual framework, companies require reporting all important information concerning its resources that assists Medibank Companys process of financial decision making. Medibank Company develops its financial position statement in a manner so that it is in adherence with the AASB regulations (Henderson, Peirson, Herbohn, and Howieson 2015). The company also offers important information concerning economic resources is disclosed. Addressing conceptual framework-based recognition criteria: It is necessitated by the financial reporting conceptual framework that all the corporate organizations must address the criteria of recognition that is related with the assets, liabilities, revenues, equity as well as expenses. In addition to that, it also requires to company with three major needs (James and Prout 2015). The first need is focused on the financial factors that is to be represented with important information. The second requirement necessitates ensuring faithful representation of all the financial factors. Finally, the requirement is related with such factors those are advantageous for the companys investors. The evaluation carried out in this section will indicate representation of recognition criteria fulfillment on the behalf of the Medibank Company. A company is considered to attain different asset groups. In consideration to the property, plant and equipment aspect it us disclosed through deducting depreciation from the expenses of assets. The expenses associated with these assets are realized in a situation where the future advantages are transferred within the company (Junior, Best and Cotter 2014). For the intangible assets maintained by the company, impairment is observed to be imposed on it. Realization of the impairment loss is conducted on the carrying amount of such certain asset classes mentioned within the financial statements of the company. In case of Medibank Company, there are specific useful lives for all the tangible assets and for such reasons no amortization is deemed to be applicable on them (James and Prout 2015). Certain issues have been faced by the company in maintaining compliance with the division 131 of health benefits fund act that did not consider disclosing any relevant information about benefits in addition to those payable within public hospital cover. This also did not cover regaining the ways in which the company maintains adequate control over all its assets in its custody. In consideration to the expenses of Medibank Company, the realization of the companys expenses is conducted through being relied on distinct segment (Schaltegger and Burritt 2017). The vital expenses associated with the company includes the amortization as well as depreciation expenses, financial expenses, employee benefit expenses as well as net losses and gains on the foreign exchange. Disclosure and realization of such expenses takes place at the time they occur in the Medibank Company. In consideration to the revenues, the management of Medibank Company considers to understand them at the time of point of sale after proper deduction of the taxes. In addition, the provisions associated with the sales are realized relied on the overall analysis. For this reason, the value of sales is deemed to include the revenue from the product sale (Scott 2015). There are few types of liabilities that is deemed to be present in Medibank Company. In case of deferred tax liabilities, the realization of liabilities is observed to be made relied on differences in the rate of tax. In consideration to the contingent liabilities, the primary aspects incudes the matters related with the income tax in the nation, few otherf mattes along with bank guarantees (Williams 2014). Medibank did not follow the standards of the Australian Accounting Standards Board in disclosing information about maintaining adequate control over the incurring the liabilities by Health Benefits Fund. The company also did not disclose information about meeting liabilities to pay benefits in compliance with fund rules. The management of Medibank Company indicates that the provision is not required for such matters as there is decreased probability in the reaps of future outflow of the economic advantages or the amount is not capable to gauge reliably. The ordinary shares are deemed to be segmented in the equity form for the Medibank Company. For this reason, the deduction of incremental is considered from the companys total equity (Bryce, Ali and Mather 2015). Addressing qualitative aspects of conceptual framework: Different qualitative characteristics related with the financial reporting conceptual framework are there for enhancing the overall quality associated with the companys financial reporting. It is vital for Medibank Company in addressing al the qualitative characteristics. The below-stated explanation indicates the extent of conformance with these qualitative features of the financial reporting conceptual framework on the behalf of the company. This aspect indicates that relevance must be signified in the companys financial statements that can facilitate effective decision making of the companys investors. Medibank Company remains aligned with all the recent doctrines and regulations elated to AASB, IFRS along with Corporations Act 2001 (Bryce, Ali and Mather 2015). In addition to the same, the company also considers the present rates that is associated with depreciation, tax and few more aspects. For this reason, the disclosed financial information within the yearly report of Medibank Company is important for effective investment decisions. This factor indicates that the investors of the financial reports are needed to be able to verify all the reported financial statements on the part of the company. In order to address the same purpose, Medibank Company offers the segmentation of all the accounting aspects within the notes of its financial statements (James and Prout 2015). This factor indicates that financial information requires to be offered in this particular schedule. For Medibank Company it is also been observed that the company represents all its financial statements within a decided timeframe to all its investors to take effective investment decision (Bryce, Ali and Mather 2015). With the support of this particular part of the financial reporting conceptual framework, the stakeholders are capable to obtain a viewpoint regarding the differences and similarities within the provided financial information among district financial statements. It is highly important to explain that Medibank Company has represented its financial position statements in graphical manner and through tables (James and Prout 2015). This can facilitate its investors to understand financial position of the company in a clarified manner. For this reason, the investors and the creditors might compare the financial situation and performance of Medibank Company with its competitors in the industry. In adherence to this feature, the corporate organizations are required to disclosure their financial information in a way that becomes simple for all its investors to analyze their financial statements. Medibank Company discloses all its financial statements in definite format for better understanding for its investors. Relied on this aspect, it ca be indicated that it is vital for all the corporate organizations to report their financial statements in a transparent and fair manner. This also indicates that attaining the trust of all its stakeholders is of great relevance (Bryce, Ali and Mather 2015). As per analysis of the audit report of Ernst and Young, the financial statements of the corporate firm are represented faithfully that compiles with all the required accounting standards. Portfolio offers liquidity to cover the insurance liabilities associated with health insurance businesses. Moreover, in such scenario, non-compliance with the faithful representation of extraordinary items, revaluation of plant, property and equipment and valuation of inventories is observed in case of Medibank Company. For this reason, it could also be revealed that Medibank Company has not represented its financial statements faithfully and adequately. Conclusion: The report is intended to analyze the compliance with criteria of objectives, recognition along with qualitative aspects of conceptual framework on the behalf of the organizations. It is gathered from the paper that All the vital information is present within the annual report of Medibank Company regarding the compliance with various aspects mentioned within the financial reporting conceptual framework. Moreover, through analyzing the annual report of Medibank Company, it is gathered that vital information is offered to its investors through timely publishing financial statements. It is also gathered that another conceptual framework objective is that all the companies is responsible for offering important and reliable financial information to its investors. This is ensured by Medibank to analyze amount, timing along with uncertainties related with the companys cash flow position. References Bamber, M. and McMeeking, K., 2016. An examination of international accounting standard-setting due process and the implications for legitimacy.The British Accounting Review,48(1), pp.59-73. Brusca, I. and Martnez, J.C., 2016. 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