Report OverviewThis report analyzes the information provided on the purpose of general purpose financial reporting and the qualitative characteristics of useful financial information according to the conceptual framework of financial information. It examines Bega's current accounting practice for property, plant and equipment in accordance with AASB 116 Property, Plant and Equipment, and how it meets the objective of general purpose financial reporting and the qualitative characteristics of financial usefulness. This result will then recommend that Bega improve its current accounting practices. Reasons for the report Due to the use of the company's annual report for users to make decisions, ensuring that financial reports convince the purpose of general purpose financial information and the qualitative characteristics of financial information useful Information as described in the IASB's “Conceptual Framework for Financial Reporting” (CF) of September 2010 has become extremely important. Such failure to disclose may mislead the company's financial statement information.1. IntroductionA dramatic increase in the demand for financial statements by external users has caused annual reports of reporting entities to meet the objective of general purpose financial information and the qualitative characteristics of useful financial information. According to the IASB conceptual framework, it replaces the framework for the preparation and presentation of financial statements. Accordingly, this report could discuss the conceptual framework of the financial statements and compare with Bega's current accounting practice for property, plant and equipment under AASB116 accounting standard. Next, this report will suggest some actions to Bega to improve its current accounting in...... middle of document ...... areas of the PPE, it can be concluded that Bega has not properly complied with all the extents of the conceptual framework and the accounting standard. For example, when publishing the amount of impairment losses, Bega did not disclose the precise amounts of reversals of impairment losses nor the amount of impairment losses on the revalued assets. To cope with this, it is strongly recommended that Bega fully meets the requirements in accordance with the AASB as this may lead to over- or under-estimation of the company's PPE. Additionally, Bega has provided clear information on PPE. Bega also successfully disclosed the objective of general purpose financial reporting and the qualitative characteristics of the conceptual framework. Therefore, it is suggested that Bega regularly reviews its current PPE and accounting policies with respect to the conceptual framework in order to improve its usefulness..