Report OverviewThis report analyzes the information disclosed on the objectives of general purpose financial reporting and the qualitative characteristics of useful financial information according to the Conceptual Framework for Financial Reporting financial. Investigate Bega's current accounting practice of 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 utility. This result will therefore recommend Bega to improve its current accounting practices. Reasons for the report Due to the use of the company's annual report to enable users to make decisions, ensuring that financial ratios convince the objective of general purpose financial reporting and the qualitative characteristics of financial utility The information outlined in the “Conceptual Framework for Financial Reporting” (CF) of the IASB of September 2010 have become extremely important. This failure to disclose may mislead the company's financial statement information.1. IntroductionA dramatic increase in demand for financial reporting from external users has caused the annual reports of reporting entities to meet the objective of general purpose financial reporting and the qualitative characteristics of financial utility. According to the IASB Conceptual Framework, it replaced the Systematic Framework for the Preparation and Presentation of Financial Statements. Accordingly, this report could discuss the conceptual framework for financial statements and compare it with Bega's current accounting practice of property, plant and equipment under AASB116 accounting standard. Hence, this report will suggest some actions to Bega to improve its current accounting… middle of paper… PPE areas, it can be concluded that Bega has not adequately fulfilled every aspect of the conceptual framework and the accounting principle. For example, when providing the amount of impairment losses, Bega did not disclose accurate amounts of the impairment loss restoration amounts and the amount of impairment losses on the revalued assets. To address this, Bega strongly recommends meeting the AASB requirements perfectly as this can lead to over- or under-estimation of company PPE. Furthermore, Bega provided clear information on PPE. Furthermore, Bega has successfully disseminated the objective of general financial reporting and the qualitative characteristics of the conceptual framework. Therefore, it is suggested that Bega regularly review its current accounting and IPR policies regarding the conceptual framework to improve its usefulness.