Accounting and Financial Management

0ACCOUNTING AND FINANCIAL MANAGEMENT
Accounting and Financial Management
Name of the Student
Name of the University
Author’s Note

1ACCOUNTING AND FINANCIAL MANAGEMENT
Table of Contents
Answer to Question 1.................................................................................................................2
Answer to Question 2.................................................................................................................4
References..................................................................................................................................8

2ACCOUNTING AND FINANCIAL MANAGEMENT
Answer to Question 1
NEWSLETTER
NATIONAL NEWS FROM 1 DECEMBER 2018 TO 31 MARCH 2019
REVIEW DEAFT FOR FATAL FLAW:
AASB 2019-X PROPOSED STANDARD
BY AASB (DATE: 24 JANUARY, 2019)
The Conceptual Framework for Financial
Reporting is introduced by the AASB for
important changes by the proposed standard of
AASB 2019-X. Comments have been invited
by AASB from the interested parties on or
before 22 Match, 2019 (aasb.gov.au, 2019).
NEW INTRODUCED AUSTRALIAN
ACCOUNTING STANDARDS (DATE: 20
DECEMBER, 2018)
In order to give more accurate definition of the
business, two new standards have been
introduced by AASB which are AASB 2018-6
and AASB 2018-7. AASB 2018-6 explains the
definition of business under AASB 3 Business
Combination and AASB 2017-7 explains
definition of material by amending AASB 101
Presentation of Financial Statements
(aasb.gov.au, 2019).
RIGHT-FOR-USE ASSET’S
ACCOUNTING STANDARD FOR NOT-
FOR-PROFIT COMPANIES (DATE: 24
DECEMBER, 2018)
Some key amendments have been brought in
by the AASB in the Australian Accounting
Standards for the accounting operations of the
Not-for-Profit companies by the introduction
of AASB 2018-8. Under this new standard, the
lessees of not-for-profit companies will get a
provisional choice for measuring a class of
right-of-use assets (aasb.gov.au, 2019).
NEW COMPLICAIONS FOR AASB’S
NEW REPOTING PERIOD (DATE: 30
JANUARY, 2019)
The new complications for the financial
reporting period on or after 1 January, 2019
have been brought in by the AASB. Three
specific standards contain these complications;
they are AASB 1 First Time Adoption of
Australian Accounting Standards, AASB 15
Revenues and AASB 1059 Service Concession
Arrangement: Grantors (aasb.gov.au, 2019).