Accounting Theory and Current Issues

Running head: ACCOUNTING THEORY AND CURRENT ISSUES
Accounting Theory and Current Issues
Name of the Student
Name of the University
Author’s Note

1ACCOUNTING THEORY AND CURRENT ISSUES
Executive Summary
The findings of the report state that the IFRS standards of accounting lack certain qualitative
characteristics. This report also discusses about the decision of Australian Government to
implement new standard in Corporations Act. After that, this report discusses about the asset
revaluation motivating. This report also shows the asset impairment of Woolworths. Lastly,
this report shows the benefits of new lease standard along with the limitations of the former
lease standard.

2ACCOUNTING THEORY AND CURRENT ISSUES
Table of Contents
Introduction................................................................................................................................2
Assessment A.............................................................................................................................2
Assessment B.............................................................................................................................4
Assessment C.............................................................................................................................6
Requirement a........................................................................................................................6
Requirement b........................................................................................................................7
Requirement c........................................................................................................................7
Assessment D.............................................................................................................................8
Requirement i.........................................................................................................................8
Requirement ii........................................................................................................................8
Requirement iii.......................................................................................................................8
Requirement iv.......................................................................................................................9
Requirement v........................................................................................................................9
Requirement vi.....................................................................................................................10
Requirement vii....................................................................................................................10
Requirement viii...................................................................................................................10
Assessment E...........................................................................................................................10
Requirement i.......................................................................................................................10
Requirement ii......................................................................................................................11
Requirement iii.....................................................................................................................11
Requirement iv.....................................................................................................................11
Requirement v......................................................................................................................11
Conclusion................................................................................................................................12
References................................................................................................................................13

3ACCOUNTING THEORY AND CURRENT ISSUES