Accounting Theory and Current Issues Assignment

ACCOUNTING
THEORY &
CURRENT ISSUES
ASSIGNMENT

1
By student name
Professor
University
Date: 20 May 2018.
Executive Summary
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We have done an analysis and have drafted a report, for the alternations that have been observed
with the application of the International Accounting Standards and IFRS after 2005. The report
has concentrated on the approach of the International accounting reform in Australia, the
alterations in reporting and accounting, its benefits, the problems being noted by the accountants.
The report reflects that the precision status of the financial statements line items and shareholders
have been at gain. This has been analysed with the annual report of Wesfarmers for the 2 term,
one before 31st Dec 2005 and second one after 31st Dec 2005. The study has been done by using
the article named “Changes in value relevance of accounting information upon IFRS adoption:
Evidence from Australia” issued in Australian Journal of Management by Chalmers, K., Clinch,
G., & Godfrey, J. M.
CONTENTS:
Introduction......................................................................................................4
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Analysis.................................................................................................................................5
Changes in Accounting Standards................................................................................5
Benefits and disadvantages of adoption of International Accounting Practices.....5
Other aspects and implication..................................................................6
Changes in the annual report of the company..............................................6
Conclusion............................................................................................................................10
References.............................................................................................................................11
Introduction
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