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Accounting Theory & Current Issues : Assignment

   

Added on  2021-06-15

12 Pages2717 Words25 Views
Calculus and AnalysisEconomics
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ACCOUNTING THEORY & CURRENT ISSUES ASSIGNMENT
Accounting Theory & Current Issues : Assignment_1

1By student name ProfessorUniversityDate: 25 April 2018.1 | P a g e
Accounting Theory & Current Issues : Assignment_2

2Executive SummaryA report has been prepared on the changes that have been brought about by the introduction ofthe International Accounting Standards and IFRS post 2005. The report highlights and focuseson the implication of the International accounting reform in Australia and how it has broughtabout the changes in reporting and accounting, what are its benefits of the same and what are thechallenges being posed to the accountants. The report also highlights how the changes haveimproved the transparency level of the financial statements and stakeholders have benefitted.This has been explained using the annual report of the company Wesfarmers for the 2 period,one before 31st Dec 2005 and another one post 31st Dec 2005. The study has also been done usingone of the article named “Changes in value relevance of accounting information upon IFRSadoption: Evidence from Australia” issued in Australian Journal of Management by Chalmers,K., Clinch, G., & Godfrey, J. M.2 | P a g e
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3ContentsIntroduction.................................................................................................................................................4Analysis........................................................................................................................................................5Changes in Accounting Standards............................................................................................................5Benefits and disadvantages of adoption of International Accounting practices......................................5Other aspects and implications...............................................................................................................6Changes in the annual report of the company........................................................................................7Conclusion...................................................................................................................................................9References.................................................................................................................................................103 | P a g e
Accounting Theory & Current Issues : Assignment_4

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