ACCT20074 - Contemporary & Accounting Theory

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

1ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Executive Summary
The paper has been prepared in order to gain knowledge about the transformations that
have been introduced by the Australian Accounting Standard Board (AASB) on the International
Accounting Standard Board (IASB). The paper has revealed that AASB has a crcuail effect on
the IASB and has been successful in implementing the transformations within the standards. this
paper has even tried to evaluate whether AASB has been able to look in to the domestic or the
local Australian problems and issues and have been able to solve the issues within the AASB.
The next part of the assignment is in respect to the Exposure Draft and the process with
the help of which rectifications have been made by AASB. This has been significant in gaining
knowledge about the effect on the countries who are exposed to increased manufacturing
activities and has even assisted in understanding the fairness and the efficiency of one-size-fir
process.

2ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Table of Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................4
Part B...............................................................................................................................................9
Conclusion.....................................................................................................................................12
Reference List................................................................................................................................13

3ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Introduction
This assignment comprises of two sections. The first part of the assignment has been
framed in order to gain knowledge about the Australian Accounting Standards. This paper has
even looked to gain knower about how the AASB implements transformations in their standards
in regards to the International Accounting Standards Board (IASB). The AASB has been
assessing the several local issues of Australia from various time periods and has tried to
implement several transformations so that authentic measures can be undertaken in order to
implement these concerns and issues within the standard (Pawsey & Crase 2013).
The next part of the paper consists of recording for the call for the comment with respect
to the exposure draft. This part therefore would describe the fact that whether the standards in
relation to national accounting would in compliance with the international accounting standard
and would even make changes in their own standards if any requirement gets highlighted.