Advanced Financial Accounting

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced Financial Accounting
Name of the Student
Name of the University
Author’s Note

1ADVANCED FINANCIAL ACCOUNTING
Table of Contents
Answer to Question 1.................................................................................................................2
Answer to Question 2.................................................................................................................4
References..................................................................................................................................7

2ADVANCED FINANCIAL ACCOUNTING
Answer to Question 1
ACCOUNTING NEWSLETTER
International News from 1st December 2018 to 31st March 2019
IFRS 16, New Lease Standard’s
Effectiveness (Date: 08.01.2019)
Major changes in lease accounting can be
seen under IFRS 16 Leases since the
companies are no longer required to
distinguish between the operating and
finance leases. The new lease standard
demands the companies to capitalize most
of the leases as Right-Of-Use Assets and
Lease Liabilities in their balance sheet
(ifrs.org, 2019).
Changes in Financing Liabilities (Date:
21.02.2019)
The International Accounting Standard Board
(IASB) has issued certain changes in IAS
Statement of Cash Flows that became
effective in the year 2017. As per the new
changes in this standard, the companies are
needed to make the necessary disclosures in
the changes in liabilities due to the results of
different financing liabilities. The main aim
of this amendment is to make the users of the
financial statements able in evaluating the
changes in liabilities (ifrs.org, 2019).
Disclosure Initiative of IFRS – Summary
of the Principles of Disclosure Project
(Date: 21.03.2019)
The foundation of IFRS has published a
document and this document summarizes
the works done by the IASB on the field of
Disclosure Initiative – Principles of
Disclosures research projects. This
document considers summarizing two
aspects; they are research performed and
feedback received on Disclosure Initiative
and decision of the Board related to
Targeted Standards-Level Review of
Disclosure (ifrs.org, 2019).
IASB Updates for January 2018
(Date: 25.01.2019)
The IASB has made the publication of
certain updates in their accounting
standards. As per this disclosure, certain
topics are considered for discussion
purpose; they are changes in IFRS 17,
Extractive Activities, Rate-regulated
Activities and Proposed Changes in IAS
12 (ifrs.org, 2019).