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Advanced Financial Accounting Report

   

Added on  2020-02-24

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Running Head: ADVANCED FINANCIAL ACCOUNTINGAdvanced Financial AccountingName of the Student:Name of the University:Author’s Note:Course ID:

2ADVANCED FINANCIAL ACCOUNTINGNEWSLETTERCHANGES MADE BY AASB FROM MAY 2017 TO AUGUST 2017AUSTRALIANTHE ERA END (29-07-17)Relevant amendments isbeen conducted, whereAAS 25 is been changedby the AASB. He overallchanges is beenconducted on the overallAASB 1056, which isbeen deemed outdated.This mainly depicted thatrelevant development insuperannuation plansneeds to be conductedonly within the fiscalyear.AASB STRATEGY FOR2017-2021 (28-07-16)Relevant amendments isbeen conducted by theoverall strategy for 2017to 2021, which is beenconducted by the AASB.Moreover, certain peoplecould conduct relevantstrategy finalisation andcomment on the overallstrategy developed byAASB.TAX DECLARATIONBY ORGANISATION(04-07-2017)AASB has mainlyconducted different typesof amendments on theoverall tax provisions,which is been taken intoaccount relevantknowledge provided bythe tax authority.Moreover, relevantanticipated amount ofsettlement is beenconducted, which doesnot need to be depicted inthe balance sheet. Thedeclaration is mainlyconductedfororganisationforeffectively stating the taxliabilities.TRANSPARENTANNUAL REPORT (20-07-2017)Relevant assets andliabilities needs to bereported by theorganisation in theirannual report. Thisdisclosure is mainlyconducted by AASB,whereadequatedeclaration needs to beconducted by theorganisationforincreasing reliability andaccountability of theannual report.AASBIMPLEMENTATIONONTAXTRANSPARENCY(16-05-17) According to the AASBrelevant Tax transparencymainly needs to beconducted by theorganisation, which couldmainly allow thestakeholdersforunderstanding the overalltax position of an2

3ADVANCED FINANCIAL ACCOUNTINGorganisation. This moveconducted by AASBmainly depicted therelevant internationaldisclosure, which needsto be conducted by theorganisationforinternational investors.Moreover, this disclosureis mainly depicted in forASIC consideration ofGAAP. Therefore,relevant declaration ofETR needs to beconducted by theorganisation. There arerelevant disclosuresassociated with differencein ETR with theaccountingETRconducting in theaccounting standards.INSURANCECONTRACTSIMPACT (18-05-2017)The insurance contactmainly states the benefitsprovided from IFRS 27,where the company is notable to employeehistorical costs in itsannualreport.Furthermore, the contract,opportunity are mainlydecreased in the annualreport. This could directlyallow the organisation forportraying the overallunprofitable business inearly stage. Thisrecognition in the overalllosses incurred by thecompany could directlyallow the stakeholders toincrease relevantproblems of theorganisation. This coulddirectly help in strengthenthe impact of the financialreport disclosed by theorganization.ED280-EQUIPMENT,PROPERTY ANDPLANT (18-05-2017)AASB has mainlyproposed relevantamendments in the AASB116, where proceeds fromthe relevant plant,property and equipmentsneed to be accounted inthe financial report.According to AASB theoverall proceeds from thetesting phase of themanufacturing processcan be considered underthe financial accounts andneed not be deductedfrom asset cost.Previously the overalltesting phase of themanufacturing processwere mainly consideredunder the asset costs,which is been changed byAASB.3

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