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[PDF] Advanced Financial Accounting Assignment

   

Added on  2021-05-30

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Political Science
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Advanced Financial AccountingAssessment item 2 — AssignmentStudent Name:Student ID:Subject Name:Subject ID: HA 3011 Due date: 11.59 pm Friday Week 10 Professor Name:[1]
[PDF] Advanced Financial Accounting Assignment_1

Table of Contents1.0 Assessment Task Part A.......................................................................................................32.0 Assessment Task Part B.......................................................................................................63.0 Assessment Task Part C.......................................................................................................94.0 Assessment Task Part D.....................................................................................................115.0 Reference Lists...................................................................................................................13[2]
[PDF] Advanced Financial Accounting Assignment_2

1.0 Assessment Task Part A The Framework's goal is to accommodate IASB towards developing and reconsidering IFRSwhich further includes steady ideas, for preparing to develop reliable bookkeepingarrangements varied regions (Schroeder, Clark & Cathey, 2011). The sole purpose is to caterto places which does not encompasses standard or where there arises decision of accountingpolicy, for the purpose of all gatherings to assimilate and translate IFRS. Without prevalenceof Standards that can particularly apply to a transaction, administration must utilize itsjudgment in creating and applying accounting policies that provide adequate reliableinformation. In order to arrive at a decision making, IAS 8.11 provides that the administrationneed to consider various definitions, acknowledgment criteria, and estimation ideas for assets,liabilities, incomes and expenses according to the Framework. This aspect was added to theFramework in the 2003 while making amendments to IAS 8. The Conceptual Frameworkdoes not abrogate a particular IFRS. In case the IASB chooses to issue another orreconsidered proclamation that is not in accordance with the Framework. The IASB mustfeature the reality and clarify the explanations behind the reason for conclusions. The qualitative attributes of financial reporting reviews varied types of data whichprobabilistically going to be appreciated to clients. Thus, in settling on choices about thereporting entities based on data in financial report various data and information needs to beconsidered. The subjective characteristics apply similarly to financial data in every financialreport and additionally to financial data in different ways (Cotter, 2012). Financial data ishelpful when it is applicable and provides details that it is supposed to represent. Thefinancial data usefulness is upgraded in case it can be practically identical, undeniable,convenient and justifiable. Qualitative characteristics are generally pertinent and dependableportrayal is the crucial subjective qualities of valuable financial information. [3]
[PDF] Advanced Financial Accounting Assignment_3

The Board in order to retain faithful representation as being a primary qualitativecharacteristic had to undertake the characteristics of reliability as have been outlined in thecurrent Framework. Faithful representation was assumed by the Board members to constituteback door to full fair value measurement hence it was decided to object to it. Faithfulrepresentation acts as a back door to full fair value measurement and therefore object to it.The Board cleared its intentions by making it explicit that it did not want to include such fairvalue measurements. Providing the economic substance with the underlying phenomenonwithout taking into consideration its form or neutrality and completeness were regarded asnecessary conditions for representation of being faithful (Gebhardt, Mora & Wagenhofer,2014). Qualitative characteristics of financial information accommodate relevance, faithfulrepresentation, comparability, verifiability, timeliness and understandibility. Earlierconceptual framework had a more predictive role along with confirming role that allows foressential decision making. Meaning investors and other stakeholders could easily read thatinformation and make fruitful decisions related to their investments or other decision makingcriteria’s. However, meaning of relevance in previous framework and those supported bycurrent framework will largely vary. Current adoption of IFRS will have predictive role toplay along with confirming role however financial analysis using footnotes are stated intechnical terms that often is difficult for layman to analyse. Reliability qualitative frameworkthat existed earlier provided for credible presentation in a completed form. The structureprovided essence to be more integral compared to form. It provided a more cautious andcompleted approach. In the light of the new framework that has been accommodatedcomparability along with intelligibility was considered avoiding cautious approach. Thereforethe entire presentation or conception differed from the old approach to the new approach.Intelligibility and comparability in earlier approach was space and time bound, which wasreplaced with Fair Presentation. Fair presentation included ascertaining value in a neutral and[4]
[PDF] Advanced Financial Accounting Assignment_4

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