Advanced Financial Accounting Project 2022

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
Explaining the resources associated IASB for improving the communication with existing
information that are provided in the financial statement.................................................................3
Main concerns about the disclosure of information in the financial statement that are mainly
referred as disclosure problem.........................................................................................................4
Identifying the amendments in IAS 1 and IAS 7 as a part of disclosure initiative..........................5
References........................................................................................................................................7

2ADVANCED FINANCIAL ACCOUNTING
Explaining the resources associated IASB for improving the communication with existing
information that are provided in the financial statement
The resources that are directly associated with the IASB includes the effective
communication among the shareholders of the company in their normal course of business. The
IASB that choses in the better communication has the most critical addition in the primary
financial statement along with financial disclosure of the overall initiatives (Chartered
Accountants Australia and New Zealand 2015). The assets and liabilities of the business that are
available in nature includes the overall concept of financial reporting that might have some of the
issues which approaches for further development in the overall time period. The project that is
related to IASB is totally based on the principle of disclosure that helps the stakeholders of the
company in the viewpoint of communication information (IFRS Foundation 2017). The overall
improvement in the disclosure of the financial statement is associated in this particular
accounting standard that generally contains the general information as well as the requirements
for the process of disclosure in the financial statement of the business. Financial accounting is
vital for an organisation as it includes the accounting standard that helps in better presentation of
the accounting information in the financial statement of the company.
Several other accounting standard are associated with it for improving the effective
criteria of the objective of the project. The project has the main purpose for improving the
communication of the existing shareholders of the company (IFRS Foundation, 2017). The
existing information that is available in the financial statement of the firm includes the effective
communication with implementing the accounting standard in the overall course of business
(IFRS Foundation 2018). The overview of the disclosure of the financial information includes in
the principle of the information that plays a significant role in the overall process of general

3ADVANCED FINANCIAL ACCOUNTING
disclosure of the standard. The role of primary statement includes in the content of the
communication information that would be beneficial for the company in their normal course of
business. The improvement in the communication along with the existing information helps in
recording in the financial statement that assist in better recording experience in the statement of
finances.
Main concerns about the disclosure of information in the financial statement that are
mainly referred as disclosure problem
The process of disclosure of the information in the financial statement includes the
information that are generally background and includes the disclosure initiatives along with
success in the overall problem of disclosure. This particular accounting standard mainly outlines
the objectives of the project which would be beneficial for the company and would describe the
overall interactions with several other projects that are opined by IASB (IFRS Foundation 2019).
The sections of this accounting standard includes the principles that is generally applied in
overall process of preparation of financial statement that is required to be entry specific along
with principal information that would be provided for the appropriate type of information. The
financial statement of the company includes the effective communication among the customers
and the shareholders as the financial information is also to be shared with certain regulators. It is
mainly dealt by the IAS 7 which mainly deals with financial instruments and in disclosure of
financial statement in their normal course of business (IFRS Foundation 2017). The significance
of the financial instrument includes the nature and risk of the problem that would be beneficial
for their business activities. The financial statement of the company includes the effective
communication among the customers and the shareholders as the financial information is also to
be shared with certain regulators.

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Problem of disclosure in the financial statement includes the captive nature of the
statement which helps in analysing the terms and condition of the financial, statement in both
qualitative as well as quantitative terms (IFRS Foundation 2018). Certain disclosure certain
requirement which helps in disclosing the relations in the financial statement of the company that
would be effective presenting the financial statement to the management of the company. The
identification of the IAS 1 as well as IAS 7 that has been included in the disclosure of the
information in the financial statement. In addition to this, IAS 7 requires certain disclosure that
are required to be presented by the instrument which are directly associated with the instrument
that combined with the business (IFRS Foundation 2019). The call of financial requirement
presents the financial information in such a way that would represent the significance of the
financial instrument as well as extent of risk that are directly associated with the arising of
financial instruments. The disclosure of the information that is associated with the financial
statement are mainly included with the financial transaction that deals with the overall source of
finances in a certain period of time. In this study, IASB has been included with improvement in
the overall process of communication along with disclosure of the information in the financial
statement that has been prepared by the managers of the company.
Identifying the amendments in IAS 1 and IAS 7 as a part of disclosure initiative
The amendments that has been made in the accounting standards includes the standards
such as IAS 1 and IAS 7. IAS 1 mainly deals with presentation of the financial statement that
includes all of the requirements along with its structure and information to be included (IFRS
Foundation 2017). The accrual basis of accounting is to be included in the financial statement
that would help the company in presenting the financial statement on including certain concepts
such as accrual basis of accounting and going concern and others. Different financial statement

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includes certain type of information that are required to be presented to the management of the
company for analysing the changes that affects the changes in the financial statement (IFRS
Foundation 2018). The amendments that has been made in IAS 1 includes the disclosure of the
going concern along with classification of the liabilities. In this study, accounting standards has
been analysed which would be used by the company for presenting the financial statement in a
better way along with analysing the disclosure of the financial statement to the management of
the company. The assets and liabilities of the business that are available in nature includes the
overall concept of financial reporting that might have some of the issues which approaches for
further development in the overall time period.
An organisation is always a going concern as it wold continue to run until the company
makes decision itself to wind up its business. On other hand, classification of liabilities has been
done on the basis of short term liabilities as well as long term liabilities. IAS 7 also includes
certain amendments that has already targeted the standard the standard level review of the
disclosure that would identify the background and current status of the project (KPMG 2015).
The statement of cash flow is also associated with IAS 7 which is a part of disclosure initiatives
for better amendments in their normal course of business. The overview of the disclosure of the
financial information includes in the principle of the information that plays a significant role in
the overall process of general disclosure of the standard. Therefore, the importance of the
financial reporting is to be included with the accounting treatment by considering the accounting
standard in the financial statement of the business.

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References
Chartered Accountants Australia and New Zealand (CA) (2015) NOISE, NUMBERS AND
CUT-THROUGH What is the future role of financial reporting? May 2015
IFRS Foundation (2017) Better communication in financial Reporting and making disclosure
more meaningful. October 2017
IFRS Foundation (2018) Disclosure Initiatives: Principal of Disclosure Better Communication in
Financial Reporting Projects. June 2018
IFRS Foundation (2019) Project Summary Disclosure Initiatives – Principle of Disclosure
March 2019
KPMG (2015) A new era in Corporate Reporting Review of recent corporate review and de-
cluttering trends in the ASX 200