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IB233 - Assignment On Financial Reporting

   

Added on  2020-03-02

10 Pages952 Words47 Views
Running head: FINANCIAL REPORTING Financial ReportingName of the StudentName of the UniversityAuthors NoteCourse ID

1FINANCIAL REPORTINGAnswer to question 1CHANGES Stated in the accounting standard by AASB From 1st May 2017 to 4th August2017AustralianAASB Road Map for thetax transparencyThe international investorsand the Australianstakeholders have stated toview constant andequivalent tax reportingconcerning the tax positionof the companies. Suchdirection provides theorganization to facilitatecommunication regardingtheir tax information that isconstant with the changingglobal disclosure practicealong with the requirementsof ASIC concerning theNon-GAAP. This requiresthe disclosure of an ETRbased on the corporate taxin order to enable thecompanies to company thetax rate. Such directionhelps in establishing therequired disclosure with theobjective of making surethat the interested partiesare able to understand theContracts related toinsurance: The insurance of analystof Australia would pursuethe advantage from theimproved globalcomparison that is offeredwith the help of IFRS 17contracts that is issuedfrom the IASB. As perthis contract, theinternational insurers arenot permitted to make useof the historical cost at thetime of preparing financialreports. From this contractopportunities are lessenedto balance the profitableand unprofitable businessunder the sole portfolioleading to earlyidentification of losses. ED 280 Property Plantand Equipment: This state down theproposal of narrowingdown the amendments toAASB 116- Property,Plant and Equipment. Asper the proposal, therevenue generated fromthe disposal of the itemsat the time of carryingProperty, Plant andEquipment to theessential conditions andlocations it is vital to becapable of functioning inthe intended method bythe administration. Forexample, themanufactured inventorywhile testing machinerywould be included in theprofit and loss statementand does not required tobe subtracted from thecost of asset.

2FINANCIAL REPORTINGAASB Board Strategyand Corporate Plan: The above statedamendments has beencreated in partnership inassociation with theAuditing and AssuranceStandard Board. AASBhas established thisstrategy for the yearranging from 2017 to2021. The commonindividuals are providedwith the opportunity ofstating their overallviewpoint in thefinalization of strategy. End of an Era: The above statedamendment would markthe conclusion of AASsince AASB hassucceeded the AAS 25Financial Reporting fromthe Superannuation Plansfrom the presentfinancial year.

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