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Attitude and Behaviors at Workplace | Assignment - Desklib

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Added on  2020-02-24

Attitude and Behaviors at Workplace | Assignment - Desklib

   Added on 2020-02-24

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What’s on the way?WHAT’S INSIDEThe past year has successfully ushered significant transformations in the financial reportinglandscape, which included a number of emerging developments and trends that has thepotential to affect the reporting process of the committee at Australian Accounting StandardsBoard (AASB).At two different venues lastweek, the AASB remindedregistrants regarding the bestpractices needed to befollowed in the time leadingup to the acceptance ofrevenue, lease and credit lossstandards.The staff’s commentsreiterated the topics alreadyaddressed in previous yearsand focused on employinginternal controls on thedomains of financialreporting, disclosures andauditor independence that arerelated to implementationactivities.Registrants developplans for transitioningto the credit loss, whilewhich they need toassess the sufficiency oftheir present internalcontrols for reasonablyassuring the reliabilityof the financialinformation that isreported by themanagement. There is a requirementfrom the managementto exercise betterjudgement at the timeof application ofguidance in the creditloss process.The objective of re-evaluating the sufficiencyof any registrant’s currentinternal controls at presentis to recognize andimplement any alterationsto these controls that mightbe warranted forsupporting the creation andenforcement of soundjudgements under the newstandard.Internal Controls over Financial ReportingBest practicesneeded to befollowedleading up tothe acceptanceof revenue,lease and creditloss standards.Requirementfromthemanagement toexercise betterjudgement atthe time ofapplication ofguidance.Recognize andimplement anyalterations tocontrols.
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