Current Developments in Accounting Thought PDF
Added on 2021-06-14
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Running head: CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTCurrent Development in Accounting ThoughtName of the Student: Name of the University: Author’s Note:
1CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTTable of ContentsAnswer to Question No 1................................................................................................................2Introduction..................................................................................................................................2Identification, description and discussion of the key issues disclosed in the news article..........2Evaluation and the deconstruction of the issues reported in the news article.............................4Identification of a range of the applicable accounting theories...................................................5Conclusion...................................................................................................................................6Answer to Question No 2................................................................................................................7Executive Summary.....................................................................................................................7Comment Letter...........................................................................................................................8Introduction..................................................................................................................................8Assessment whether exposure draft is introduced with respect to the interests of the public.....8Comments that have been presented in the letter with respect to the agreement anddisagreement..............................................................................................................................10Significance to the proposal.......................................................................................................12Conclusion.................................................................................................................................12Reference List................................................................................................................................13Appendix........................................................................................................................................17Appendices 1.............................................................................................................................17Appendices 2.............................................................................................................................18
2CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTAnswer to Question No 1 Introduction This essay has been constructed in accordance to reviewing an accounting professionaljournal article with the help of which an idea can be obtained with respect to the news article thathas been published. The assessment of the article assists in having an understanding of 22ndenforcement decisions report. Identification, description and discussion of the key issues disclosed in the news article This particular essay is related to the article that has been published on 30th April 2018and the article is based on the “22nd enforcement decisions report”. This article looks to considerthe European securities and even the market authority and discloses the extracts that aresupplementary in nature from several database of distinct decisions related to enforcements thatare specifically undertaken by the European national enforcers. It is seen that this distinct groupmanages all the decisions related to the various standards of accounting that are inclusive of the“IAS 36, IFRS 5, IAS 29, IFRS 10 and IFRS 3”. The essential concern on which the essay tries to cover has been the announcement ofESMA associated to several information that is available from several data sources that areprivate with respect to the decisions related to enforcements on the financial statements. Thereexists a problem related to the knowledge about the degree with respect to which it can fortifythe management convergence and the current various issuers in relation to the ones who makeuse of the financial data that is precise to the financial data in the suitable application of the rulesthat have been explained under the “International Financial Reporting Standards”. Furthermore,
3CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTthe article that has been chosen addresses the disclosures of the decisions related to theenforcements that would address the respondents in the market about which the treatment ofaccounting related to the European enforcements and this may potentially consider theconformation with the IFRS accounting trend (Giner et al., 2016). The several kinds of standardsof accounting especially in the purview along with the range and this have been the one that areallowed by IFRS. Therefore the key problem that can be regarded is inclusive of having anunderstanding of the explanation that is behind the distinct decisions that can course the pathtowards the effective use of the regulations and standards of IFRS that has been explained inEEA (Adhikari et al., 2014). The paper explains that the European enforcers of distinct financialreport assessment and thereafter address the financial pronouncements. It is seen that thepronouncements are explained by several issuers with district securities that are generally tradedon a market that is guarded and is situated in Europe and distinctly the ones that can arrange thefinancial reports in accordance to IFRS. In addition, the chosen article of the paper tries to assess the extent of the conformation inaccordance to the IFRS standards of IFRS in relation to the requirements that have been appliedfor the purpose of reporting which is inclusive of the national objective. “ESMA” constructed adatabase that is secret for the distinctive decisions related to enforcements that is undertaken bythe specific enforcers that has been undertaken by the specific European enforcers on the basis ofthe data in order to nurture the suitable incorporation of the standards of IFRS (Beck et al.,2017). This concerned article has even looked to address the disclosure of the distinct decisionsspecifically on the enforcements that are constructed in order to address the several partakersrelated to the market that considers the treatments of accounting (Olibe, 2016). The article evenaddresses the assessment of whether the various treatments of accounting can be regarded to
4CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTbeing with the range that has been identified of the ones that is permitted by the IFRS standards.Furthermore, ESMA even takes into account the pronouncements of the specific decisions inaccordance to the intention behind the same. Therefore, this element can be supportive inassisting towards the stable implementation of the IFRS standard specifically within theEuropean Union (Markelevich et al., 2015). Evaluation and the deconstruction of the issues reported in the news article There are several topics that have been discussed in the news article that has beenselected and the standard that has been included in the article has been IFRS 5. This essentiallyon the non-current assets that are preserved for the purpose of sales as discounted activitiescomprising of the matter of the subject in accordance to the asset classification (Osei, 2017). It isseen that it is not anticipated to be promoted in the market with the distinct time frame of 1 year.In this manner, it is seen that the information can be added in this distinct piece of theexplanation that has been considered (André et al., 2016). Distinctively, the general context, thisallows the assessment of the assets or the batch that is disposal and is preserved essentially forsales are not depreciated. It is computed at a much smaller value of the distinctively the carryingvalue in accordance to the fair value by subtracting the cost that is associated to the market. IAS 7 focuses on the cash flow statement and this has been observed in this article. Thisencompasses the explanation as well the disclosure of the limited cash balance. This article evenis inclusive of the IAS 32 specifically on the financial tools and focuses on the presentation. Thisessay therefore addresses the everlasting notes that can be explained as the liabilities that aredisclosed in this specific part (Schreiber, 2017). Furthermore, IAS 1 is even addressed in thisarticle prioritizing the disclosure of the financial reports. Additionally, IAS 36 duplicating theasset impairment assists in explaining the declarations on the specific estimations that are related
5CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTto the various competitive prices that have significant amount of risk that leads to theadjustments of the materials to distinct amounts related to carrying. IFRS 3 has been enclosed inthe article on the “Business Combination”, IFRS 13 concentrates on the enumeration of the fairvalue and IAS 38 concentrates on the intangible assets that explain the price of the purchaseintention of a distinct group of the various assets that have been accumulated (Fisher, & Nehmer2016). In addition, it is seen that IFRS 17 explains the distribution of the various non-cash assetsto the several owners addressing the demergers and the precise distribution of the particularsegment to the issuer of the shareholder (Blatt et al., 2018). Furthermore, IAS 1 explains thedisclosure of the financial announcements of the several losses of the revaluation of the severalassets that is utilised in the operational activities. In addition, IAS 10 focuses on the financialstatement consolidation. This specific section of the focuses in the development of authority overa specific issuer that is specific to the offer given to the tender. Identification of a range of the applicable accounting theories Positive theory of a specific rule and regulation addresses about the amendment,elimination and develop in accordance to the institutional incorporation of the directions that aredistinct to the sector. The influence that is undertaken by the organizations with respect to theinterests of the consumers along with the self interests of the authoritarian agency needs to beconsidered for addressing the regulatory attitude (Klann et al., 2015). There are several interestgroups of the specifically consumers, manufacturers with respect to the related interest groupsthat may even fight with one another for the intention of gaining certain kind of politicalinfluence. This model can be related to the present article as this document with respect toenforcement that is inclusive of the several regulations that essentially forces the effect on the
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