Financial Accounting Letter 2022

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FINANCIAL ACCOUNTING
News Letter

1FINANCIAL ACCOUNTING
Financial accounting
Name of the student
Name of the university
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2FINANCIAL ACCOUNTING
NEWS LETTER
Independent review
board by CPA
Australia (13th June
2019)
At the board meeting held
on 13th June 2019 it was
decided that they started
the procedure for
establishment of
independent panel for
conducting thorough
review regarding all the
claims those are related to
the CPA Australia. The
panel will provide
recommendation for
making improvements.
The board will be chaired
by the Air Chief Marshal
Sir Angus Houston who is
the former chief from
Australian Defence Force.
For further details please
follow the link –
https://
www.cpaaustralia.com.au
/-/media/corporate/
allfiles/document/
media/media-release/
statement-from-president-
16-june-2017.pdf?
la=en&hash=5EBE1BE6
42C5981EE999DDA3243
BFDCB6C56C625
Annual
improvements to
IFRS Standards
2018-2020 (14th June
2019)
IASB proposed to require
the subsidiary that is to
apply the Para D16(a) of
IFRS First-time Adoption
of International Financial
Reporting Standards in
measuring cumulative
translation difference
through usage of the
amounts that is reported
by parent on the basis of
the transition date to the
IFRSs. Further, the
amendments will be
applicable to the joint
venture associates who
will apply the same. For
further details please
follow the link –
https://
www.aasb.gov.au/admin/
file/content102/
c3/7.4_IASB_ED_annual
_improvements_2018-
2020_M171_NO.pdf
Amendments to
AASB 112 (25th July
2019)
Amendment to AASB
112 is proposed by IASB
that will require
recognition of deferred
tax on any particular
transaction’s initial
recognition that initiates
equal amounts of both
deferred tax assets as well
deferred tax liabilities.
The amendment that is
proposed will also be
applicable for the
transaction that will give
rise to recognition of both
assets and liabilities like
lease obligation by the
entity. Though the
amendments are required
to be applied with
retrospective effect,
however, transition relief
for recoverability
assessment will be
provided which is
required for the deferred
tax assets. For further
details please follow the
link –
https://
www.aasb.gov.au/admin/
file/content105/c9/
ACCED294_07-19.pdf
Summary of the updates regarding latest financial reporting news
Period covered: 1st April 2019 to 31st July 2019: