The Regulatory Environment and Financial Reporting

Running head: FINANCIAL ACCOUNTIN G
Financial Accounting
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2FINANCIAL ACCOUNTING
Table of Contents
Answer to question 1:................................................................................................................3
References::................................................................................................................................6

3FINANCIAL ACCOUNTING
ANSWER TO QUESTION 1:
THE REGULATORY ENVIRONMENT AND FINANCIAL REPORTING
AUSTRALIAN
Aasb 2019-X
Amendments to
Australian
Accounting Standards
(24th January 2019):
This standard has been
issued for supporting the
conceptual framework of
AASB (Aasb.gov.au,
2019). In the primary
stage, this standard would
be applied for the private
sector organisations and
other profit firms
choosing to apply the said
framework (Aasb.gov.au,
2019).
Collective and
individual services and
emergency relief in
public sector (12th
February 2019)
ED has proposed
amendments to IPSAS 19
related to provisions,
contingent assets and
liabilities, in which there
would be no realisation of
provision to deliver
individual and collective
services (Aasb.gov.au,
2019).
Exposure draft
related to onerous
contracts (8th January
2019):
According to this draft,
AASB 137 needs to be
amended for depicting the
cost of fulfilling a
contract includes
incremental costs as well
as other costs like
equipment depreciation
associated with the
contract.
Not-for-profit leases
and right-of-use
assets (20th December
2018):
A draft is published by
AASB, which considers
variations from ED 286
like enabling temporary
alternative for applying
on right-of-use assets on
class basis and
amendment of AASB
1049 in order to measure