Assignment on Financial Accounting | 1

Running head: FINANCIAL ACCOUNTING
Financial Accounting
Name of the Student
Name of the University
Author’s Note

FINANCIAL ACCOUNTING1
NEWSLETTER
Exposure Draft on
Reference to the
Conceptual Framework
(Date: 06.06.2019)
With the aim to update the
Conceptual Framework for
Financial Reporting while
not changing the accounting
requirements of business
combination, ED 290
References to the
Conceptual Framework has
proposed the narrow-scope
changes in AASB 3
Business Combination. This
would lead to the
broadening of the definition
of liability in the new
Conceptual Framework.
Decision on the Inclusion
of Illustrative Examples
and Certification on Fair
Value Measurement
(Date: 10.05.2019)
On 30th April, the AASB has
taken the decision to
provide assistance to the
public sector entities in the
application of certain
principles in AASB 13 Fair
Value Measurement by
enabling the inclusion of
illustrative examples. In
addition, it is proposed to
include the utilization of
cost approach in AAB 13 in
order to determine the
asset’s fair value for the not-
for-profit entities through
certain amendments in
AASB 13.
Conceptual Framework
for Financial Repowering
(Date: 06.06.2019)
There has been the issue of
a new Conceptual
Framework for Financial
Reporting for the private
sector for-profit entities that
have public accountability
to comply with the
Australian Accounting
Standards. AASB has
provided the option to other
for-profit entities to adopt
this new Conceptual
Framework for Financial
Reporting on or after
01.01.2020.
Definition and Guidance
related to Not-for-Profit
Entities (Date: 11.06.2019)
ED 219 Not-for-Profit
Entity Definition and Guide
has proposed to replace the
current definition of not-for-
profit entity with a more
applicable definition. To
provide the communities
with goods and services for
their benefit and to consider
this objective beyond
financial return and
provision of equity are
considered as two crucial
parts of this definition.
AASB 1057 Application of
Australian Accounting
Standards will have this new
definition with the removal
of the old one.