Recent Changes in Financial Reporting Environment

FINANCIAL ACCOUNTING AND REPORTING
Financial Accounting and Reporting
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1FINANCIAL ACCOUNTING AND REPORTING
Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................4
Correction required:...............................................................................................................5
Discussions and references from applicable paragraphs of AASB 101:................................7
References and bibliography:.....................................................................................................9

2FINANCIAL ACCOUNTING AND REPORTING
Answer to question 1:
RECENT CHANGES AND DEVELOPMENTS IN
FINANCIAL REPORTING ENVIRONMENT
NEWLY AMENDED ACCOUNTING
STANDARDS, AASB 2019-X (Dated:
24.01.2019)
The AASB have issued a proposed
standard 2019-X, which brings significant
changes in the conceptual framework of
reporting financial information
(aasb.gov.au, 2019). AASB seeks public
comments and suggestions from various
users of financial information to improve
the efficiency and effectiveness of the
standards. It will be made applicable for
the privet sector companies which are
having public interests and accountability.
Not for profit organisations can also adopt
it voluntarily (aasb.gov.au, 2019). It will
retain the Framework for preparation and
presentation of financial statement and the
concept of reporting entity as it was at its
initial stage. It will be applicable for
01.01.2019.
APPLICABILITY OF AASB
PRACTICE STATEMENT 2 (Dated:
13.12.2018)
AASB have issued a new AASB
practice statement 2, which seeks
additional disclosure requirements of
information for risks related to climate
changes. It sets a guideline for
professionals, directors, accountants, and
auditors who are preparing and certifying
the financial statement of a company.
(aasb.gov.au, 2019).
APPLICABILITY OF NEW
AUSTRALIAN ACCOUNTING
STANDARDS (Dated: 20.12.2018)
AASB have issued two amended
accounting standards which clarifies the