Financial Accounting Assignment | AASB

FINANCIAL ACCOUNTING
News Letter

NAME OF THE STUDENT
NAME OF THE UNIVERSITY
AUTHORS NOTE
COURSE ID

NEWS
LETTER
AASB Standard Setting frameworks Finalised: 9th May
2018:
The Australian Accounting Standard Board has finalized the
standard setting framework on 9th May 2018. After developing
through the public consultation the Australian (Aasb.gov.au,
2018) Accounting Standard Board has finalized the framework
for setting standard for the non-profit companies as well as the
for-profit companies. The framework set by AASB lay down that
how the AASB makes the use of the IFRS standards in the form
of base for developing, issuing and maintaining the Accounting
standards of Australian. The standard setting framework helps in
identifying when the Australian accounting standard board
should take up the project of modifying the IFRS along with the
form and degree of such amendments.
New compilations for reporting periods commencing
from or after 1-1-18: 17th May:
Summary of development and news in the environment of financial reporting
Period 1st May to 31st July 2018: The AASB 9 Financial
Instrments introudces a
revised guidelines for
classifying and measuring
the financial assets
(Aasb.gov.au, 2018). This
includes the new anticipated
credit loss model computing
the impairement as well as
the new general hedge
accounting requirements.
AASB 107: Disclosure
Initiative:
The amendaments needs
extra disclosure to assess the
changes in the liabilities
originating through the
financing activities. This
includes disclosure for
changes in cash flows and
non cash changes originating
from the effects of changes
in the rates of foreign
exchange and changes in the
fair value.