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Report - Issues In New Standard | Significance Of Accounting

   

Added on  2020-02-03

7 Pages1644 Words27 Views
Development in Accounts Theory
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Table of ContentsINTRODUCTION...........................................................................................................................3QUESTION.....................................................................................................................................3a. Introducing the major issues which take place in new standards............................................3b. Explaining consensus and disagreement takes place between the commenting parties..........4c. Analyzing assumptions behind public and private interest as well as capture theories...........5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
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INTRODUCTION Accounting rules and regulations are developed by higher authorities with the motive toensure greater transparency in the accounts. Now, concerned accounting personnel and bodieshave introduced several changes to present the fair view of financial statements. However, someof the changes create difficulty in front of accounting personnel of specific sector or bodies.Hence, the present report will describe the issues which are prevailed in the new standards.Besides this, it will also shed light on the extent parties of specific sector agree and disagreeswith the changes take place in accounting standards. QUESTIONa. Introducing the major issues which take place in new standards From assessment, it has been identified that there are several issues that take place in newstandards which in turn closely influences the significance of accounting aspect. List of issuesinclude several aspects such disclosure requirements, presentation, classification of expenses,recognition of taxation etc. All such are the major issues which have created difficulty in front ofaccountants in relation to presenting the accounting information (Carmona & Trombetta, 2008).From assessment, it has been identified that accountants are required to prepare financialstatements on going concern basis whether they have information about material uncertainties.Along with this, methods in relation to depreciation and amortization have limited scope. On 1stJanuary 2017, IASB issued IFRS 15 Revenue from contract with customers. IASB and FASBhas formed joint transition resource group for the recognition of revenue which in turn closelysupports the implementation of board (Chalmers, Clinch & Godfrey, 2011). On suchamendments several comments have been received from the stakeholders that support thedeferral of the effective dates of IFRS 15. Stakeholders who provided their judgements show thatone year deferral will improve the quality of deferral to a great extent. Hence, all such are themain issues that are associated with International Accounting Standard.
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