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Report Of Financial Accounting

   

Added on  2020-02-24

6 Pages806 Words32 Views
Running Head: FINANCIAL ACCOUNTINGFinancial AccountingName of the Student:Name of the University:Author’s Note:Course ID:

2FINANCIAL ACCOUNTINGQUESTION 1 (NEWSLETTER)IDENTIFYING THE CHANGES MADE DURING MAY 2017 TO AUGUST2017, IN THE ACCOUNTING STANDARDAUSTRALIANERA END (29-07-17)AASB has mainlysuspended the AAS 25,where companies wereabletousesuperannuation plans inthe financial reporting.This closure is mainlyconducted from the nextfinancial year, wherecompanies were notallowed to use the AAS25 in their financialreport. Strategy of AASB (28-07-16)AASB has mainlyproposed the overallstrategy for the businessfrom 2017 to 2021, whereindividuals are allowed tocomment on the standardof the strategy. From thisAASB will mainly beable to identify therelevant impact of thestrategy on the overallperformance of theorganisation.Declaration of taxliability by moreorganisations (04-07-2017)Relevant amendments isbeen conducted byAASB, where taxauthority will have fullknowledge of the overallfacts about the taxposition of anorganisation.Furthermore, it is alsostated that the estimatedtax liability amount doesnot have to be included inthe balance sheetstatement that is preparedby the company.Portraying transparencyin the annual report (20-07-2017)AASB has mainlymandated that all thepublic section companiesneeds to disclose all therelevant liabilities andassets in the financialreport. This could mainlyhelp in generating therelevant reliability andaccountability of theorganisation in the eyesof investors.TAXTRANSPARENCY BYAASB (16-05-17) AASB mainly providedrelevant information on theoverall tax position of anorganisationforinternational investors,which coil directly help inunderstanding the overalltax potions of the company.Global disclosure practise ismainly used by ASICregarding non-GAAP,where relevant disclosure is2

3FINANCIAL ACCOUNTINGbeen provided from ETRdepending on the corporatetax of an organisation.AASB directly providesrelevantdisclosureregarding the guidance ofETR, which could beunderstood by theinternational investors.IMPACT ON THEINSURANCECONTRACTS (18-05-2017)AASB in accordance withthe IFRS 17 has mainlymandated that the globalinsures will not beallowed to use historicalcost in their financialreport. This has mainlyforced the organisation torecognise losses beforehand, which could help instrengthening the impactof the financial report.ED 280- PROPERTY,PLANTANDEQUIPMENT (18-05-2017)There are relevantamendments that isconducted on the AASB116, where proposal isbeen made for the plant,property and equipment.The proposal directlystated that the proceedsfrom selling the produceof plant, property andequipment is mainlycapable of including inthe operating section. Forexample, the testing faceof the machine and theprofit provided could beincluded in the profit andloss account, where itneeded not be subtractedfrom the asset cost.3

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