Report on Accounting

   

Added on  2020-02-24

8 Pages1404 Words46 Views
Running head: ACCOUNTINGAccountingName of the StudentName of the UniversityAuthor’s Note
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1ACCOUNTINGTable of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................2Conclusion.......................................................................................................................................5References........................................................................................................................................6
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2ACCOUNTINGIntroductionIn the Australian accounting standard, the presence of Differential Accounting Reportingcan be seen since the year 1990. The reporting firm theory develops the centre of DifferentialReporting Regime. The development of differential reporting is based on the concept ofreporting unit (Macve 2015). At present, there is a planning for transformation in differentialreporting according to the Australian Accounting Standard Board for the substituting of theconcept of reporting entity. The Australian Accounting Standard Board is considering theamendment of financial reporting regime along with all the monetary financial aspects and it willbe lodged with ASIC under the Corporation Act 2001. In the present time, the AustralianAccounting Standard Board has placed the framework of differential framework before theframework of AASB 1053 (Deegan 2016). It has been seen that the users were unsatisfied withthe current differential accounting framework as it fails to implement effective financialreporting system in the business entities. In order to diminish this issue, the AustralianAccounting Standard Board has taken the decision to amend differential reporting framework.DiscussionIn the recent time, AASB has issue two principles regarding the disclosure requirement ofthe business organizations at the time of preparing the general-purpose financial statements. Themain objective behind this is to move all the companies in the same direction in order to increasetransparency and consistency with the help of the elimination of unnecessary disclosures. Thecapabilities of the business organizations use to derive the major benefits of lowered disclosures.AASB 1057 Application of Australian Accounting Standards has recognized the accountingand financial standards regarding the development of monetary standards. As per AASB 1053Application of Tiers of Australian Accounting Standards, differential reporting framework
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