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ACCT 3003 - The Australian Accounting Standard - Repot

   

Added on  2020-03-02

16 Pages3383 Words36 Views
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Accounting theory and contemporary issues
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1By student name ProfessorDate: 24 August, 2017.1 | P a g e
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2Executive summaryThe Australian Accounting Standard Board is an Australian agency that has the majorresponsibility of framing of the accounting standards. These standards are applicable in thepreparation and presentation of the financial statements of the public and private organisationsto the best of their ability. It has a set of functions and powers that are well defined by thegovernment. In this report we will confer upon its right of making changes to the alreadyexsisting standards, issuing new standards, the basis of framing standards and what effect doesit have on other entities. We will also present a brief report on the new ED116, and its overalleffect on the various entities.2 | P a g e
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3ContentsIntroduction......................................................................................................................4Part A ........................................................................................................................ 5Part B........................................................................................................................ 9Conclusions and recommendations........................................................................13References.............................................................................................................. 143 | P a g e
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