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BFA605 - Newsletter and Financial Statements

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UNIVERSITY OF TASMANIA

   

Financial and Corporate Accounting (BFA605)

   

Added on  2020-03-01

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In this paper, we discuss the following criteria the AASB roadmap for tax transparency, insurance contract and property, and plant equipment.

BFA605 - Newsletter and Financial Statements

   

UNIVERSITY OF TASMANIA

   

Financial and Corporate Accounting (BFA605)

   Added on 2020-03-01

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Running Head: NEWSLETTER AND FINANCIAL STATEMENTSNewsletter and Financial StatementsName of the Student:Name of the University:Author’s Note:Course ID:
BFA605 - Newsletter and Financial Statements_1
2NEWSLETTER AND FINANCIAL STATEMENTSANSWER TO QUESTION 1CHANGES DEPICTING IN THE ACCOUNTING STANDAD BY AASBDURING 1S T MAY 2017 TO 4T H AUGUST 2017AUSTRALIANAASBROADMAPFORTAXTRANSPARENCY(16-05-17) The Australian stakeholders and global investorsintend to view consistent and comparable tax reportingabout the tax position of the organisations. This guidance enablesthe organisations in communicating their taxinformation, which is consistentwith evolvingglobal disclosure practices and the needs of ASIC regarding non-GAAP. This needs the disclosure of an ETR depending on corporate tax only for enabling comparisonto company tax rate.This guidance establishes the needed disclosures for assuring that the interested parties could understandthe variations betweenETR under the code and accounting ETR developed in accordancewith the standards of accounting. INSURANCECONTRACTS (18-05-2017)The Australian insuranceanalysts would seekadvantage from theenhancedglobalcomparability offeredthrough IFRS 17contracts issued on thepart of IASB. Accordingto these contracts, theglobal insurers would notbe allowed to usehistorical cost in thefinancial reports. With thehelp of these contracts,opportunitiesareminimised to blendprofitableandunprofitable businesswithin a single portfolioresulting in earlierrecognition of losses. ED 280- PROPERTY,PLANTANDEQUIPMENTThis is a proposal inmakingnarrowamendments to AASB116- Property, Plant andEquipment. According tothe proposal, the proceedsfrom selling itemsproduced at the time ofbringing property, plantand equipment to thecondition and locationessential for it to becapable of operating inthe way intended on thepart of the management.For instance, theinventory manufacturedat the time of testing2
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3NEWSLETTER AND FINANCIAL STATEMENTSmachinery would beincorporated in profit andloss and it need not besubtracted from the assetcost. BETTERINFRASTRUCTURETRANSPARENCYFOR TAXPAYERS(20-07-2017)According to thisdevelopment, the publicsector organisationswould be needed torealise assets andliabilities associated withthepublic-privatepartnerships. In addition,these projects would berealised on the balancesheet statements of theorganisation resulting inrise in overall assets andliabilities. This wouldhelp in enhancedaccountability and bettermanagement. MOREORGANISATIONSNEED TO REPORTONTAXLIABILITIES (04-07-2017)According to thisamendment, the directorsare needed to assesscontinuallytheaggressiveness associatedwith tax positions byassuming that the taxauthority has fullknowledge of the overallfacts. In addition, the taxliability for the estimatedamount of settlementneed not be realised in thebalance sheet statement ofthe organisation. AASBBOARDSTRATEGYANDCORPORATE PLAN(28-07-16)This amendment has beenestablished in partnershipwith the “Auditing andAssurance StandardsBoard”. AASB hasdeveloped this strategyfor the year 2017 to 2021.The common individualsare able to comment onthis standard in theoverallstrategyfinalisation. END OF AN ERA(29-07-17)This amendment wouldmark the closure of AASaccounting standards, asAASB 1056 hassuperseded the AAS 25Financial Reporting bySuperannuation Plansfrom the existingfinancial year. 3
BFA605 - Newsletter and Financial Statements_3

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