This report examines amendments to International Financial Reporting Standards (IFRS) and International Accounting Standards Board (IASB) rules, focusing on their impact on accounting and reporting practices. It specifically addresses changes in AASB 9 concerning insurance contracts, including modifications to determining insurance payouts and the application of new regulations. The report also details amendments to Australian accounting standards, emphasizing changes in asset vesting treatment, employee stock option schemes, and the impairment test (IAS 36). The influence of these changes on financial reporting, including the harmonization of corporate accounting rules and ASIC review, is discussed. The report includes a case study analyzing the statement of financial position for Winter Ltd. as of June 30, 2017, demonstrating the application of AASB 101 and IFRS rules, and highlighting proper disclosure of assets, liabilities, and equity. The analysis includes a discussion of the proper classification of assets and liabilities, the treatment of deferred tax assets, and the presentation of employee benefits and other liabilities. The report concludes with a bibliography listing relevant academic sources.
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