QUESTION 8 disclosure and regulated by AASB accounting standards. In Australia Integrated Reporting is a Mandatory,...
Describe the present institutional arrangements for setting accounting standards in Australia. Your answer should include discussion of the role of the Financial Reporting Council (FRC) and Australian Accounting Standards Board (AASB).
QUESTION 12 that has been determined by applying accounting standards. The financial statements shall present a measure of social responsibilities number of employees profits securities QUESTION 13 The role of the Financial Reporting Council is to provide broad oversight of the process for setting standards in Australia, including the authority to direct the AASB to develop, amend or revoke a particular standard. True False
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
Integrated reporting differs from traditional financial reporting as integrated reporting: Focuses on the historical accounting data. Addresses the accounting information needs of investors, lenders and creditors only. Focuses on 6 capitals being financial, manufactured, intellectual, human, social and natural capitals. Does not address externalities (e.g. the environment, communities).
In February 2012, the Australian Accounting Standards Boards decided at its meeting to propose the withdrawal of AASB 1031 Materiality. There were several reasons for this proposal which includes: there is no International Reporting Standard equivalent and it does not look like there will be, since 2005 there has been the gradual withdrawal of additional Australian guidance from a number of Australian Accounting Standards, and there is now an updated guidance on materiality in the IASB Conceptual Framework. The major...
Discuss why full disclosure is important in accounting/financial reporting.
Question 1: Discuss how International Financial Reporting Standards (IFRS) are developed? and the role played by AASB in that process? Question 2: It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation’s operations will rise. What is the basis of this belief? Please provide at least three reasons and/or theories to...
How does the International Accounting Standard Board (IASB) influences financial reporting in Australia?
8. LO 13.3 Explain the role and purpose of the Global Reporting Initiative. 9. LO 13.3 Explain the role and purpose of the Sustainability Accounting Standards Board. 10. LO 13.3 Explain the role and purpose of the Integrated Reporting Framework.
According to GAAP, the disclosure of accounting policies adopted by a reporting entity is important to financial statement readers in determining a. net income for the year. b. whether accounting policies are consistently applied from year to year. c. the value of obsolete items included in ending inventory. d. whether the working capital position is adequate for future operations.