Task: Complete the 2 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 15%. All workings, where appropriate, must be shown to substantiate your answers. Question 1 [35 marks] The regulatory environment for financial reporting: You are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts, and for advising staff in client firms who are responsible for preparing financial reports. The firm only deals with large Australian companies listed on the Australian Stock Exchange (ASX). One of your key tasks is to summarise the changes and developments in the financial reporting environment in a newsletter published quarterly.Required:Prepare a 2 page newsletter that identifies and summarises developments and changes in the financial reporting environment for the quarter from 1 May to 31 July 2016.

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