Answer: I have considered submitting the response in regard to the propositions that have been made by IASB (International Accounting standard board) regarding the regarding the principles of effective communication. The financial reporting of organizations faces some of the concerns while presenting the information such as irrelevant information in the notes, presentation of insufficient information and ineffective communication. I am intereste...Read More >>
Answer: The case which is given in the question shows that the management of Superstore ltd wants to revise the useful life of a manufacturing equipment which was depreciated on a straight-line basis. A change in the useful life of the asset is treated as a change in accounting estimate and International Accounting Standard (IAS) 8, states that any change in accounting estimate is to be treated with prospective effect which means the accountin...Read More >>
Answer: Various changes and amendments announced by Australian Accounting Standard Board between 1st May 2018 and 31st July 2018 regarding the financial reporting requirements. Amendments are as follows – Application of revised conceptual framework (14th May 2018) AASB focuses on 2 major issues – Concept for reporting entity clash among present Australian reporting entity concept and revised conceptual framework concept of IAS...Read More >>
Answer: The case study specifies that the management intends to revise the useful life of manufacturing equipment. As per IAS 8, any change in the useful life of the asset will be treated as a change in accounting estimate of the business and change will be incorporate prospectively. This means that the treatment will affect the current estimate and future as well but not the past records (Ahmed, Neel & Wang, 2013). Therefore, the director...Read More >>
Answer: AASB 9 and relevant changed standards: Financial Instruments The AASB 9 is now regarded as the substitute standards of AASB 139. According to the rules of this amended standard, the companies are now obliged to measure their financial assets on fair value excluding specific trade receivables (aasb.gov.au, 2018). Apart from this, the presence of all the requirements for measurements of the financial assets along with their clas...Read More >>
Answer: AASB 9 and relevant amendment standards: Financial Instruments The main aim of AASB 9, the substitute standard of AASB 139, is to provide assistance to the business entities in the measurement of their financial assets on fair value basis. All the classifications under AASB 139 and the measurement requirements of the financial assets can be seen in the new standard of AASB 9 along with the new introduced standards for derivative separ...Read More >>
Answer: Accounting for share capital Work note 1 Table for shares Applied, Allocated, Cash received related to application & Excess cash received. Applied Allocated 6,000,000 5,000,000 No. Of shares No. Of shares allocated (B) Total cash received (C) Cash received that related to application Excess cash re...Read More >>
Answers: Answer to Question 1: The proposition of IASB concerning the effective communications of financial information of entities, I have planned to make s submission in response to the same. I have been considering investments in two banking institutions that is ANZ bank and Westpac group. It has been explained that prepares of the financial statement regards the exercise as complex and many tomes it is perceived by investors that performa...Read More >>
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