country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Newsletter And Financial Statements

tag 0 Download5 Pages / 1,124 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss about The regulatory environment and financial reportin and Analysis of financial statement.
 
 

Answer:

The regulatory environment and financial reporting

We are pleased to present the newsletter to you, which bring forth the current development in financial sector and other associated updates.  The outsourcing function is a trending phenomenon that has been currently catching pace with different business function like accounting HR, finance, IT roles, customer-oriented services and a lot more. As a consequence the presentation of major key function is also assigned by companies to a third party service administrator. Discussing and drawing lights on the above subject and other essential associated topic have been elaborated below:

Current Jurisdictive Instruments

Wholly Owned Companies (ASIC Instrument 2016/785)

As per the Corporation Act 2001 part 2M.3, it is mandatory for companies (other than small proprietary entities) to reveal the information regarding entities and listed investment schemes and the same shall be organized and stated in the Auditor’s report, Director’s report, Income & Expenditure statements, Balance sheet and all other financial statement. The wholly owned companies are relieved from signing of contract with holding entity or any other contract delivering cross guarantees and also this act satisfies any other prescribed clauses as well. For any other subsequent information acknowledging details regarding wholly owned entities the Australian Financial Reporting Manual can be studied.

Proprietary Entities Audit (ASIC Instrument 2016/784)

According to ASIC Instrument 2016/784 CO 98/1417 has been amended but with minor alterations.

Wherein the management of large proprietary entity or any undersized proprietary entity is done by an overseas corporation it is obligatory for them to lodge and get it in order with ASIC in Director’s Report, Auditors Report and other financial statements within four months period. As per the Corporation Act 2001, section S319 (3), the four-month period shall begin from the closure of accounting year of the entity.

AASB 112 (Australia Accounting Standard Board)

The Assessment of Unrealistic losses for computation of Deferred Tax Assets has been altered to AASB 112 of Income Tax Act (July 2004) and AASB 112 Income Taxes (August 2015) for stating the assessment of unrealized losses in deferred tax assets on the debt instruments which is being computed at the fair value. Inclusion has been made in paragraph 27A, 29A and 98H and alteration to paragraph 29. This standard is significant for that computation relevant to FY on or after 1st Jan 2017. The further details of the same can be seen on www.aasb.gov.au.

Amendment to the AASB 9 in relation to financial instruments and AASB 15 gains from contracts with customers

As per the Standardized authority-executing assistance for NPO (not-for-profit organization) into AASB 15 and AASB 9 is mandate. The guidance served shall assist NPO in applying standards towards the specified transactions or any other events. The amendment in AASB 9 shall signify the foremost measurement and delivering of non-contractual receivables occurring as a result of statutory requirement. It includes rates, taxation and overall charges. Moreover the amendment to AASB 15 is indicative of the accounting in association with the customers a) recognizing the contract with customer b) recognizing performance obligation c) allocation of transacting amount to performance obligation. The standard is applicable on or after 1 January 2019 but maybe applicable on any previous date as well.

 

AASB 101

In accordance with the provisions of AASB 101, companies are required to prepare their financial statements by considering guidelines of general purpose financial statements. By complying this standard, thecompany will be in aposition to ensure that financial statements are inter and intra comparable (Cameron, 2014). Provision of this standard specifies standards and format for the preparations of financial statements. Further, it covers description linked to acknowledgement, therevelation of accounting information and calculations of accounting transactions and related aspects.

 Analysis of financial statement of KoolKlothes Ltd as at 30th June 2016

By considering the asset side of balance sheet, it can be noticed that all assets are in accordance with the provisions of AASB 101 except recording of investment in listed shares, intangible assets and Plant, Property and Equipment. It is because; Para 68A of AASB 101 states that plant and property are required to be shown at net carried value on assets side and notes to account should be provided for detailed description but same has not been followed by thecompany. Trainee accountant has made themistake that accumulated depreciation is shown in liabilities side which is not as per AASB 101. Para 68C of AASB 101 shows that intangible assets are required to be shown separately and not to be clubbed with other assets (Henderson, S., Peirson, G., &Howieson). Advertisement costs shown on thebalance sheet is part of theincome statement as it is an expense instead of capital expenditure. The Same provision has been cited in Para 88 of AASB 101.

The liability side of balance sheet shows that disclosure of provisions has been provided on anindividual basis which is not correct as it is to be shown under asingle head. Expenses covered under AASB 137 can be adjusted in against of related compensation (Carey, Potter&Tanewski, 2014). An example of such expenses is amount reimbursed undersupplier’s warranty contract. In addition to this, provisions related to warranty should be reduced from account balance, and net value should be disclosed, but the same has not been followed. It shows clear contradiction of Para 68(k) of AASB 101. Another problem is an incorrect presentation of retained earnings. As per Para 68 (p), retained earnings should be shown under the column of equity, but in the presentcase, it is shown under liabilities side.

Provisions of doubtful debt are shown by reducing the amount from account receivables, but in the presentcase, it is shown in liabilities which shows incorrect representation. Another mistake is in the presentation of Current and Deferred Tax liabilities as it is not presented on the basis of nature of the account.

By considering the above analysis, it can be noticed that prepared financial statements by trainee accountant are not as per provisions of AASB 101. Thus, trainee accountant is required to improve their understanding of accounting provisions and make above-described changes to provide financial reports as per the guidelines of the general purpose of financial statements.

 

References

Alam, Z., & Rashid, K. (2014). Corporate financial reporting on the internet: A survey of websites of listed companies in Pakistan. IUP Journal of Corporate Governance, 13(3), 17.

Birt, J., Rankin, M., & Song, C. L. (2013). Derivatives use and financial instrument disclosure in the extractives industry. Accounting & Finance, 53(1), 55-83.

Cameron, R. A. (2014). Applying the Materiality Concept: The Case of Abnormal Items.Cengage learning.

Carey, P., Potter, B., &Tanewski, G. (2014). Application of the reporting entity concept in Australia. Abacus, 50(4), 460-489.

English, D. M., & Schooley, D. K. (2014). The Evolution of Sustainablty Reporting. The CPA Journal, 84(3), 26.

Henderson, S., Peirson, G., &Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Newsletter And Financial Statements. Retrieved from https://myassignmenthelp.com/free-samples/newsletter-and-financial-statements.

"Newsletter And Financial Statements." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/newsletter-and-financial-statements.

My Assignment Help (2018) Newsletter And Financial Statements [Online]. Available from: https://myassignmenthelp.com/free-samples/newsletter-and-financial-statements
[Accessed 05 July 2020].

My Assignment Help. 'Newsletter And Financial Statements' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/newsletter-and-financial-statements> accessed 05 July 2020.

My Assignment Help. Newsletter And Financial Statements [Internet]. My Assignment Help. 2018 [cited 05 July 2020]. Available from: https://myassignmenthelp.com/free-samples/newsletter-and-financial-statements.


For years, MyAssignmenthelp.com has been operating as one of the cheap assignment help providers in the USA. We are one of the best college paper writing services that keep service price minimal. We do not let the affordability of our service to hamper the standard of our work. We have separate teams of experts to provide report writing help . At MyAssigenmnthelp.com, we believe in earning credibility, so students can pay for assignments only after getting satisfied solutions. Tough assignments bother you? Trust us with your project. You will not regret paying us to write assignments for you.

Latest Accounting Samples

HA2032 Corporate And Financial Accounting 9

Download : 0 | Pages : 12

Answer: Introduction: The report is prepared to address different requirements by referring to the financial report of selected company listed on ASX. A detailed analysis of the financial statements for two consecutive financial periods have been presented. Amor limited has been chosen to critically evaluate the different aspects of the financial statements. Report demonstrate the understanding of the capital structure and different sources o...

Read More arrow Tags: Australia 5 Corporate and Financial Accounting Holmes Institute 

MAA319 Estate Planning And Insurance

Download : 0 | Pages : 15

Answer: Introduction The role of the adviser has been to provide the client with the financial advice and planning in order to gain their financial goals and objectives and enhance their wealth for the customers by exploiting their strategies that would be out of the scope of the client. The financial plan would be including your details and facts which would be helping me to formulate appropriate advises for the products which is to be sugge...

Read More arrow Tags: Australia 5 Estate Planning and Insurance Deakin university 

BE113 Management Accounting II Coursework

Download : 0 | Pages : 8
  • Course Code: BE113
  • University: University Of Essex
  • Country: United Kingdom

Answer: Introduction: The issue presented in the case study is that Orange Mount Bikes had been considering the introduction of the new braking system that permits the bikers for descending the slopes are steep by utilizing the newly developed braking pattern. The firm has been considering launching a new line of products having the newly developed design of brakes. However, it must be noted here that the firm utilizes target costing as a par...

Read More arrow Tags: Australia Colchester Management EDLE641 Values and Leadership University of New South Wales 

HI5017 Managerial Accounting 13

Download : 0 | Pages : 15

Answer: Introduction: The objective of preparing the paper is to critically evaluate the relevance and the challenges of the budgeting systems adopted in the organization by conducting a review of the literature. For this purpose, a peer reviewed journal article is required to be selected on “Use of Budgeting as a management technique for managing resources”. The chosen article for evaluating the system of budgeting adopted in any...

Read More arrow Tags: Australia Melbourne 5 Managerial Accounting Holmes Institute 

ACCG3015 Accountants In The Profession

Download : 0 | Pages : 3
  • Course Code: ACCG3015
  • University: Macquarie University
  • Country: Australia

Answer: Introduction Just like a doctor, the accounting profession is an area that has different specialties’, such as tax consultants, auditing, and bookkeeping, among others. In this profession, one can either opt to be employed or engage in private practicing. This paper will discuss two accountant professional identified from LinkedIn, my brand and a critique of it. Profiles I identified Vijay Mistri, who is CEO at Rentadirector L...

Read More arrow Tags: Australia Eastwood 5  Accountants in the Profession Macquarie University 
Next
watch

Save Time & improve Grade

Just share Requriment and get customize Solution.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,355,831

Orders

4.9/5

Overall Rating

5,080

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

134 Order Completed

95% Response Time

Thomas Nelson

MS in Information Systems Technology with Specialization in Database Administration

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

234 Order Completed

100% Response Time

Samantha Ji

PhD in Chemistry with Specialization in Organic

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

755 Order Completed

95% Response Time

Douglas Cowley

Masters in Finance with Specialization in Audit

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

230 Order Completed

97% Response Time

Liya Han

Master Of Science in Geotechnical Engineering (MSc Geotec)

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Very pleased with the work I get back from the assignment help. Thank you for the work provided.

flag

User Id: 455661 - 05 Jul 2020

Australia

student rating student rating student rating student rating student rating

Awesome fantastically ] perfect I loved his work right on time loved it thank you

flag

User Id: 452319 - 05 Jul 2020

Australia

student rating student rating student rating student rating student rating

I wasn’t impressed. I had to do a lot of editing and the writing is just not impressive

flag

User Id: 447023 - 05 Jul 2020

Australia

student rating student rating student rating student rating student rating

Quick turn-around. Easy to understand. All requirements covered. I will be using MAH again!

flag

User Id: 383727 - 04 Jul 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?