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Using Your Accounting And Business Knowledge

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Question: Discuss financial statement disclosure notes required by US GAAP. Include in your writing the purpose of disclosure notes, and discuss disclosures required for a summary of significant accounting policies, subsequent events, related party transactions, and other disclosures you may wish to address. Please do not include any discussion of IFRS disclosure requirements, and do not discuss the report of independent auditors?    ...

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General Purpose Financial Reports: Public Sector

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Question: Discuss about the General Purpose Financial Reports for Public Sector.   Answer: General Purpose Financial Reporting (GPFRs) GPFRs are required to be prepared by the reporting entities according to the Australian Accounting Standards which is the governing body. The GPFRs are prepared in order to meet the needs of those users who are not in a position to demand financial reports from the company as per their tailored needs. ...

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Financial Accounting: International GAAP

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Question: Discuss about the Financial Accounting for International GAAP.   Answer: Introduction Financial accounting is one of the most important subjects that help in keeping records of all financial activities of an organization as well as it also helps in preparing the requisite financial report at the time of the requirements. It helps in preparing the financial statements of the company, which provides the essential information a...

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The Concept Of Materiality As Applied In Coca-Cola Amatil 2015 Report

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Question: Describe "The concept of materiality as applied in coca-cola amatil 2015 report".    Answer: Abstract This study is mainly objected on the concept of materiality. Materiality is explained in this study and it is also examined how this concept transforms in the case study. Materiality is always an aspect of accounting where all matters that are considered to be important disclosed in a financial statement while those...

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Financial Accounting

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Question: Discuss the measurement and recognition requirements of the relevant accounting standard. Review the most recent financial statements of a listed Australian firm and provide discussions about the measurement and recognition disclosure provided by the company in compliance with the relevant accounting standard.    Answer: Introduction With increasing modernization and development in the world, the size and level of t...

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Changes And Development In Financial Reporting Environment

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Question: Discuss about the Changes and Development in Financial Reporting Environment.   Answer: IASB Issues Narrow Scope Amendments to IFRS2 Share Based Payment Share based payments has been amended by IASB. Companies are required to follow the amendments for annual periods starting on or after 1 January 2018. Earlier application of amendment is also permitted. The amendments which were done by IFRS committee members stated var...

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International Financial Reporting Standards (IFRS)

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Question: Discuss about the International Financial Reporting Standards (IFRS).     Answer: Introduction At the present time public companies are obliged by Corporation Act 2001 in order to prepare GPFRs (General Purpose Financial Reports) at least once a year and also communicate the GPFRs to the users those desire to know the financial performance of the organizations. On the other hand, there are a lot of regulations as well ...

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Developments And Changes In The Financial Reporting Environment

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Question: Discuss about the Developments and Changes In The Financial Reporting Environment.   Answer: International: Australian Accounting Standard Board (2016). The Australian Accounting Standard Board (AASB) is an agency of Australian Government, which has made some changes and developments in the financial reporting environment. The purpose behind this is providing the better facilities to Australian’s companies and econom...

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The Regulatory Environment For Financial Reporting

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Question: Discuss about The Regulatory Environment For Financial Reporting.   Answer: International The Present Problems Of The Accounting Standards And The Exposure In The Drafts, Framework, Explanations Or Other Declarations 119: On 12th June 2016, the “Australian accounting standards board” (AASB) reported a list of the changes mentioned in the newsletter. As per the AASB 119, the discount provided to the employees an...

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Partnership Versus Public Ownership Of Accounting Firms

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Question: Discuss about the Partnership Versus Public Ownership of Accounting Firms.   Answer: Introduction  This research study gives the theoretical points of view with considering the partnership relationship which is focused to be most efficient forms of ownership in regarding the professional service firms. The research provides the comparative performance of the PSF with the creation of conflict between PLC’s and the ...

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