This website uses cookies to ensure you have the best experience. Learn more

How Does Ifrs Benefits Australia Essay

614 words - 3 pages

AFW 2491 COMPANY REPORTING ASSESSMENT TASKS SEMESTER 2 2010
Assignment 1
Learning objectives assessed:
This assessment task is designed to test a student’s achievement of objectives 1 and 4. It is an individual assessment task.

Weighting: 10%
Task details:
The process of adopting the IFRS in Australia has led to some significant changes to some accounting standards and minor changes in others. A number of countries throughout the world are now undergoing a similar process as they too adopt the IFRS regime. However, a single global set of accounting standards has not been achieved as the United States continues to apply its own Generally Accepted Accounting Principles (US-GAAP) as ...view middle of the document...

As noted above research is expected beyond the study material and prescribed textbooks. The Monash electronic library databases “ABI Inform” and “Business Source Premier” are a useful source to locate scholarly and other resources, but other databases exist also. Please note that in general, websites should not be used as authoritative sources.

Criteria for assessment:
Introduction: Identification of topic, key issues, concepts Discussion (structure of argument, quality and use of research) Conclusion Presentation (editing, grammar, language, referencing) 20% 60% 10% 10% 100%

Word limit: 1000 words Due date: by 5PM Wednesday 4 August 2010 (week 3).
Submission details:
ON-CAMPUS: Assignments should be submitted via the faculty assignment drop box. OFF-CAMPUS: Assignments should be submitted via the Blackboard assignment tool. Please Note: students are required to retain copies of their assignments until marks are finalised. Further instructions relating to submission can be found on Blackboard

Penalties for late lodgement:
A maximum penalty of 10% of the...

Other assignments on How Does Ifrs Benefits Australia

Kieso Essay

7986 words - 32 pages IOSCO does not set accounting standards, but ensures that the global markets can operate in an efficient and effective manner. Conversely, the IASB’s mission is to develop a single set of high quality, understandable and international financial reporting standards (IFRSs) for general purpose financial statements. Copyright © 2011 John Wiley & Sons, Inc. Kieso, IFRS, 1/e, Solutions Manual (For Instructor Use Only) 1-3

Dfgdfgdfg Essay

9549 words - 39 pages assumption. 6. State the accounting equation, and define its components. Weygandt, IFRS, 1/e, Solutions Manual 7. Analyze the effects of business transactions on the accounting equation. 8. Understand the four financial statements and how they are prepared. (For Instructor Use Only) Broadening Your Perspective Comparative Analysis Decision Making Across the Organization Communication Activity Ethics Case 1-5 ANSWERS TO

Applying Theory To Accounting Regulation (Summary)

2177 words - 9 pages terlibat pun juga berbeda apabila dibandingkan dengan sektor swasta, maka sektor publik dapat menggunakan standard yang berbeda. Suatu negara harus memutuskan sejauh apa IASB dapat digunakan pada sektor publik. Australia merupakan salah satu negara yang menggunakan IFRS baik untuk sektor publik maupun swasta. Standard Audit Internasional Dulu, praktik audit bersifat self-regulated. Di Amerika, American Institute of Accountants merupakan pihak

Testbank

2621 words - 11 pages AcSB. c 10. Body responsible for setting GAAP. b 11. Preparation of biased information. d 12. Parties instrumental in development of reporting standards. d 13. Stakeholders in the financial reporting environment.. a 14. “Due process”. d 15. Causes of subprime lending crisis. d 16. Management bias. b 17. Adoption of IFRS. c 18. Role of OSC. d 19. Definition of GAAP. b 20. Changing nature of the economy. d 21. Exercise of

Case Study 10 Godfrey

905 words - 4 pages Qantas’s case, the sale of an airline ticket). The ticket sale is split into two components, the provision of service and the associated award. The revenue allocated to the award is deffered and recognised when the award is redeemed. The award is to be measured at fair value and measurement guidance is included in the interpretation. 1. Describe the accounting process used to account for frequent flyer points prior to the adoption of IFRS. How

Finance

2493 words - 10 pages the residual approach in a case where the prices of goods and services vary greatly. 2. Allocation of discounts It is noted that the ways that have been provided by the proposed exposure draft on how to allocate discounts to contracts are too strict. This is so because; it does not give a clear reflection of the economics of the transactions. TeleFones4U believes that stand-alone price selling price provides the basis of evident

Case

486 words - 2 pages arrangement to purchase DCL for $550,000 plus five times net income for the last two fiscal years. We are currently working for Mr. Joe Insalacco, who is looking to purchase DCL’s. Mr. Insalacco does not have a good understanding of how accounting works and would like us to look over DCL’s statements to see if he is paying a fair price for DCL. His objective would be to help the lowest purchasing price of the company shares, while on the other hand

Regional Trade - South Pacific

5104 words - 21 pages was in 2002 which was -0.18 %.( www.indexmundi.com) Most of FDI to Samoa and Tonga come from both New Zealand and Australia and we can see here how low the percentage really is. From these figures, we can easily detect the real need to boost up FDI in our island countries and we had observed that trend is the same and there is real significant growth. (See Appendix 1 and 2) Our fear is that this may have been due to the effect of foreign

Mnc Australia

2527 words - 11 pages been touched, accompanied with a stable political uniform this makes BP’s investment into Australia a relatively smooth one. Internationalising Process The development process of how MNC’s are planning to expand operations into another country is vital in order to be successful when internationalising your business. In terms of what the organisation did to internationalise itself, BP has expanded its practices into 80 various

Flashairlines Case

388 words - 2 pages value, and several legal procedures were opened shortly after. Class action: French and American SH. Question 3: Which court would have the most “logical” jurisdiction for such case? How can it be explained that the American courts have jurisdiction? French court because the plaintiffs, the defendants and the place of stock exchange are French, however the class action does not exist in France and in this way the plaintiffs cannot have a

With Considered Reference To Scholarly Literature On The Subject, Assess The Advantages And Disadvantages Of Cannabis Legalisation In Australia

2135 words - 9 pages 2.  With considered reference to scholarly literature on the subject, assess the advantages and disadvantages of Cannabis Legalisation in Australia. Dennis, M.L. & W White (1999) ‘The Marijuana Legalization Debate: is There a Middle Ground’. In JA Inciardi (ed), The Drug Legalization Debate.  Sage Publications. Ferguson, D.M.. & L.J. Horwood (2000) ‘Does Cannabis Use Encourage Other Forms of Illicit Drug Use?’, Addiction, 95(4): 505

Similar Documents

Cons And Prons Of Gasp And Fasb

1805 words - 8 pages IFRS. The following is the arguments against the lack of comparability and consistency of IFRS: Due to the strong national identity of IFRS reports, as the main effects of IFRS has been on how companies recognize, measure and disclose items. And the companies have adopted an approach which minimized the changes from previous national standards which reduced the ability to compare the financial statements across an industry. The extensive

Financial Accounting Issue Essay

1929 words - 8 pages Australian Accounting policy. This report will focus on some accounting policies regarding to recognition of revenue from the contracts with customers, its history before the adoption of international financial reporting standards (IFRS). Also, current standards and the convergence between IFRS and US GAAP in future will be discussed. There are some drawbacks and ambiguity on the earlier accounting standard to recognize revenue, therefore it is

Ifrs Vs Gaap Essay

889 words - 4 pages stating how particular types of transactions and other events should be reported in financial statements. IFRS uses fair-value accounting of assets and liabilities. GAAP also known as Generally Accepted Accounting Principles which is a common set of accounting principles, standards and procedures that companies use to compile their financial statements. Generally an accepted accounting practice is a combination of authoritative standards and the

Gaap Vs Ifrs Essay

2268 words - 10 pages ) method in IFRS (www.ey.com). Despite its disadvantages in old layers of inventory becoming outdated, LIFO offered tax benefits by reducing taxes in a period of rising price. Companies using LIFO for both financial reporting and taxation must implement inventory method changes to either FIFO or average cost due to the fact that the conformity rule of IRC § 472(c) that “requires taxpayers who apply LIFO for tax purposes to also apply it for