AASB Framework

– Consider whether any extra divulgences as required by IAS 1 Presentation of Financial Statements in connection to

Primary learning mode is face-to face class seminars Credit Points Teacher Guided Hours Learner Directed Hours Course Coordinator Course Coordinator Phone Course Coordinator Email Offering Coordinator 12 36 per semester 72 per semester Arabella Volkov 9925 5731 arabella.volkov@rmit.edu.au Arabella Volkov

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 for for-profit entities. It takes into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board (AASB).

The analysis presents the impact of financial accounting regulations on business in Australia. The first part of the analysis provides the aim of financial accounting regulations and a brief discussion about different governing regulators in Australia along with their specific responsibilities.

This working paper was originally published as Gaffikin, M, Regulation: Standardising Accounting Practice, Accounting & Finance

Regarding the commitment to International Harmonization policy, AASB adopted International Financial Reporting Standards (IFRS) on January 1, 2005. The outcome is Australian International Financial Reporting Standards (AIFRS) accepts the de-recognition of all internally generated IAs. The investors in Australia expect to get information regarding to the IAs is provided by AASB 1047.The gap between actual and expected value has been decreased and more transparency because of the change in regime. There was no standard equality of AASB 138 before AIFRS, which provides information about asset without physical existence such as trademark, brand, and so on. AIFRS is used to adjust IAs have been recorded previously which are internally produced and revalued all previously assets are recorded follow by historical cost because asset cannot revalue unless it has a secondary market to base on before revaluing the asset.

Atrill, P, McLaney, E, Harvey, D, Jenner, M 2008, Accounting: an introduction, 5th ed, PEARSON, Australia, pp191

Australian Securities & Investment Commission (ASIC) is the relevant governing entity in this step. It regulates corporate, markets and financial services in Australia and it is responsible for

Financial Reporting Council: The Use of a Sector Neutral Framework for the Making of Australian Accounting Standards

It is for this reason that the international benchmark requires financial reports to contain fundamental and enhancing qualitative characteristics, the affected being faithful representation, comparability and verifiability. The major reason IASB proposed changes with the current standard is because these characteristics were compromised.

The objective of this report is responding to a recently convened focus group of the Australian Accounting Standards Board (AASB) on whether the standard setters should consider a move to a single measurement approach.

ACC307 INDIVIDUAL ASSIGNMENT TASK 1: Contemporary Issues of Accounting Theory Fair Value Measurement Overview After the International Accounting Standards Board (IASB) released the IFRS 13 Fair Value Measurement in May 2011 for the purpose of completing its joint project with the US Financial Accounting Standards Board (FASB) on fair value, the Australian Accounting Standard Board (AASB) released the Australian equivalent - AASB 13 Fair Value Measurement in the September of the same year. This standard permitted early adoption but generally started to take effect for the financial reporting periods beginning from 1 January 2013. This new standard requires no new requirement for the adoption and but it was accompanied with the issuing of AASB 2011-8 Amendments to Australian Accounting Standards arising from the AASB 13 which has made consequential changes to 32 standards and 9 interpretations for the adoption in Australia. The new standard attempts to unify IFRS and US GAAP by specifying how entities should apply the fair value measurements that applied in previous IFRS standards. It clarifies and redefines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”, sometimes referred to as an “exit price”. It also sets out a single source guidance for a robust measurement framework to ensure that the requirements are applied consistently and have clear

In 1973, the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission, the IASB works to improve and harmonize accounting standards, regulations, and procedures as it relates to financial statements. IASB standards provide a reference model and set of examples for financial reporting in developing countries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and

Faculty of Economic and Management Sciences Department of Accounting Financial Accounting FRK 211 Exam session: Date: Duration: Total marks: Date of perusal: Internal examiners: 1st semester June 2012 8 June 2012 2 hours 80 marks 21 June 2012 Prof J E Myburgh Ms J S Goodey Ms N Pududu

A entire set of financial statement relied on IASB’s International Accounting Stand (IAS) 1. Incorporates the following