Compliance Of The Echo Entertainment Annual Report 2015 With Conceptual Framework And Aasb Standard Requirements

The issue of adoption of international financial reporting standards (IFRSS) in Australia has been controversial issue since the first time Australian Financial Reporting council (FRC) announced the policy in 2002. Many believe that IFRSS adoption will lead to great advantages such as enhance financial report comparability, improve quality of financial reporting, attract more foreign investor, and other significant advantages. However, some also believe that the adoption merely result in disadvantages and cost for Australian business, accounting profession and even Australian government.

As the responsibilities of the global harmonization of accounting standards IFRS and GAAP transfer to IASB, FASB’s influence is waning. Advantages of the convergence include high quality financial reporting, which lowers cost of capital for investors and the cost of borrowing for companies. However, there are disadvantages to be noted, such as the costs of introducing IFRS to current and potential accountants and the risk of reducing the uniformity of financial reports due to the lax rulings of IFRS, which promotes earnings management amongst companies. Although arguments regarding the convergence remain prevalent, the completion of IFRS and GAAP is inevitable. Come year 2015, accountants, investors, and companies alike will discover whether or not the pros outweighed the cons; or vice versa.

The purpose of this report is to research the accounting and reporting standards of the Financial Accounting Standards Board (FASB) and report the impact FASB may have on our company. The following research explains the history and purpose of FASB, the accountability requirements on public corporations, the effectiveness of FASB in setting standards in order to improve financial reporting in the public

A joint convergence committee created the members of (FASB) and (IASB). (IASB) is recognized as an independent accounting standard-setting body that is similar to (FASB) that joins (GAAP), and is governed by the (IFRS) foundation. Due to this convergence, (AICPA) believes U.S. adoption of a single set of high-quality, globally accepted accounting standards will benefit U.S. financial markets and public companies by enabling preparation of transparent and comparable financial reports throughout the world, (American Institute of CPAs, 2016). Secondly, (AICPA) is dedicated to supplying the whole accounting profession with information, tools and IFRS.com for instance to assimilate as well as implement a new set of standards. As the (AICPA) supports continual convergence of reliable accounting standards between (IFRS) and (GAAP) the mission of completion between (IASB) and (FASB) is prolonged. (AICPA) will always support funding mechanisms of the body-making

This standard outlines the presentation of financial statements for general purpose financial statements, in order to ensure that there is compariablity between the entities reporting periods as well as between other industries reports. The standard discusses the minimum requirement for reporting content and guidelines for the structure in which it is to be set at. Paragraph 117-124 distiguishes the disclosure of accounting policies in relation to judgement. Management’s judgement made in applying accounting policies that may have effected significant amounts found in financial statements and the financial position. Seen in paragraph 125-133 ‘Sources Of Estimation Uncertainty’, it is vital that entities disclose the key assumptions made regarding future prospects and other uncertain estimates that are used in identifying carrying amounts of assets and liabilities. Along side this, the nature and carrying amount must be disclosed at the reporting date.

The information in the annual report has been prepared and presented to investors not only accordance with the Australian Accounting Standards (AASB) but also comply with International Financial Reporting Standards (IFRS). Westpac Banking Corporation today announces that we have a high quality and well performing due to accounting policy we used for our significant accounts. Key highlights of two accounts delivering high quality of information are:

BUS 322.D1 – FALL 2012 INTERMEDIATE MANAGERIAL ACCOUNTING Tuesday, 11:30-14:20 (BLU 10021) Instructor Office Phone Email : : : : Tota Panggabean, BSc., MSF., MSEc. WMC 3353 (778)782.3563 tpanggab@sfu.ca Office hours : M 10.00-12.00 W 10.00-14.30 Or by appointment Toan Le WMC 3381 M: 14.00-15.30

Edmonds, T. P., Tsay, B., & Olds, P. R. (2011). Fundamental managerial accounting concepts (6th ed.). New York, NY: McGraw-Hill Irwin.

Technological advances have made a significant impact on the television industry in Australia. While new technology encourages the TV networks to improve the local content to satisfy the demanding young audience, it also scatters the audience into different media platforms and drives them away from traditional TV broadcasts. The first part of this essay will analyze the current trends in the Australia television industry. As the audience tends to spend more time on the Internet interacting with the live TV programs and watching videos content, the commercial TV networks still broadcast quality local content to attract the audience. The second part will address major challenges that television industry is facing and how particular companies including Optus and Channel Nine cope with this hardship. These challenges mainly emerge from the development of the streaming video on demand services. The final part will discuss the future of the free-to-air television in Australia as the audience keeps fragmented.

• It is designed to enable you to become an informed preparer and user of

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).

Sometimes updates in regulatory guidelines or laws may cause a company to revise earlier financial statements. Depending on the industry, size of the company, and legal requirements, various regulations must be met. As mentioned before, company leadership is very responsible for checking that these regulations are met. In doing so, communication between the accountants is the most important to

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.

Lecturer –  Amedeo Pugliese Tutors –  Amedeo Pugliese –  Julie Greenhalgh –  Kevin Plastow –  Natalee Jennings –  Sharron Genrich –  Tereaze Hubner

In the report, the Staff points out six dominant issues, which arise with the Work Plan. Firstly, in order to converging IFRS effectively into the U.S. Financial Reporting System, the Staff, based on observations, indicates that IFRS needs adequate improvement on enhancing transparency of financial statements and reducing diversity during application process, which can greatly fulfill comparability of financial statements. Secondly, although the standard setting process of IFRS is commented as independent by most of reviewers, the Staff presents that IASB should improve one of components, which is timeliness, while further boosting IFRS standard setting process. It means that IASB should take more attention to enhance its timely manner on addressing rising issues of standard setting in order to accomplish the needs of investors. Thirdly, according to the observations and comments, the Staff points out U.S. investors show more