ISSUES IN FINANCIAL REPORTING

Issues in Financial Reporting

Issues in Financial Reporting

Question 1

Australian Accounting Standards Board (AASB) is Australian Government agencies that develops and supports financial reporting standards apply to persons in the public and private sectors in Australia. In addition, AASB has provided contributions to the development of global standards for financial reporting has been facilitating possible participation in Australian society in the global standards (Australian Accounting Standards Board, AASB, pp 34 - 46). AASB powers and functions are set out in the Australian Securities and Investments Commission Act 2001. (ASIC c) the role of the Australian Securities and Investments Commission is to ensure the regulation of company and its financial services laws in order to protect the Australian investors, creditors and consumers (Bruce & Espeland, 1991, pp 230 - 231).

Any information, even if not accounting for it to be useful it should satisfy certain conditions or requirements, such as the present issue or opportunity, degree of accuracy in transmitting data, using codes that can be interpreted by receivers, etc.. When did we refer to financial information of any kind, in addition to complying with above conditions must be added the following requirements or qualities: uniformity, consistency, comparability, clarity, verifiability (Australian Accounting Standards Board, AASB, pp 34 - 46). In addition to the requirements set forth and for the issuance of any accounting information in the issuance of the basic financial statements, compliance with the legal and professional standards. Accounting standards do not establish regulations on the procedures the entity uses to make records and release of all type of information, yes, however, specifically regulate matters relating to issuance of financial statements

Original series of Australian Accounting Standards (OSS), which was applicable to entities that are not regulated under the Corporations Act, was issued a former AASB and PSASB of the Australian Accounting Research Foundation (AARF) on behalf of the professional accounting bodies, until 2000 (Original texts of IAS/IFRS, SIC and IFRIC, pp 100 - 115). The original series of AASB Standards (AASBs), which was applicable to persons regulated under the Corporations Act, was also released by the former AASB, until 2000. Most of the OSS were replaced AASBs for periods beginning on or after January 1, 2005. As of July 1, 2009, only AAS 25 financial reporting pension plans are still operational. In addition to AAS 25, 1991, all the standards issued by the AASB were labeled AASB Accounting Standards and applicable to all types of organizations. 

In the Australian Corporations Act 2001, many organizations are obliged to apply the Australian Accounting Standards in preparing their financial statements (Mills, 1994, pp 113 - 120). Some public sector organizations should contact the Australian Accounting Standards under any law of the Commonwealth, state or territory, through specific assignments or preparers framework set out principles or rules (Bruce & Espeland, 1991, pp 230 - 231).

Australian Institute of Taxation (Tax Institute in Australia) is optimistic about the progress made ??during the consultations that take place in order to protect the interests of consumers in situations where they use tax consulting. Senior Advisor to the Institute based on the results of ...