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"Financial accounting is fairly heavily regulated in Australia. There are numerous Corporations Act requirements, and there are many accounting standards, with additional standards being issued fairly frequently. The ASX provides extensive regulation for listed companies. But is all this regulation really necessary? What if we had no standards, and reporting entities could report what information they wanted in whatever format they considered appropriate?
Opinions on the need for regulation vary, and range from the 'free-market' perspective to the 'pro-regulation' perspective." (Deegan, 2010, p.38)
Required:
Discuss the above quotation. Explain and evaluate the arguments for and against regulation. What is your opinion of the current level of accounting regulation?
Describe the IASB Conceptual Framework's perspective of users and their decisions
Determine the objectivity of each of the two measurement systems for the year under consideration. On the basis of your examination, which of the two systems would you prefer? Explain.
Select a public university system and review the financial statements and audit report for the system. Write a three to four (3-4) page paper in which you: 1.Identify and analyze the employee pension plan disclosures in the financial statements.
Prepare journal entries to record these liquidation transactions and prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used.
You work for an accounting firm. Your supervisor asks you to write a report on a new photocopier which the accounting firm can purchase. In addition to information about its hardware, software, and user friendliness, he/she wants a recommendation ..
Compare the accounting treatment of dividends appropriated from pre-control and post control equities of a subsidiary. Consider the accounting by the companies paying and receiving the dividend, as well as by the corporate group.
Compare growth of revenues versus income over time and between the two companies, how can you explain the difference in profitability between the two companies?
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
IAS3/AASB 3 Business Combinations IAS116/AASB116 Property, plant and equipment IAS138/AASB138 Intangible assets
Develop an Entity Relationship (ER) diagram with cardinalities based on the procedures described in the narrative and requirement.
The general manager suggested capitalizing more of the company's product development costs and amortizing additional capitalized amounts over five years, using the straight line method.
The proposed accounting standard for leases is just another layer of significant added complexity to already complex financial statements which will further reduce the usefulness for all users unless they have an academic degree,- says Tom Pockett, W..
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