Purpose of accounting standards and regulatory environment

Assignment Help Financial Accounting

Reference no: EM133855372

Advanced Financial Accounting

Workshop 1 - Role and Purpose of Accounting Standards and Regulatory environment for reporting

During Workshop

Activity 1

What are the main reasons for the development of accounting regulations?

Activity 2

Visit the website of the Financial Reporting Council and locate its strategic plan and report to the class the key purpose of the strategic plan?

Activity 3

Visit the AASB website and answer the following:
Who is the Chair of the AASB?
Who are the members, and which organisations do they represent?
Which accounting standards have been issued in the past year?
Why are there differences in the numbering systems for current accounting standards (e.g. AASB x, AASB xxx and AASB xxxx)?
What current projects (if any) is the AASB working on in cooperation with the IASB/IFRS?

Activity 4

Visit the Regulatory Resources section of the ASIC website and locate the resources on the preparation of financial reports. Report to the class on:
how companies are required to lodge financial reports
whether ASIC will provide relief to (i.e. exempt) companies required to lodge financial reports from complying with accounting standards.(Go to ASIC website, select regulatory resources, select find a document, select regulatory bodies and select RG 43 Financial reports and audit relief)

Activity 5

Visit the website of the International Accounting Standards Board Report on:

the resources that are provided by the IASB for the accounting profession
the membership of the IASB and which countries the members come from
the mission statement of the IASB.
a current project being undertaken by the IASB.

After Workshop

Activity 1

Describe the standard-setting process of the AASB.

Activity 2

What is the difference between Australian Accounting Standards and IFRSs? Get Professional Assignment Help Service Now!

Activity 3

Distinguish between the roles of the FRC and the AASB.

Activity 4

Visit the website of the Australian Government's Federal Register of Legislation website dealing with the law and find the Corporations Act 2001. Assuming that you are the director of a small proprietary company, find the ‘small business guide' in Part 1.5 and learn of your rights and obligations under the Act for managing your business. Prepare a brief report for the tutorial class.

Activity 5

To which entities do accounting standards apply? Discuss the nature of a reporting entity, and consider reasons for the concept being replaced.

Reference no: EM133855372

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