Reference no: EM13499902
Part A
As accounting standards globalise, the standard setting bodies face the challenge of accommodating the Islamic prohibition on interest, and other aspects of Sharia law, into money making.
There are two contrasting views on how to account for Islamic financial transactions.
a) A separate set of Islamic accounting standards is required; or
b) International Financial Reporting Standards can be applied to Islamic financial transactions.
The differing approaches to accounting for Islamic financial transactions can be generally attributed to opposing views on two main points of contention.
a) The acceptability of reflecting a time value of money in reporting an Islamic financial transaction; and
b) The conventional approach of recognising and measuring the economic substance of a transaction, rather than its legal form.
Discuss
Part B
In the Australian accounting sphere the concept of due process is applied within the institutional arrangements for regulating financial reporting and falls particularly within the promulgation of accounting standards.
a) What is due process.
b) Is there a difference in due process in law and the due process as applied within the accounting standard setting regime
c) What is procedural due process and substantive due process. Is there a difference and if so what is it.
Part C
It is well documented that the setting of accounting standards is the outcome of a political, rather than a technical or economic, process. Regulatory bodies endeavour to balance the competing demands and views of lobbyists, while also being mindful of their own situation and the extent to which their activities fall within the ambit of their political masters.
If accounting rules have widespread and significant economic and social implications, then proposed accounting rules would be of interest to many individuals and groups, whose wealth and welfare may be affected.
Lists of Exposure Drafts
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Proposed Amendments to AASB 132 Financial Instruments: Presentation and AASB 101 Presentation of Financial Statements
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150
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Australian Additions to, and Deletions from IFRSs
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151
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Proposed Amendments to AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards - Cost of an Investment in a subsidiary
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152
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Proposed Amendments to AASB 124 - Related Party Disclosures - State-controlled Entities and the Definition of a Related Party
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153
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Proposed Amendments to AASB 102 - Inventories Held for Distribution by Not for Profit Entities
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154
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Financial Reporting by Whole of Governments
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155
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Proposals Arising from the Short-term Review of the Requirements in AAS 27, AAS 29 and AAS 31"
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156
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Joint Arrangements
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157
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Proposed Amendments to AASB 139 Financial Instruments: Recognition and Measurement - Exposures Qualifying for Hedge Accounting
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158
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Proposed Improvements to Australian Accounting Standards
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159
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Proposed Amendments to AASB 1 First-time Adoption of International Financial Reporting Standards and AASB 127 Consolidated and Separate Financial Statements - Cost of an Investment in a Subsidiary, Jointly-Controlled Entity or Associate
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160
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Proposed Amendments to AASB 2 Share-based Payment and AASB Interpretation 11 AASB 2 - Group and Treasury Share Transactions - Group Cash-settled Share-based Payment Transactions
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161
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Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities
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162
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Proposed Amendments to AASB 1049 for Consistency with AASB 101
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163
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An improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information
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164
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Proposed Improvements to Australian Accounting Standards
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165
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Simplifying Earnings per Share: Proposed Amendments to AASB 133
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166
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Discontinued Operations: Proposed Amendments to AASB 5
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167
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Additional Exemptions for First-time Adopters: Proposed amendments to AASB 1
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168
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Improving Disclosures about Financial Instruments: Proposed amendments to AASB 7
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169
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Relationships with the State Proposed amendments to AASB 124
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170
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Consolidated Financial Statements
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171
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Embedded Derivatives (Proposed Amendments to AASB Interpretation 9 and AASB 139)
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172
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Investments in Debt Instruments (Proposed Amendments to AASB 7)
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173
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Amendments to Australian Accounting Standards to facilitate GAAP/GFS Harmonisation for Entities within the GGS
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174
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Post-implementation Revisions to AASB interpretations
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175
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Proposed Amendments to Australian Accounting Standards - Borrowing Costs of Not-for-Profit Public Sector Entities
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176
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Derecognition (Proposed Amendments to AASB 139 and AASB 7)
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177
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Income tax
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178
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Superannuation Plans and Approved Deposit Funds
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179
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Income from Non-exchange Transactions (Taxes and Transfers)
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180
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Fair Value Measurement
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181
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Prepayments of a Minimum Funding Requirement
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182
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Management Commentary
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183
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Financial Instruments: Classification and Measurement
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184
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Rate-regulated Activities
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185
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Classification of Rights Issues (proposed amendment to AASB 132)
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186
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Discount Rate for Employee Benefits (proposed amendments to AASB 119)
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187
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Improvements to IFRSs
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188
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Financial Instruments: Amortised Cost and Impairment
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189
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Limited Exemption from Comparative AASB 7 Disclosures for First-time Adopters (proposed amendment to AASB 1)
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190
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Measurement of Liabilities in AASB 137 (Limited re-exposure of proposed amendment to AASB 137)
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191
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Revised Differential Reporting Framework
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192
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Conceptual Framework for Financial Reporting: The Reporting Entity
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193
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Request for Comment on IPSASB Exposure Draft 'Service Concession Arrangements: Grantor'
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194
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Defined Benefit Plans (proposed amendments to AASB 119
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195
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Fair Value Option for Financial Liabilities
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196
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Exposure Draft 197 - Presentation of Items of Other Comprehensive Income
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197
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Revenue from Contracts with Customers
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198
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Measurement Uncertainty Analysis Disclosure for Fair Value Measurements (Limited re-exposure of proposed disclosure
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199
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200A Proposals to Harmonise Australian and New Zealand Standards in Relation to Entities Applying IFRSs as Adopted in Australia and New Zealand
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200
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200B Proposed Separate Disclosure Standards
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Choose ten Exposure Drafts between ED150 and ED200 and comment on who is submitting (Go to the AASB site) and any other generalities you consider interesting.