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Regulatory Environment and Financial Reporting Assignment -

This assessment task will assess the following learning outcome/s:

  • be able to prepare basic financial statements for reporting entities.
  • be able to discuss critically and comprehensively the statutory and professional requirements upon which published financial statements are based.
  • be able to explain the form and content of financial statements.

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Question 1 - The regulatory environment and financial reporting

Prepare a newsletter that identifies and summarises changes / developments and news in the financial reporting environment for the period from 1 December 2017 to 31 March 2018.

Solution - Financial Report on the Developments in The regulatory Environment and Financial Reporting for period from December 2017 to March 2018

In this Issue

New and Amended Technical Accounting Requirements

Accounting requirement ready for comments

Amendments to ASX listing rules

Other News

Introduction

The present pamphlet is set up to give a comprehension of the ongoing changes that occurred in the monetary detailing condition by the IASB (International Accounting Standards Board) amid the period December 2017 to walk 2018. The bulletin is created to upgrade the comprehension of staff individuals working in the bookkeeping firm. The principle design is to improve their insight with respect to the arrangement of universally useful money related reports for extensive organizations recorded on the Australian Securities Exchange (ASX). Thusly, here are the critical regions that ought to be considered for the planning of the money related reports by the staff individuals from the bookkeeping firms.

Financial reporting generally involves the disclosure of financial information to management, investors and government about how the company is performing over a specific period of time. It gives the accurate and trusted information regarding the financial well being of any company which helps them to response any kind of issues that may come. It is usually done on a quarterly and annual basis.

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Latest amendments in financial reporting over the last 3 months include:

  • There were various amendments in the past with the regard to recognition of revenue in the financial statements. The revenue shall be recorded as on date when risks and rewards with respect to a product is transferred to the customer.
  • Further amendments were also made with respect to presentation of financial statements.
  • The Accounting standards review board has considered making accounting standards in line with the internationally followed standards known as IFRS.
  • Changes with regard to recognition of inventory. It should be recorded in books at FIFO, Average Price Method. But, it cannot be recorded on LIFO basis.

Agendas discussed in Feb meeting of AASB

  • Discussion on ACNC's strategy and other key projects.
  • Reduction in disclosure requirements
  • Work plan of AASB and communications to be made.
  • Discussion on Leases to consider draft principal standard
  • Discussion of depreciation replacement costs
  • Annual improvements to be made in IFRS
  • Recognition of Deferred tax assets against unrealised losses.

ASIC reviews on financial reporting

ASIC runs a money related detailing observation program with the point of improving the nature of monetary revealing. We normally audit the yearly and between time money related reports of chosen recorded organizations and other noteworthy substances to screen consistence with the Corporations Act and Australian Accounting Standards.

Political Interference

Our investigation reveals new insight into the obstruction of lawmakers in bookkeeping, giving novel proof and a hypothetical structure which has been not utilized in the bookkeeping space up until this point. The exploration isn't just founded on the bookkeeping writing yet additionally on the legitimate and political writing. It demonstrates how the Australian government straightforwardly meddled in the bookkeeping rules, through a rupture of IFRS, and all the more unobtrusively impacted bookkeeping practices to accomplish its objectives.

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Our discoveries recommend that the hindrances in the Australian money related industry pursued a major shower technique steady with the political cost hypothesis, yet additionally seem to have been instrumented to accomplish political and monetary objectives for the sake of the open premium. Keeping that in mind, the cost was the bookkeeping rules, despite the fact that it appears that rebelliousness with the worldwide bookkeeping rules in power, the IFRS, was not an issue that merited the responses of masters and establishments. We give a hypothetical foundation that contends how the adjusting arrangement could have been utilized to restrain legitimate rights to accomplish open approach goals.

Question 2 - Financial statement presentation

Review the financial statements prepared by the trainee accountant. Discuss what corrections / changes need to be made to the financial statements, to ensure that they comply with the requirements of AASB 101.

Solution - Issues with the financials attached:

  • The Profit and loss account was not prepared in proper schedule as per the requirements of Schedule VI.
  • The statement of financial position was also not prepared in proper schedule as per the requirements of Schedule VI.
  • There is a requirement of preparation of statement of cash flows showing cash inflows and outflows of the company.
  • Payment of dividends is not a charge against capital and therefore it shall not be subtracted from share capital in statement of changes in equity.
  • Statement of financial performance is not drawn properly. It's objective is to determine the profitability of the company after considering direct operations and indirect operations.
  • Statement of financial positions is not drawn properly. It's objective is to reflect the position of assets and liabilities as on year ending date. But in the given financial statements, net assets and equity has been calculated.

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