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Problem:
The regulatory environment and financial reporting
Assume that you are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts; and for advising staff in client firms who are responsible for preparing financial reports.The firm only deals with large Australian companies listed on the Australian Stock exchange. You have been asked to prepare a short newsletter for the purpose of alerting staff to changes and developments in financial reporting over a 3 week period.
You are required to:
Monitoring of changes and developments
This will involve regular monitoring of a number of sources over the required period. The sources should be varied in range, as you will need to identify and consider developments/changes relating to:
You will need to consider both local (Australian) and international sources and developments. A section on 'international' items/developments must be included in the newsletter. This should not be restricted to the IASB.
Additional Information:
The question is from Finance and it s about preparing news letter reflecting changes in financial reporting environment. In the above question information regarding regular changes in financial environments and, accounting practices and such developments from various sources has to be collected as well as transmitted to accounting teams deployed in different Australian companies. The solution discusses this comprehensively.
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