Discuss the implications for all stakeholders of narrower

Assignment Help Financial Accounting

Reference no: EM131036116 , Length: word count:1250

Financial accounting- Vale stewardship

Are stewardship and accountability yesterday's heroes?

Background:

In December 2013 The Australian Accounting Standards Board (AASB) issued AASB CF 2013-1 ‘Amendments to the Australian Conceptual Framework'. These amendments reflect and incorporate developments by the International Accounting Standards Board (IASB) following the issuance of the revised IASB Conceptual

Framework for Financial Reporting in September 2010.

Chapter 1 of the amendments sets out ‘The objective of general purpose financial reporting'. Specifically, the "Amendments to the Conceptual Framework"

(AASB, 2013, p. 11) states:

The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.
Relative to the previous objectives, the newly adopted objectives have an increased focus on financial-decision making, while the stewardship and accountability objectives have seemingly been relegated to amino status.

Required:

Compare and contrast the objectives of general purpose financial reporting set out in the ‘Amendments'(OB2-OB11) with ‘The Objectives of Financial Statements' (paras 12-14) in the ‘superseded Framework'. Provide at least two examples to illustrate the differences you have discussed. (For the purpose of this assignment references in the Amendments to not for-profit entities are to be ignored).

Research and discuss the implications for all stakeholders of the narrower focus of the ‘Amendments' on providers of financial resources.

As a result of your research provide your opinion as to whether the change in the ‘Amendments ‘is an enhancement to financial reporting or a retrograde step. Justify your opinion.

6 references.

Reference no: EM131036116

Questions Cloud

Determine the exit velocity of the carbon dioxide : Using the generalized enthalpy departure chart, determine the exit velocity of the carbon dioxide

Upward or downward movement or a gradual movement : Trends- A series of data points that show either an upward or downward movement or a gradual movement in one direction. Patterns- Finding items that are recurring over and over in a cyclic fashion or if something regularly happens and a resulting r..

Determine the exergy destruction associated with the process : Determine the exergy destruction associated with the process described in Prob. 12-63. Assume T0 =30°C.

Write a research essay which outlines the accounting : You are to write a research essay which outlines the accounting and disclosure issues facing BHP Billiton as a result of the dam collapse.

Discuss the implications for all stakeholders of narrower : Research and discuss the implications for all stakeholders of the narrower focus of the ‘Amendments' on providers of financial resources

Identify the mission and stratergy : identify the mission and stratergy of your automobile repair garage.what are the manifestations of the ten om decisions at the garage/that is how each of the ten decisions accomplished

Describe how patagonia acts out its four core values : Describe how Patagonia acts out its four core values? How has Patagonia been able to promote sustainability among other businesses?

Select - clean and wrangle a dataset : Select, Clean and Wrangle a Dataset and using R, create several visualisations - Show previous iterations or alternatives

What is the acceptable slope ratio for a wheelchair ramp : se the Converse of the Pythagorean Theorem to verify that the measurements of your wheelchair ramp are consistent with those of a right triangle (Hint: Show that ). Show all work. If the measurements are not consistent, explain why you think this ..

User Account

All Pages