Find a current exposure draft for a new accounting standard

Assignment Help Accounting Basics

Reference no: EM131491924 , Length: word count:1500

Question 2 -

The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

1. Find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASB exposure draft and comment letters"/"FASB exposure draft and comment letters" into Google or other search engine of your choice).

2. Read a sample of the comments from a range of respondents.

3. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments/letters then contact your subject coordinator.

Rationale - This assessment is designed to test your ability to:

communicate your understanding of the topic areas; and
be able to critically evaluate selected current financial reporting and management accounting issues.

Attachment:- Assignment Files.rar

Reference no: EM131491924

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Reviews

len1491924

5/11/2017 4:40:50 AM

Australian student, just need Q 2 which I attached, 1500 words. Please follow the instruction and attachment format and can get help from sample. Remember to follow the sample with appendix in the question. Accounting principle must be there relating to the cases. Appendix must be there. I attached the sample, please follow that but make sure no copy paste from it.Financial account created under historical accounting have to passes through drawbacks. These drawbacks can be addressed through some of the alternatives; can be current value accounting, fair value accounting and current purchasing power accounting.

len1491924

5/11/2017 4:40:44 AM

Initially, Current value accounting signify input marketplace value. Current entry value isappraised the cost to substitute the assets. In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report. Introduce the major issues in the new standard. Explain if there is generally a consensus or if there is disagreement between the commenting parties. Examine in detail why some parties may have a dissenting point of view. Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters. Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft).

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