Ethics of Accounting
ACCG 399 Reflection Learning Log Lecture 1 Financial Accounting is highlighted in the lecture. There are two key points of financial accounting. Firstly, financial accounting is a process involving the collection and processing of financial information to meet the decision-making needs of parties external to an orgnisation. The other one is related to laws and accounting standards, external reporting, financial statements, values and material, independent audit opinion, overview general purpose by true and fair views, and economic decision by the users.
Although this part I have learnt in ACCg224, I still a bit confused about it, even some scare. Then I tried to talk about peers, find it more easily to understand. This chapter is around the external reporting environment, the conceptual framework of accounting and financial reporting. Main sources of external financial reporting regulations in Australia are as follow, what maintained in the tutorial.
1. the Australian Securities and Investments Commission (ASIC) Body responsible for administering corporation legislation in Australia. It is independent of state ministers or state parliaments and reports directly to the Commonwealth Parliament and the Attorney-General.
2. the Australian Accounting Standards Board (AASB) Body charged with developing a conceptual framework for accounting practices, making and formulating accounting standards, and participating in and contributing to the development of a single set of accounting standard for worldwide use.
3. the Financial Reporting Council (FRC) Body that oversees the activities of the AASB and the AUASB (Auditing and Assurance Standards Board).
4. the Australian Securities Exchange (ASX) The ASX sets uniform trading rules, ethical standards and listing requirements.
5. Impact of adopting IFRS, what could be ignored. Issued by the International Accounting Standards Board (IASB) and converted into Australian accounting standard
Although this part I have learnt in ACCg224, I still a bit confused about it, even some scare. Then I tried to talk about peers, find it more easily to understand. This chapter is around the external reporting environment, the conceptual framework of accounting and financial reporting. Main sources of external financial reporting regulations in Australia are as follow, what maintained in the tutorial.
1. the Australian Securities and Investments Commission (ASIC) Body responsible for administering corporation legislation in Australia. It is independent of state ministers or state parliaments and reports directly to the Commonwealth Parliament and the Attorney-General.
2. the Australian Accounting Standards Board (AASB) Body charged with developing a conceptual framework for accounting practices, making and formulating accounting standards, and participating in and contributing to the development of a single set of accounting standard for worldwide use.
3. the Financial Reporting Council (FRC) Body that oversees the activities of the AASB and the AUASB (Auditing and Assurance Standards Board).
4. the Australian Securities Exchange (ASX) The ASX sets uniform trading rules, ethical standards and listing requirements.
5. Impact of adopting IFRS, what could be ignored. Issued by the International Accounting Standards Board (IASB) and converted into Australian accounting standard