AASB Framework AASB CF 2013-1 December 2013 Amendments to the Australian Conceptual Framework Obtaining a Copy of this Pronouncement This pronouncement is available on the AASB website: www.aasb.gov.au. Alternatively‚ printed copies are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Phone: Fax: E-mail: Website: Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA
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The adoption of the AASB 8 has encompassed the transformation from a perspective approach to a management approach to segment reporting. Commentators have contended that the approach places favouritism on preparer’s rather than the users‚ in contrast to its predecessor AASB 114. The favouritism is sourced from the discretion that managers are provided with under the AASB 8. The implementation of the management approach under AASB 8 implies that operating segments identified within internal reports
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future accounting period rather than expensing it in the current year. Mrs Goela also wants to know if the AASB Framework can override any specific Accounting Standard. Introduction: The finance director of GWA‚ Mrs Goela‚ has requested a report on the expenditure of $12 million on new software system for enhanced group-wide information management for all of GWA’s business units.
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Page No. I Sr.Number:- OISD/2012/001 OISD-STD-117 Revised Edition: Aug 2007 1st Amended Edition: July 2008 2nd Amended Edition: October 2010 3rd Amendment : July‚ 2012 FOR RESTRICTED CIRCULATION FIRE PROTECTION FACILITIES FOR PETROLEUM DEPOTS‚ TERMINALS‚ PIPELINE INSTALLATIONS AND LUBE OIL INSTALLATIONS Prepared By FUNCTIONALCOMMITTEE ON FIRE PROTECTION Oil Industry Safety Directorate Government of India Ministry of Petroleum & Natural Gas 8th Floor‚ OIDB Bhavan‚ Plot
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Justin Edelstein Page. 117 7) FV= PV (1+r)t Solving for t‚ we get: t=(FV/PV)/ (1+r) Double Money FV= $2$1(1.07)t T= 2/1.07 T=10.24 Years Quadruple Money FV= $4=$1(1.07)t T=4/1.07 T=20.49 Years 8) FV= PV(1+r)t R=(FV/PV)1/t-1 R=(6‚450/1)1/116-1 R=7.86% 10) PV=FV/(1+r)t PV= 750‚000‚000/ (1.08)25 PV=$109‚513‚428.68 15) FV=PV(1+r)t R=(FV/PV)1/t-1 R=(10‚311‚500/12‚377‚500)1/4-1 R=-.0446 or -4.46% Page. 153 1) PV=FV/(1+r) PV @10%= $950/1.10+$730/1.102+$1‚420/1.103+$1‚780/1
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Policy Summary AASB 138 AASB 138 “INTANGIBLE ASSETS” (IN PARTICULAR SOFTWARE) BACKGROUND AASB 138 Intangible Assets is an Australian Equivalent International Financial Reporting Standard (AIFRS) applicable to financial years beginning on or after 1 January 2005. There is currently no Australian Accounting Standard that comprehensively deals with intangible assets. However there are general requirements contained in a number of standards that are applied to intangible assets. AASB 138 will replace
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Case Study 1: Applying AASB 3 Issue 1: How to account for the original 30% investment in Blacks Ltd - initially recorded at fair value plus transactions cost‚ based on para 43 of AASB 139 - subsequently accounted for under IAS 39 eg could be measured at fair value with changes in value included in profit or loss or changes recognised directly in equity. - On formation of the business combination‚ para. 42 of AASB 3 requires that the acquirer remeasure its previously held equity interest in
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1. Introduction This report aims to investigate as to whether the Australian Accounting Standards Board (AASB) should continue with the proposed Reduce Disclosure Regime (RDR) or whether it should adopt the International Accounting Standards Boards (IASB) International Financial Reporting Standard (IFRS) for Small to Medium-Sized Entities (SME’s) by assessing both the implications of the RDR and the IFRS for SME’s in Australia. Firstly this report will look at the SME sector and address its needs
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Questions: 1. Define Negligence or Culpa. 2. What are the kinds of Negligence? 3. What are the successive rights of the creditors to satisfy the claims of his debtors? Answers to Questions: NEGLIGENCE Negligence‚ also known as Culpa‚ is the failure to observe for the protection of the interests of another person‚ that degree of care‚ precaution and vigilance which the circumstances justly demand‚ whereby such other person suffers injury. Negligence can also be defined as: The omission
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Research and compare the role of AASB both before and after the changes referred to the above. This report analyses and sets out the role of the Australian Accounting Standards Board and also considers the main aims and purpose of AASB and hence drawing a conclusion as to whether AASB is a significant player or a toothless tiger. The Australian Accounting Standards Board is an Australian Government Agency and according to Deegan (2010)‚ AASB is defined as the “body charged with developing conceptual
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