a conceptual framework of accounting? 3. What advantages or benefits have been advanced by standard setters to support the development of conceptual framework project? Do you agree in practice such benefits will be achieved? 4. The IASB/AASB Conceptual Framework states that the fundamental qualitative characteristics of useful information are relevance and representational faithfulness. Must both of these qualitative characteristics be satisfied before particular information is included in a final report
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Australia? A) The Corporations Act‚ The AASB‚ CLERP B) Accounting standards‚ conceptual framework‚ stock exchange listing rules C) Government legislation‚ stock exchange listing rules‚ accounting standards D) AASB‚ FRC‚ government legislation. If there is a conflict between the provisions of the Framework and the requirements of the accounting standards A) The statements of accounting concepts prevail B) The accounting standards prevail C) The AASB must rule on the conflict D) The accounts
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Compiled AASB Standard AASB 101 Presentation of Financial Statements FOR NOT-FOR-PROFIT (NFP) ENTITIES ONLY This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards
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benefits are expected to flow to the entity Assets Recognition Criteria * Recognition Criteria * Under AASB Framework (par 89) an asset is to be recognised in the balance sheet only when * It is probable that future economic benefits embodied in the asset will flow to the entity and * The asset posses a cost or other value that can be measured reliably Intangible Assets * AASB 138 defines intangible assets are identifiable non-monetary assets without physical substance. * Common
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Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia‚ Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have "limited liability". This confers on shareholders a limit on their
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Australia Accounting Standard Board (AASB) 138 intangible assets‚ as well as the effects of fair value on intangible assets. 2.0 Measurement Critical roles of measurement exist in accounting. Within accounting‚ measurement is required for recognition‚ recording‚ summarising‚ reporting financial transactions and preparing financial statements. Financial reports that is “to provide information that is useful to present and potential investors and creditors and others in making investment‚ credit
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providing a greater transparency about the leverage‚ the asset that an entity used in its operations‚ and the risk to which it is exposed from entering into lease transactions (AASB ED-242‚ 2013). Lessee Accounting The ED wants all leases to be recognised as right-of-use assets and lease liabilities‚ except short-term leases. AASB 117 only requires finance leases to be recognised on statements. This essay will focus on lessees and recognising operating leases on financial statements as the ED affects them
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Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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Each question is worth one (1) mark. Question 1 In recent times the AASB has been reluctant to include alternative options within standards. This means: (a) Entities within Australia will have the choice as to whether or not they choose to meet the requirements detailed in accounting standards. (b) The number of options within IFRS-adopted accounting standards is expected to be restricted‚ although compliance with the AASB standard will mean compliance with the IASB standard. (c) The number
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eRMIT UNIVERSITY EXAM COVER SHEET NOTE: This exam paper may be RETAINED by the student EXAM DETAILS Course Code: Course Description: ACCT1048 Corporate Accounting 19/06/2012 Start time of exam: Date of exam: 09:15 Duration of exam: 2hr 15min Total number of pages (incl. this cover sheet) 5 ALLOWABLE MATERIALS AND INSTRUCTIONS TO CANDIDATES 1. Write your fUll name and student number on each exam booklet together with the number of exam books used.
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