Question 1 - 10 marks (1,000 words) Find a newspaper article or web page report

Question

Question 1 - 10 marks (1,000 words) Find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after January 2016. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator. Explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. For example, the Australian Financial Review article by Buffini (2005) first mentioned in topic 2 can be linked to topics such as Ethics, Accounting regulation and politics and Normative accounting theories (conceptual framework projects). Provide a copy of the article or web page, with details of the source, date and page number with your question answer.

Question 2 - 10 marks (1,000 words) 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 organizations, 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). Read a sample of the comments from a range of respondents. Select four respondents, 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. Include copies of the comments letters you wish to discuss and complete the following tasks: a) Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with. b) Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples. c) In your opinion, which of the three theories of regulation (e.g., public interest, private interest or capture theory) best explains the comment letters? Justify your answer. Please note: you need to attach comment letters you selected for your report (no need to attach exposure draft)

Explanation / Answer

1)A)Final standards

See the FASB's website for a copy of each Accounting Standards Update (ASU).

Accounting Standard Update No. 2016-10
FASB – 04/14/2016
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

Accounting Standard Update No. 2016-09
FASB – 03/30/2016
Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Accounting Standard Update No. 2016-08
FASB – 03/17/2016
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Accounting Standard Update No. 2016-07
FASB – 03/15/2016
Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting

Accounting Standard Update No. 2016-06
FASB – 03/14/2016
Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-05
FASB – 03/10/2016
Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-04
FASB – 03/08/2016
Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-03
FASB – 03/07/2016
Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (PCC 15-01)

Accounting Standard Update No. 2016-02
FASB – 02/25/2016
Leases (Topic 842)

Accounting Standard Update No. 2016-01
FASB – 01/05/2016
Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

On more than a few occasions, whilst trying to locate a tax book, particularly published overseas, I noticed that a number of Victorian academic libraries such as Deakin or the University of Melbourne or Monash held the item, but there was no location in New South Wales or sometimes elsewhere in Australia. Sometimes the same item was held in the Australian Taxation Office national library in Canberra.

Australian Financial Review,11September 2006, p. ... F.Buffini, 'ASIC offers reprieve on tough reporting rules', Australian Financial ... says that the introduction of IFRS in 2005 has had the single biggest impact.

Articles. Announce minimum wage by July 27. The Financial Express (Dhaka), ... The Daily Star 1 Aug 2008 Buffini F (2005) Calls to protect corporate conscience.Australian Financial Review (Sydney) Campaign, Clean Clothes (2010) Actions.

2005. Research Report. Prepared by: Atax. Faculty of Law. The University of New ... Post: Atax, UNSW Sydney NSW 2052 Australia .... Referee of Journal Article. ....finance specialists, whose tax teaching and research skills are highly .... Atax was commissioned by the Institute of Chartered Accountants to review the manner.

Given this, this article assess the impact of the stakeholder approach on the CG and corporate regulation frameworks. It proceeds as follows. First, it defines stakeholder approach. Second, it assesses the impact of this approach on the traditional corporate governance frameworks.

Newspaper Article Cite a newspaper article the same as a journal article reference only replace the volume and issue with the issued date. Reporter Year, 'Article title', Newspaper (Section), Issued date, Pages. • If the newspaper article is retrieved from an online journal database and is also available in print, cite your reference as print copy. • Only use Newspaper Section, eg Good Weekend, if the article is from a section of the newspaper with its own independent page numbering.

Survey methodology. Survey research is primarily aimed at collecting self-report information about a population by asking questions directly of some sample of it. The members of the target population can be individuals (e.g., local teachers), organizations (e.g., parent–teacher associations), or other recognized bodies (e.g., school districts or states). The questions can be directed at examining attitudes and preferences, facts, previous behaviors, and past experiences. Such questions can be asked by interviewers either face-to-face or on the telephone; they can also be self-administered by distributing them to groups (e.g., students in classrooms) or delivering them via the mail, e-mail, or the Internet.

2)A) Proposed Amendments to IFRS 3 business combinations Amendments to IFRS 3 Business combinations exposure draft publish in 28 October 2005, page 5-65 The draft suggest that, IASB want to form high quality standard for accounting for business combinations which would helpful for both domestics and international financial reporting.

   The drafts subject is that, if any business combines or acquires more than on business the company should need to show the combined financial statements for the same business. The acquirer measure he value of asset and liabilities of the acquire company in order to assess the true and fair value of the acquisition date. This draft will replaces the old IFRS norms and use the new reformed IFRS 3 business combinations (www.ifrs.org , 2015).

a) Reason for issuing of the Draft.One of the major for issuing its draft is to enhance the financial statements reporting by using the acquisition method to be applied to more business combinations which includes involvement of the mutual entity and single contractor.

The board has also concluded that, acquire need to recognize the asset and liabilities which is assumed at true a fair price would help the business to create reliability of the information in near future. Thus, IFRS 3 will give the guidance for the improve version and clear version of the contract.

b) Agreements among the various groups AASB (PDF 59): The comment letter given by the ASSB suggests that, the board is totally support of the proposal of Business combinations IFRS 3. As per the comment letter given by the AASB, it suggests that, the board has some major issues relating to the norms.

Apart from tat other major concern shown by the AASB is that the preparation of financial statements of the combined business via contacting alone or mutual entities are made as per the effected prior date of proposed amendments.   

The exposure draft does not discuss the about the limited number of transaction concern (Mattli & Buthe, 2005). As a matter of fact, E&Y has raised the question of the appropriateness of the exposure draft on business combinations 3. Lastly the amendment does not give scope of indentifying the acquirer in the exposure draft which has been amended.

However, ESBG totally agrees with the vies that IFRS 3 that application of purchasing method does not give enough scope to tow various different kinds of business which can create complexity and will not be able to solve the in short run. Therefore, ESBG has shown the concern over inadequate amendment to solve the problems faced in business combinations sue to purchase method used in given method is different from the Exposure draft to IFRS 3

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