Question 2 - 10 marks (1,000 words) Find a current exposure draft or proposal fo

Question

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

Explanation / Answer

1)As a private organization serving a broad public interest, the FASB has adopted an open decision-making process that permits considerable interaction between the Board and its constituents. This interaction takes many forms. One major part of interaction is in the form of comment letters. Comment letters are received from constituents in response to Discussion Papers, Exposure Drafts, and other discussion documents that are released to the public for comment.

2)Comment letters are to be lodged with the AASB via the “Submit comments to AASB” button. A PDF document must be lodged. The AASB prefers that a Word document also be lodged, for internal use only.

3)In our letter, we explain our views on an entity’s financing activities and liquidity disclosures, and IFRS Taxonomy.in our views on net settled awards, measurement of cash settled awards, and transition guidance.the PwC supports the IASB's going forward with a project on reporting the financial effects of rate regulation.

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