Essay by wlin6 October 2014

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Which of these are the main sources of regulations governing financial reporting in Australia?

The Corporations Act, The AASB, CLERP

Accounting standards, conceptual framework, stock exchange listing rules

Government legislation, stock exchange listing rules, accounting standards

AASB, FRC, government legislation.

If there is a conflict between the provisions of the Framework and the requirements of the accounting standards

The statements of accounting concepts prevail

The accounting standards prevail

The AASB must rule on the conflict

The accounts must contain a note on the conflict

Which statement is true?

The historical cost measurement basis is specifically designed to meet the decision-usefulness objectives

The provision of information for control is regarded as a more appropriate objective for external reporting than the decision-usefulness objective.

Decision-usefulness as the objective for financial reporting is a relatively recent innovation

None of the statement are true.

The correct statement is

If value-in-use is higher than value-in-exchange the asset should be offered for sale

An asset is considered to be impaired if its value-in-use is higher than its value-in-exchange

Value-in-use is lower than value-in-exchange for most assets

The recoverable amount of an asset us the higher of its value-in-use and its value-in-exchange

In class during week one we watched a video of Sir David Tweedie in which he claimed

The United States of America had agreed to adopt International Financial Reporting standards (IFRS) from 2010 onwards

China did not need to adopt IRFS at any point in the near future

The International Accounting standards Boards (IASB) supported the adoption of the 'gold standard' for reporting worldwide

Individual countries should adjust IFRS to suit their needs

It's not part of the role of the financial Reporting council

To appoint members of the AASB

To promote a greater role for international accounting standards in Australia

To review the content of...