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ACC544 Decision Support Tools

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ACC544 Decision Support Tools

0 Download3 Pages / 562 Words

Course Code: ACC544
University: Charles Sturt University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:

You are employed in a large accounting firm which specialises in preparing general purpose financial reports for large companies that are listed on the Australian Securities Exchange (ASX). As the training manager, one of your key tasks is to prepare a regular newsletter for staff involved in the preparation of the above financial reports. The purpose of the newsletter is to keep staff updated on the latest financial reporting news, alerting staff of changes and developments that may impact their work, and provide enough information to staff to satisfy the following:

For staff to understand the nature of the news / change / development and its potential impact (so staff can decide whether they need to investigate further given the nature of their own work);
Provide directions to staff of where they can access further information on the news / change / development if they wish to (including website links where appropriate).

What not to consider?
You need to take care that the news / changes / developments included in the newsletter are relevant to the objective, in particular that they relate directly to the preparation of general purpose financial reports for large companies listed on the ASX. The newsletter should not consider areas only indirectly related to the preparation of financial reports such as (this is not an exhaustive list):

Fraud
Auditing
Taxation
Other disclosures by listed companies such as: industry disclosures required by peak organisations, and voluntary disclosures in the area of corporate social responsibility.

Answer:

Amendments to Australian Accounting Standard – Classifying and measuring Share-based Payments:
The provides alterations to AASB 2 relating to share based payment which clarifies the process of accounting certain forms of share based transactions (Aasb.gov.au, 2018). The AASB 2 provides amendment to share based payment transaction with net disbursement feature for the withholding obligations for tax. The AASB 2 provides amendment to the terms related to share based payment which changes in classification of transaction originating from cash-settled to equity settled.    
Implementing AASB 9 financial instrument with AASB 4 Insurance Contract:
The standard provides amendment to AASB 4 Insurance Contract by permitting the insurance contract issuers to device the overall method that consists of applying the AASB 9 financial instrument for appropriate fiscal assets to calculate the single line of adjustment in the profit and loss account so that general outcome of profit and loss remains identical when AASB 139 is implemented (Aasb.gov.au, 2018).   
AASB 15: Proceeds from Agreements with the Customers:
This standard provides that there is a solitary model that is implemented to the agreements with clienteles and approaches to identify the proceeds at a certain point of time or over time (CPA Australia, 2018). The model contains analysis of transactions based on five steps to determine the amount of revenue and when the revenue is identified.     
AASB 1059 Service Concessions Grantors:
The AASB 1059 is based on service concession arrangements. The grantor offers guidance to the public sector companies that have enter in the service concession agreements with the private sector operators (Aasb.gov.au, 2018). The standard is issued to address the divergence in practice which requires the grantors to identify the service concession assets and matching liability on the balance sheet.    
AASB 1058 and AASB 15 NFP Application Guide:
The standard has changed the requirements of income identification which is applicable to NFP entities. The standard requires arrangement entered by the Not-for-profit companies to be appropriately specific inside the criteria of AASB 15 (Fasb.org, 2018). The standard has replaced the recognition requirements of income associated to private sector NFP entities that was previously stated in AASB 1004.
AASB 107: Cash flows statement disclosure initiative:
The amendment requires added disclosure in order to assess the changes in the liabilities originating from the financing activities, together with both the alterations originating from the cash flows and non-cash changes (Asx.com.au, 2018).   
Answer to Question 2:
Requirement i:
Requirement ii:
References:
AASB 2016-6 (2018).  Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts Retrieved 21 August 2018, from https://www.aasb.gov.au/admin/file/content105/c9/AASB2016-6_10-16.pdf
Aasb.gov.au. (2018). Retrieved from https://www.aasb.gov.au/News/New-compilations-for-reporting-periods-beginning-on-or-after-1-1-18–8203-?newsID=277152
Aasb.gov.au. (2018). Retrieved from https://www.aasb.gov.au/News/Hot-Topic-update–Applying-the-IASB-s-Revised-Conceptual-Framework-and-Solving-the-Reporting-Entity-and-Special-Purpose-Financial-Statement-Problems?newsID=277156
Australian Accounting Standards Board (AASB) – Home. (2018). Retrieved from https://www.aasb.gov.au/
CPA Australia. (2018). Retrieved from https://www.cpaaustralia.com.au/
FASB Clarifies and Improves Guidance for Not-for-Profit Grant and Contribution Accounting. (2018). Retrieved from https://www.fasb.org/cs/ContentServer?c=FASBContent_C&cid=1176170797011&d=&pagename=FASB%2FFASBContent_C%2FNewsPage
FASB Issues Targeted Improvements to Leases Standard. (2018). Retrieved from https://www.fasb.org/cs/ContentServer?c=FASBContent_C&cid=1176170985150&d=&pagename=FASB%2FFASBContent_C%2FNewsPage
Home – Australian Securities Exchange – ASX. (2018). Retrieved from https://www.asx.com.au/

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