Acc222 Unit 2 Assignment

ACC222

Assignment one

The Relevant Reporter

http://www.fptaccounting.com.au/docs/fpt-accounting-news-08-13.pdf

http://www.dtf.vic.gov.au/Publications/Government-Financial-Management-publications/Financial-Reporting-Policy/Accounting-policy-update-newsletters

http://www.deloitte.com/assets/Dcom-China/Local%20Assets/Documents/Services/Audit/2012_Publications/cn_audit_2012HKFRSmodelFS_211212.pdf

Car depreciation limit for 2013/14
The ATO has advised that the car depreciation limit for the 2013/14 financial year is $57,466 (unchanged from the 2012/13 year). (FTP)

ED 192 Revised Differential Reporting Framework In June 2010, the Australian Accounting Standards Board (AASB) completed Stage one of their
This would have meant a significant number of additional disclosures for entities in groups currently lodging special purpose financial statements. After receiving a higher number of responses from interested parties than usual, the AASB delayed their decision on the fate of special purpose financial statements (now known as Stage two of the differential reporting project) until more empirical research had been conducted. Research results At the time of writing, a significant amount of research has been undertaken on the numbers of entities lodging special purpose financial statements with the Australian Securities and Investments Commission (ASIC), including whether their assessment as special purpose was appropriate and whether they complied with all measurement and recognition requirements in Australian
In view of the large number of entities lodging special purpose financial statements with ASIC, the AASB are of the view that the reporting entity concept in SAC 1 Definition of the Reporting Entity has not been applied correctly. The future At their April 2013 meeting, the AASB discussed the future role of the reporting entity concept. There was general agreement that: They (AASB) would use the reporting entity concept as a basis for their own deliberations in setting general purpose financial reporting requirements Other regulators could use the reporting entity concept to identify entities that should be required to prepare and lodge general purpose financial statements They would change their application focus of Australian Accounting Standards from the reporting entity concept to that of general purpose financial statements. There was also general agreement amongst the board members that: The AASB’s mandate is to set accounting standards for preparing general purpose financial statements under Tier 1 or Tier 2, and Setting requirements for special purpose financial statements is a matter to be agreed between