Acct 2005 Term Paper
UNIVERSITY OF SOUTH AUSTRALIA
UNISA BUSINESS SCHOOL
SCHOOL OF COMMERCE
at er ia ls fo
rU
N
IS
A
ACCT 2005 (Study Period 2, 2014)
Study guide
FA
2
20
14
M
FINANCIAL ACCOUNTING 2
Course coordinator
Sue McGowan
A
IS
N rU fo at er ia ls
M
14
20
2
FA
© University of South Australia 2014
IS
A
CONTENTS
N
HOW TO USE THIS STUDY GUIDE
rU
INTRODUCTION
INTRODUCTION AND OVERVIEW OF REPORTING
ENVIRONMENT
TOPIC 2:
PRESENTATION OF THE FINANCIAL STATEMENTS
TOPIC 3:
OTHER DISCLOSURE ISSUES
TOPIC 4:
EQUITY
TOPIC 5:
LIABILITIES
TOPIC 6:
TOPIC 7:
ACCOUNTING FOR LEASES
ACCOUNTING FOR INCOME TAX
TOPIC 8:
PROPERTY, PLANT AND EQUIPMENT …show more content…
Hence financial reports ending on 30 June 2014 cannot use this revised AASB
1031. Given this, in this course in 2014 we will not consider the revised
AASB 1031. The Handbook will not include the revised AASB 1031 but will include the version of AASB 1031 that we consider in this course in 2014.
What is materiality?
Materiality is defined as
Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions of users taken on the basis of the financial report. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor. (Appendix,
AASB 1031 & AASB 108 para. 5).
The essential question then in determining materiality is, could it influence the decision that a user is making? This requires consideration of the users of financial statements and their information needs, although these are not explicitly identified in the standard.
T1- 13
Examples of questions that may have to be settled with reference to materiality are, should a standard (or any of its individual provisions)
UNISA BUSINESS SCHOOL
SCHOOL OF COMMERCE
at er ia ls fo
rU
N
IS
A
ACCT 2005 (Study Period 2, 2014)
Study guide
FA
2
20
14
M
FINANCIAL ACCOUNTING 2
Course coordinator
Sue McGowan
A
IS
N rU fo at er ia ls
M
14
20
2
FA
© University of South Australia 2014
IS
A
CONTENTS
N
HOW TO USE THIS STUDY GUIDE
rU
INTRODUCTION
INTRODUCTION AND OVERVIEW OF REPORTING
ENVIRONMENT
TOPIC 2:
PRESENTATION OF THE FINANCIAL STATEMENTS
TOPIC 3:
OTHER DISCLOSURE ISSUES
TOPIC 4:
EQUITY
TOPIC 5:
LIABILITIES
TOPIC 6:
TOPIC 7:
ACCOUNTING FOR LEASES
ACCOUNTING FOR INCOME TAX
TOPIC 8:
PROPERTY, PLANT AND EQUIPMENT …show more content…
Hence financial reports ending on 30 June 2014 cannot use this revised AASB
1031. Given this, in this course in 2014 we will not consider the revised
AASB 1031. The Handbook will not include the revised AASB 1031 but will include the version of AASB 1031 that we consider in this course in 2014.
What is materiality?
Materiality is defined as
Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions of users taken on the basis of the financial report. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor. (Appendix,
AASB 1031 & AASB 108 para. 5).
The essential question then in determining materiality is, could it influence the decision that a user is making? This requires consideration of the users of financial statements and their information needs, although these are not explicitly identified in the standard.
T1- 13
Examples of questions that may have to be settled with reference to materiality are, should a standard (or any of its individual provisions)