The latest versions of Australian accounting standards issued by
the AASB are available on the AASB website:
http://www.aasb.gov.au/Pronouncements/Current-standards.aspx.
Required
(a) Review the current accounting standards on the AASB website
and select one accounting standard which you consider might be
important for you to have some knowledge about in your future role
as a professional accountant.
(b) Use an internet search engine to find two documents that you
consider to be useful in gaining an understanding of the accounting
standard. You...
Critically explain how the Australian Accounting Standards Board
take part in the global accounting standard setting process (i.e.
in setting IFRS). Why is the IFRS set by the International
Accounting Standards Board (IASB) not compulsory for the member
countries of IASB? (700 words needed)
Which of the following
statements is NOT correct under Australian AASB
Accounting Standards in the context of consolidation?
Select one:
Control that is joint control does not satisfy the
definition of control under accounting standards in respect of
consolidated group formation.
It is possible to control another company by means of economic
pressure alone.
Control is effectively the power to govern the
operating policies of an entity most of the time to obtain benefits
from its activities.
Control could be...
Discuss the role of International Accounting Standards
Board(IASB) in bringing harmonization of accounting standards and
the convergence of accounting standards.
To what standards does the Chart of Accounts need to be prepared
and what role has the AASB(Australian Accounting Standards Board)
in this? Discuss in 150 to 180 words.(Please type up your answer)
(Please consider this is Australian Accounting environment)
The new revenue recognition standard issue by the Financial
Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB) will call for major changes in the way
companies in the airline industry recognize revenue. Airlines may
have to change how they account for loyalty status benefits,
mileage credits, change fees, and breakage for tickets that expire
unused. The American Institute of Certified Public Accountants
(AICPA) has formed an airlines task force to address implementation
issues of the new standard for...
The new revenue recognition standard issue by the Financial
Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB) will call for major changes in the way
companies in the airline industry recognize revenue. Airlines may
have to change how they account for loyalty status benefits,
mileage credits, change fees, and breakage for tickets that expire
unused. The American Institute of Certified Public Accountants
(AICPA) has formed an airlines task force to address implementation
issues of the new standard for...
Income Measurement/Revenue Recognition A. Financial Accounting
Standards Board (FASB) and the International Accounting Standards
Board (IASB) came together on a unified project to outline the
accounting principles for recognizing revenue and to develop a
common revenue standard for U.S. GAAP and IFRS. Research IAS-18,
Revenue, and discuss how it would apply to AMAZON. B. Review
AMAZON's revenue over the past two years. Analyze the change in
revenue (increase/decrease) and give the reasons for this change.
C. Reflecting upon AMAZON's balance...