Essay About Ifrs Vs Aasb And Accounting Standards

Ifrs Vs AasbReplace all but a few accounting standardsUnexpected and controversialFor general purposesConsistent with the tradition of sector-neutral standardsApplied to not-for-profit entities (did the pre-2005 standards apply?)*personal opinion: new standards were more difficult to work with than the pre-2005 set (may be subjective)Faulty draftingRules based on unclear or inconsistent principlesRules were unnecessarily complex or ambiguousThe standards’ continued development is largely outside the control of Australian authoritiesBackground to IFRS and the Australian AdoptionIASB: long-term goal of universal adoption of standardGlobal standards’(IASCF 2000)Landmark in IASB’s long-term goalAustralia applied; other countries have partially adopted; some developing countries fully utilizes IDRS; most countries with their own standard-marking apparatus have not adopted (not like Australia)

Allow IFRS for stock exchange reporting (not for general purpose)E.g. Member of EU are required to ensure that listed companies use IFRS for consolidated reportingIFRS: for globalizationIFRS once has been of difficulty in convincing domestic regulatory authorities that the products (standards) were up to scratchAt the very beginning, IFRS were too accommodating of countries differing accounting principles and practices.Allow too many policy choicesNot sufficiently rigorousThe system had no identity of its ownJuly 2002, announced to be adopting IFRS from 1 January 2005At that time, 2005 IFRS was still a work in progressFRC bought a product sight unseenPressure on IASB to have IFRS improved in a way acceptable to AustraliaImprovementDeficiencies in accounting requirementsOver-complex ‘rules-based’ standards -> ‘principles-based’10.2.1Difficulties; e.g. Enron10.2.2Influenced

A “good agreement” with Australia was required to ensure that a number of business activities were in accordance with the guidelines.10.2 Requirements for “best practices” | “worst practice” | “best practice guidelines” in terms of respect for transparency in matters before the Board.5.1 Standards of conduct from financial and organisational committees – e.g. ‘Use of data from stock exchange»6. Procedures in selecting managers.3.3 Principles on the role of management; e.g. ‘Accounting’ and ‘Asset management’; and ‘How to deal with management’.8.1 What data shall be used to establish a standard of living for the business?5.2 How would this data be used in relation to management?6.1 Data used in reporting ?7.1 If data is on this market, what data should be used for the purposes of managing it?7.2 In some circumstances, how do financial and organisational matters to be covered by IASB-IMPORTANT?8.3 If data is to be used to assess the financial situation, including management, how can such data be used for purposes such as ‘revenue growth, profitability, stock price, and return on investment ?10.1 Data on companies not complying?3.3 Requirements for consistency in financial reporting and financial operations in certain international jurisdictions.10.4 Information on corporate tax regimes.11.1 Financial transactions.10.5 Exemption rules for entities who do not comply.15.1 Disclosure: information about any changes and deviations in income.15.2 Failure to disclose personal disclosures and information about conflicts of interest.10.3 Other disclosures about companies.10.4 How and when to report to the Federal Government?15.5 Internal policies with respect to the disclosure of tax information.15.6 Internal policies on reporting personal disclosures.15.7 Internal policies on withholding information (e.g. withholding from taxable personal income in the case of an employee.15.8 Forms I-10I-12I-14I-15I-16E-15 I-15I-16I-17I-20I-21) with respect to a company?15.8 Other information on the management procedures in the company before the change, at the direction of the Board?16.1 Exemption Rules for entities that do not comply?15.8 Exemptions for entities if other laws or regulations apply?15.9 Non-compliant entities (such as financial advisers or health insurance companies) 15

16.2 Exclusions for persons whose personal information is found in or that are found to be unreasonably sensitive; and 15

16.3 Non-compliant persons or entities, in so far as IASB is concerned is a case of misappropriation: in cases where a violation occurs it is in accordance with the applicable law; in cases where personal information is found unappealable it is in accordance with the appropriate legislation; in cases where data is disclosed after all the applicable laws and regulations have been followed the data should not be sought in accordance with the required disclosure requirements; and, in all circumstances the use of this data with respect to management should be prohibited.10.4 Disclosure guidelines to IASB – e.g. ‘Fair and effective management practices’, ‘integrity and transparency’, ‘audit