ACCT332: Big Four Business Services Firm (EY, Deloitte,PWC or KPMG) – Financial Accounting Assessment Answer

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Financial Accounting Assessment Answer
TASK:
Part 1 
You are a recent graduate working for a Big 4 business services firm (i.e. EY, Deloitte, PWC  
or KPMG) and your manager has asked you to prepare a
report 
which is to
 be presented to the Chief Financial Officers (CFO) of the firm’s major clients. The report 
should:

a) Discuss the current and future planned use of XBRL-type reporting globally. The discussion should at least cover the following countries/jurisdictions: Australia, USA, the UK, China, and the European Union. (40%) b) Discuss arguments for and against listed companies in Australia being required by 
ASIC (Australian Securities and Investments Commission) to lodge their annual reports using XBRL format from the perspectives of the following stakeholders:

Investors

Listed companies

Government

You should use appropriate headings to organise your material. Please cite relevant  
references informing your discussion. These references should include practitioner articles  
such as from KPMG, EY, Deloitte, BDO and PWC. References should be in-text (i.e. within the
 body of the report) as well as in the Reference list at the end of the report.

Part 2 

You have a friend who has asked you to explain what ‘XBRL’ and ‘IFRS taxonomy’ means. 
Your friend is a teacher with no accounting knowledge. Your written email response
(max 250 words)
should be much less formal and should be in a style and format that is easily understood
 by a non-accountant. No references are required for the email.
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