ACC222: Regulatory Environment & Financial Reporting- Accounting Report Writing Assignment

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Added on: 0000-00-00 00:00:00Order Code: Question Task Id: 0

Internal Code: TV113
Accounting Report Writing Assignment:

Task:

The regulatory environment and financial reporting

You are employed in a large accounting firm which specialises in preparing general purpose financial reports for large companies that are listed on the Australian Securities Exchange (ASX). As the training manager, one of your key tasks is to prepare a newsletter for staff involved in the preparation of the above financial reports. The purpose of the newsletter is to alert staff to changes and developments that may impact their work, and provide enough information about these changes/developments to satisfy the following:

1. For staff to understand the nature of the change/development and its potential impact (so staff can decide whether they need to investigate further given the nature of their own work);
2. Provide directions to staff of where they can access further information on the change/development if they wish to (including website links where appropriate).

Required:
Prepare a 2 page newsletter that identifies and summarises changes and developments in the financial reporting environment

1. Identification of changes and developments
This will involve extensive research on a number of sources over the required period. You will need to identify and consider a range of developments/changes such as:
A. Technical issues: for example the issue of new accounting standards, amendments to accounting standards, updates on AASB or IASB projects in progress, amendments to ASX listing rules.
B. Regulation and monitoring of financial reporting: for example ASIC reviews on financial reporting.
C. Political influences or other potential developments.”Political” does not only mean action from politicians – it would also include lobbying/actions by other groups to promote their own interests for example there may be articles about companies, or particular interest groups such as Group of 100, saying that if certain accounting standards are introduced this will disadvantage or have a negative impact.

You will need to consider both local (Australian) and international sources and developments. The restriction of a 2 page newsletter means that you need to use your own judgment as to whether to include information about specific changes and developments, and how much information to include. It is not intended that you provide complete details of changes/developments (although you may consider in particular cases that more detail is needed). Given the target audience, it is assumed that they have a working knowledge of common terms and abbreviations (such as AASB, IASB), so abbreviations may be used.

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Posted on : February 08th, 2018
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