Theory question in financial reporting .Short answer

Paper , Order, or Assignment Requirements

Short Answer only. It is no essay. Please answer each question separately.

Conceptual Framework & AASB/IFRS 16 Leases 

 

Use the next link to answer questions 1 to 5

http://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Documents/Effect-of-Board-decisions-on%20DP-March-2015.pdf

Conceptual Framework

Q1 Discuss the definition and essential characteristics of Assets?

 

Q2 Discuss the definition and essential characteristics of Liabilities?

 

Q3 Discuss the definition and essential characteristics of Equity?

 

Q4 Discuss the definition and essential characteristics of income and revenue?

 

Q5 Discuss the definition and essential characteristics of expenses?

 

Use the next link to answer question 6

 

http://media.ifrs.org/2014/Projects/Conceptual-Framework/Webinar%20Conceptual%20Framework.pdf

 

Q 6 What would you recommend to solve the debate about which ‘measurement’ model’ should be used for financial reporting? Recommendations should be based on AASB & IASB.

 

Q 7 What would you recommend to solve the debate about how to reduce clutter in financial statements? Recommendations should be based on AASB, IASB and IFRS.

 

 

 

AASB/IFRS 16 Leases

Use these sources to answer question 8, 9 and 10:

http://www.aasb.gov.au/admin/file/content105/c9/AASB16_02-16.pdf

http://www.aasb.gov.au/admin/file/content105/c9/IFRS16_BC_01-16.pdf

http://www.aasb.gov.au/admin/file/content105/c9/IFRS16_EA_01-16.pdf

http://www.aasb.gov.au/admin/file/content105/c9/IFRS16_IE_01-16.pdf

 

Q 8 How has the Conceptual Framework helped the IASB and the FASB arrive at a global standard on Leases, and justify the differences?

 

Q9 What is the major change to accounting for leases contained in AASB 16?

 

Q10 Consider the impact of the following for AASB 16:

  • Definition of a Lease
  • Impact on financial ratios
  • Need for scope and general exemptions
find the cost of your paper
Responses are currently closed, but you can trackback from your own site.