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1.32   Professional institutions

CPA Australia, the ICAA and the Institute of Public Accountants exam bank (IPA) have designated areas on their websites for technical resources and updates. Go to each of the respective bodies’websites(www.cpaaustralia.com.andwww.charteredaccountants.com.auandwww.publicaccountants.org.au) and summarise the resources provided.

CPA Australia, ICAA and IPA have various resources to assist members with adopting AIFRS. These resources include:

·      Articles on adopting AIFRS

·      Draft submissions from the professional associations on IASB’s exposure drafts

·      Latest news in relation to AIFRS

·      AIFRS compared to IFRS and the old GAAP

·      Interpretations and guidance

·      AIFRS exam bank fact sheets

·      IFRS implementation kit for the public and private sectors

1.33   Conceptual Framework and accounting standards

Describe the relationship between the Conceptual Framework and accounting standard AASB 116 Property, Plant and Equipment. ?

The Australian accounting exam bank standards have the force of law under the Corporations Act for disclosing entities. The Conceptual Framework contains statements to assist in the preparation and presentation of financial reports however it does not have the force of law and therefore its role is more to substantiate the accounting standards question bank download and provide further guidance on the application of the standards.

AASB 116 Property, Plant and Equipment sets out the requirements for accounting for the non-current asset Property, Plant and Equipment which for most companies is one of the

largest assets. The Conceptual Framework includes the definitions of the elements of the financial statements such as assets, liabilities, expenses, revenues and equity. AASB 116 will apply the definition of asset as outlined in the Conceptual Framework and use it as a base and point of reference for the definitions relating to Property, Plant and Equipment in the actual standard.

1.34   International convergence

It is argued that the convergence of our accounting standards with international standards and their subsequent adoption has brought great benefits to the Australian economy. What are the benefits in relation to international trade?

The adoption of international standards should have a number of benefits for the Australia economy including:

·      A global language will be achieved for financial reporting question bank download. IFRS are now developed in consultation with countries around the world.

·      Business, investors and other stakeholders will more effectively communicate, understand and engage.

·      With an increase in understanding of global financial reporting this should lead to more informed decision making by entities and their stakeholders.

International trade will also benefit greatly from the adoption of international standards as with IFRS there is a global language which enables consistency in financial reporting. It also reduces costs for individual entities as they no longer have to produce two sets of financial reports. A global language also increases transparency in financial reporting.

1.35     Disciplinary action

Every time there is a spate of corporate collapses, the accounting question bank download profession has been closely scrutinised, and many members of the professional bodies have appeared before disciplinary hearings. The professional bodies publish a professional conduct report each year. Go to the Institute of Chartered Accountants website at www.charteredaccountants.com.au. Search for ‘professional conduct’. Click on the latest professional conduct annual report. Summarise the investigations and tribunal hearings and the nature of the allegations against the members of the accounting profession.

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