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1.23     The reality check 'New mechanisms eyed by FASB, IASB exam bank in long march toward global comparability’ on pp. 11-13 looks at issues associated with the United States convergence with IFRSs.  What do you think are the advantages and disadvantages of globalised financial reporting?

The advantages of globalised financial reporting include; a single set of global standards, greater consistency in financial reporting, cost savings in producing one set of reports and greater transparency in financial reports.

The disadvantages of globalised financial exam bank reporting could be the costs associated with all applicable entities adopting global standards. There are two types of costs: (1) information and processing costs and (2) potential proprietary costs.  For some entities there will be additional costs associated with providing information complying with global standards and some entities may have to disclose more information to comply with the standards and this potentially could involve the release of commercially sensitive information to the market (e.g. additional disclosures on business and geographic segments of operations).

1.24     Explain the relationship between the Australian exam bank Accounting Standards Board (AASB) and the International Standards Board (IASB).

The AASB is responsible for the development of accounting standards to be followed when preparing GPFRs (General Purpose Financial Reports). The standards have the force of law under the Corporations Act. Disclosing entities, public companies and large corporations must apply the standards when preparing their financial reports. Since 2005, the AASB has released AIFRS – Australian Equivalents of International Financial Reporting Standards issued by the IASB question bank download.

1.25     Growth areas for accountants in the future include sustainability reporting and more specifically carbon accounting. What are the costs and benefits for entities in reporting their carbon ‘greenhouse gas’ emissions?

There are several benefits for firms in disclosing information about carbon ‘greenhouse gas’ emissions. Information of this nature can assist in determining how effective the company has been in reducing carbon emissions and other pollutants for question bank download. It can also provide information to special interest groups to determine whether the entity has considered environmental, social or industrial aspects during its operations. Costs to the entities include information processing costs and the potential loss of business to the entity if the information sends a negative signal about the entity e.g. increases in greenhouse gas emissions and other pollutants or increased water consumption levels.

1.26     Briefly describe how the AASB develops accounting standards.

Since 1 January 2005, Australian entities have complied with International Financial Reporting Standards (IFRS) question bank download. The Australian Accounting Standards Board (AASB) is responsible for the development and maintenance of high-quality financial reporting standards in Australia, and to contribute to the ongoing development of global accounting

standards. The AASB provides input into current accounting standards issued by the IASB by contributing to the due process. . The due process of an accounting standard includes identifying a technical issue through submissions and other materials from interested parties; developing a project proposal to determine if the project is worthwhile; researching the issue comprehensively; issuing an exposure draft, discussion paper or an invitation to comment; and issuing a draft interpretation

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