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 Responses could include:

·      Failure to observe a proper standard of professional care, skill or competence.

·      Failure to respond to a client’s correspondence on personal and business tax returns.

·      Continuing practising as an accountant in a business that was in the process of liquidation.

·      Failure to return client monies held in trust accounts exam bank.

·      Failure to comply with the code of conduct.

1.36     IFRS adoption

Go to the IFRS Foundation website at www.ifrs.org. Click on the IFRS tab and click on ‘Use around the world’. Comment on the jurisdictions that have adopted IFRS. Which countries are yet to adopt IFRS? Can you think of reasons why certain countries have not adopted IFRS?

There are 81 profiles from jurisdictions commenting on whether they have adopted IFRS. Please note this is not the full list of IFRS exam bank adopters. Profiles are included from countries such as Albania, Austria, Australia, Iceland, Singapore, Poland, Norway and South Africa. Some of them have adopted IFRS and some have not.  The profiles discuss the following issues:

1.      Commitment to a single set of global accounting standards: Nearly all of the jurisdictions (78 of the 81) have made a public commitment supporting a single set of high quality global accounting standards. Only Albania, Macao, and Switzerland have not.

2.      Commitment to IFRSs: The relevant authority in all but 1 of the 66 jurisdictions (Switzerland) has made a public commitment to IFRSs as the single set of global accounting exam bank standards.

3.      Adoption of IFRSs: 70 jurisdictions (over 85 per cent of the profiles) have adopted IFRSs for at least some companies in their capital markets. All but 2 of those have already begun using IFRSs. Brunei and Colombia will begin using IFRSs in 2014 and 2015 respectively. Of the remaining 11 jurisdictions that have not adopted:

a.       two (Pakistan and Singapore) have adopted most but not all IFRSs as part of national GAAP with some modifications question bank download;

b.      three permit IFRSs on a limited voluntary basis for domestic and/or foreign issuers (India, Japan, United States);

c.       one (Saudi Arabia) requires IFRSs on a limited basis (banks and insurance companies only);

d.      two (Bhutan and Bolivia) have not adopted IFRSs, but IFRSs are nonetheless used by some companies, and Bhutan has begun an adoption process;

e.       one (China) has substantially question bank download converged its national standards to IFRSs; and

f.        two (Macao and Indonesia) have adopted some IASs/IFRSs but have not announced a plan or timetable for full adoption.

Countries may not yet have adopted IFRS due to the additional information process costs, and also the fear of disclosing additional information to the market which could impact on their level of competition.

Some jurisdictions (e.g. USA) also believe that some parts of IFRS may not meet their user needs and may in fact result in a loss of information for stakeholders for question bank download.

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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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1.27 How do accounting exam bank standards assist large companies?

The Corporations Act stipulates that large companies must apply accounting standards in preparing their financial reports. The accounting standards assist with consistency in financial reporting and ensuring the users of financial reports (e.g. investors, consumers, employees, regulatory bodies) will have the necessary relevant and faithfully representative information to assist them in their decision making. Without accounting standards, there would be no comparability in financial accounting – firms would produce an income statement with differing amounts of information. Some firms would report large number of intangible expenditure and others would report minimal amounts or none at all. A lack of consistency would make it impossible to compare one firm against another.

1.28 What is an IFRS exam bank and how does it impact on standard setting in Australia?

Australia adopted Australian equivalents to International Financial Reporting Standards, (IFRS), from 1 January 2005. The adoption of IFRS helps ensure compliance with internationally agreed principles, standards and codes of best practice. The adoption of IFRS also reduces the amount of standard setting in Australia by the Australian Accounting Standards Board, (AASB), which allows the AASB to focus on providing expert advice on some of the International exam bank Accounting Standards Board future projects and interpreting issues arising out of the adoption of IFRS.

1.29 What other accounting standard setters exist in the rest of the world?

Other standard setters include: the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), Singapore Accounting Standards Council (SASC), and the Accounting Standards Board of Japan (ASBJ).

1.30   Australian Accounting Standards

There are at least 50 Australian Accounting Standards question bank download. Go to the AASB website at www.aasb.gov.au and choose one. (Hint: Go to ‘Quick Links’ and select ‘Table of Standards’.) One of the recent accounting standards is the standard on fair value measurement. Briefly describe the meaning of ‘fair value’ accounting. What is the purpose of this standard?

AASB 13 Fair Value is a recent accounting standard issued by the AASB. Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information might be available. The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.

The purpose of the standard is to define fair value and set out a single standard for measuring fair value and the required disclosures in the notes arising out of applying fair values to assets and liabilities for question bank download.

1.31   AASB and standard setting

The AASB, as part of its work program, offers comment on documents such as proposed agenda decisions, exposure drafts, draft exposure drafts, invitations to comment and discussion papers. Go to the ‘Work in progress page of the AASB website at www.aasb.com.au and choose ‘Pending’. One of the topics listed relates to the exposure draft – ED 242 Leases. Summarise the main changes to this proposed standard.

The main changes of ED 242 Leases relate to the classification of operating and question bank download finance leases. The following table summarises the current situation and the proposed changes.

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