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How Does Ifrs Benefits Australia

In: Business and Management

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AFW 2491 COMPANY REPORTING ASSESSMENT TASKS SEMESTER 2 2010
Assignment 1
Learning objectives assessed:
This assessment task is designed to test a student’s achievement of objectives 1 and 4. It is an individual assessment task.

Weighting: 10%
Task details:
The process of adopting the IFRS in Australia has led to some significant changes to some accounting standards and minor changes in others. A number of countries throughout the world are now undergoing a similar process as they too adopt the IFRS regime. However, a single global set of accounting standards has not been achieved as the United States continues to apply its own Generally Accepted Accounting Principles (US-GAAP) as endorsed by the US Financial Accounting Standards Board (FASB). In 2003 the International Financial Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) commenced a joint project with the aim of converging the IFRSs and FASB standards. This project will result in further changes which will flow through to Australia, but when complete, may ultimately result in a true international standardisation of accounting and a single set of global financial accounting standards. This task requires you to consider the implications to Australian financial reporting if this international standardisation occurs. What benefits can Australia expect from all this international standardisation?

Required:
In an essay you are required to explain “the benefits Australia can expect from the international standardisation of financial reporting”. You must use scholarly research to develop the arguments you present in your essay to achieve a high grade in this assignment. Your essay should demonstrate reading beyond the prescribed text and accounting standards. Your essay should be one and a half or double spaced and follow the format’s described in chapters 4 and 5 of…...

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