The Regulatory Environment For Financial Reporting

Question: Discuss about The Regulatory Environment For Financial Reporting. Answer: International The Present Problems Of The Accounting Standards And The Exposure In The Drafts, Framework, Explanations Or Other Declarations 119: On 12th June 2016, the Australian accounting standards board (AASB) reported a list of the changes mentioned in the newsletter. As per the AASB 119, the discount provided to the employees and the benefits from the long-term obligations made in the corporate bond rate. The AASB has further stated that if the corporate bond rate is unavailable then the government bond rate shall be put to use into the accounting standards. It has been further stated that during the reporting procedure then directors responsibilities will be reviewed. Along with the above-mentioned changes, the appropriate Australian securities exchange officials governing the principles have also been taken into consideration (Ethical professional standards, 2016). A more rationalized method of the equity in the accounting has been framed at the time f the transformation process. The implementation of these changes related to the joint venture and investments-equity methodology. In many cases the alterations are due to the hedging and derivatives for the hedging. The hedging is seen in the form of contingents which are placed and the options related to the calling of the debt instruments. During the year 2016 the AASB has further stated the importance and the benefits related to the pension schemes and reviewing of contribution made in pension scheme. Regulating and monitoring the financial reporting As per the statement given by the chartered accountants of New Zealand and Australia, an organization must comply with the standards of required for preparing the audit report and conduction of the auditing is mandatory. It further stated that the reports should clearly be able to explore the quality of the audit conducted. Moreover, the financial reporting council has agreed to accept the changes and the approach (Australian reporting essentials for the June 2015 reporting period, 2016). Reporting of the changes for the issues persisting in the accounting standard There have been number of instances reported with relevance to the accounting standard from 1st May to 31st July 2016. The various instances are related to the issues observed in the present accounting standard (Accounting standards, 2016). As per the proposal placed on July 8 in the year, 2016 related to the compensations and the different components of the compensation involves employee stock and the ownership schemes. The various types of the accounting standards also consider the improved nature of the share of payment given to the employees. It has to be also observed that during the month of June 2016 an update was proposed by the accounting standard with regards to the review of the revenue earned from the contracts of the customers. Other potential developments or influence of politics: The various types of the investment standards have been scrutinized as per the guidelines provided under AASB, where clear collaboration has been identified as per AASB 128, AASB12, AASB 10, AASB 11 guidelines (Accounting Standards UpdatesEffective Dates, 2016). Recognizing the summary of the progress and the alterations made in the financial reporting for the period of June to August 2016 For revising the accounting standards, the political aspect was significant to consider. Furthermore, a standard had been revealed in many jurisdictions where the changes has shown the AASB has played an active role in the international standard required for setting up of the project. The forum is further considered as a paramount importance concerned with the International Accounting Standard Board or IASB. The several types of the commencement laid down by the Chartered Accountants of New Zealand and Australia needs to be taken into consideration. This is due to the importance given to the business and finance and the positive influence from the pre-requisite. Reference List Accounting standards . (2016). Aasb.gov.au. Retrieved 23 August 2016, from https://www.aasb.gov.au/Pronouncements/Current-standards.aspx Accounting Standards UpdatesEffective Dates. (2016). Fasb.org. Retrieved 23 August 2016, from https://www.fasb.org/jsp/FASB/Page Australian reporting essentials for the June 2015 reporting period . (2016). Charteredaccountants.com.au. Retrieved 23 August 2016, from https://www.charteredaccountants.com.au/Industry-Topics/Reporting/Publications-and-tools/Essential-guidance/Guides/Australian-reporting-essentials-for-the-June-2015-reporting-period Australian reporting essentials for the June 2016 reporting period . (2016). Charteredaccountants.com.au. Retrieved 23 August 2016, from https://www.charteredaccountants.com.au/Industry-Topics/Reporting/Publications-and-tools/Essential-guidance/Guides/Australian-reporting-essentials-for-the-June-2016-reporting-period Ethical professional standards . (2016). Charteredaccountants.com.au. Retrieved 23 August 2016, from https://www.charteredaccountants.com.au/Industry-Topics/Ethical-and-professional-standards.aspx Latest changes . (2016). Charteredaccountants.com.au. Retrieved 23 August 2016, from https://www.charteredaccountants.com.au/Industry-Topics/Reporting/Australian-accounting-standards/Latest-changes Update 2015-10Technical Corrections and Improvements. (2016). Fasb.org. Retrieved 23 August 2016, from https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176166123481acceptedDisclaimer=