Accounting Standards Assignment Help

What are accounting standards?

Accounting standards are guides and authoritative standards which maintains regularity in accounting systems and are widely accepted and used for financial reporting and for generally accepted accounting principles (GAAP). These Accounting standards cite the way transactions and other events are to be perceived, presented, analysed and disclosed within the financial statements. These standards provide financial information to investors, lenders, creditors, contributors and others. These are useful in making decisions relating to providing resources to the entity. An accounting standard is a guideline for how a firm prepares and presents its business income, expenses, assets and liabilities.

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Accounting Standards Board (AASB)

The Accounting Standards Board (AASB) is an Australian government agency. It develops and maintains financial reporting standards which are applicable to the private and public sector entities of the Australian economy. AASB also gives its inputs to develop the global financial reporting standards and also facilitates the participation of Australian community in global standard setting.

Standard Application

The original series of Accounting Standards (AASs) which was applicable to entities not regulated under the Corporations Law, was issued by the former AASB and the Public Sector Accounting Standards Board (PSASB) of the Australian Accounting Research Foundation (AARF) on behalf of the professional accounting bodies, prior to 2000. The original series of AASB Standards (AASBs), which was applicable to entities regulated under the Corporations Law, was also issued by the former AASB, prior to 2000. Most AASs were superseded by AASBs for reporting periods beginning on or after 1 January 2005 – as at 1 July 2011, only AAS 25 Financial Reporting by Superannuation Plans was still operative. All standards now issued by the AASB are labelled AASB Accounting Standards – their application paragraphs specify the types of entities to which they apply.

Under the Australian Corporations Act 2001, a lot of entities are required to use the Accounting Standards while they prepare their financial statements. Some public sector entities are required to apply Accounting Standards under either Commonwealth, state or territory legislation, through specific instructions to preparers or reporting frameworks that set out guidelines or regulations.

Adopted standards

In 2002, the AASB implemented the directions from the Australian Financial Reporting Council (FRC) which were board strategic, to adopt the International Accounting Standards Board (IASB) standards for financial year beginning from 1 January 2005. In July 2004, the AASB issued numerous standards that apply from 2005, including:

  • Accounting Standards that incorporate IASB Standards
  • Other AASB Standards supporting the Accounting Standards that incorporate IASB Standards
  • Other AASB Standards that apply to certain types of entities

The Accounting Standards that incorporate IASB Standards include:

  • AASB 1 First-time Adoption of Accounting Standards, AASB 2 Share-based Payment, etc., which incorporate IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 2 Share-based Payment, etc., being the Standards issued by the IASB since 2001
  • AASB 101 Presentation of Financial Statements, AASB 102 Inventories, etc., which incorporate IAS 1 Presentation of Financial Statements, IAS 2 Inventories, etc., being the Standards issued by the International Accounting Standards Committee (IASC), which was the predecessor to the IASB

For reporting periods beginning on or after 1 January 2005, the Accounting Standards that incorporate IASB Standards over ruled their previous Australian counterparts, if any.

The other AASB Standards supplementing the Accounting Standards that incorporate IASB Standards comprise:

  • AASB 1023 General Insurance Contracts
  • AASB 1031 Materiality
  • AASB 1038 Life Insurance Contracts
  • AASB 1048 Interpretation and Application of Standards
  • AASB 1053 Application of Tiers of Accounting Standards
  • AASB 1054 Australian Additional Disclosures

Current Accounting Standards for which there are no corresponding IASB Standards remain in force beyond 1 January 2005, even though they may be reissued in the future to update them in this new regime. These include:

  • AAS 25 Financial Reporting by Superannuation Plans
  • AASB 1004 Contributions, AASB 1039 Concise Financial Reports, AASB 1049 Whole of Government and General Government Sector Financial Reporting, AASB 1050 Administered Items, AASB 1051 Land Under Roads and AASB 1052 Disaggregated Disclosures

The accounting standards of a country are very elongated and vast if we go into details. To understand them we need to first know the basis of accounting and their previous rules and standards which were already prevailing in the system. Every accounting standard consists of various sub parts and each subpart has many different application and treatments in accounting. It is very hard to research about it all and then study let alone learn such a complex subject, specially, when you are having a hard time juggling up various tasks.

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