Exam 1: An Overview of the Australian External Reporting Environment

Which body reviews,on a timely basis within the context of existing International Accounting Standard (IASB)and the IASB Framework,accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance?

In adopting International Financial Reporting Standards (IFRSs),the Australian Accounting Standards Board (AASB)has:

Financial accounting can be considered a process involving the collection and processing of financial information to assist the decision-making needs of parties internal to an organisation.

Standards with the prefix IFRS/IAS:

The main role of the International Financial Reporting Interpretations Committee (IFRIC)is to review accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance.

If a company does not comply with the Australian Securities Exchange Listing Rules,Chapter 3 and 4,it may be:

Discuss the purpose of audit reports in financial reporting.

Which of the following statement was not identified as a benefit of international harmonisation?

What are two key ways management accounting is different from financial accounting?

Section 296 of the Corporations Act requires (all or in part):

Pursuant to Corporate Law Economic Reform Program (CLERP)issued in October 2003,which of the following is/are required to provide a written declaration to the board of directors that the annual financial statements are in accordance with the Corporations Act and Australian Accounting Standards and that the financial statements present a true and fair view of the entity's financial position and performance?

Accounting cannot be considered to be 'culture free' because the value systems of accountants may be expected to be related to and derived from the values of the society with special reference to work related values and,as such,impacts on accounting systems.

Enumerate the sources of accounting regulation in Australia and briefly discuss how each may affect corporate financial reporting.

Those in favour of regulating the provision of financial accounting argue that accounting is a public good and that without regulation,there is a problem of 'free-riders'.Explain what is meant by the notions of public good and free-riders and why proponents of regulation use them to support their views.

Pursuant to sections 298-300A of the Corporations Act,the Directors' Report must include:

Which of the following most accurately describes the process of issuing an IASB standard?

Responsibility for the preparation of the financial information of a company rests with:

Until recently,accounting standards issued by the IASB (formerly IASC)were:

The Financial Reporting Panel (FRP)established under the auspices of the Australian Securities and Investments Commission (ASIC)intends to provide:

In the absence of regulation,for auditing to be an effective strategy for reducing the costs of attracting funds,the auditor must: