Question 1 [35 marks] The regulatory environment and financial reporting You are employed in a large accounting firm which specialises in preparing general purpose financial reports for large companies that are listed on the Australian Securities Exchange (ASX). As the training manager, one of your key tasks is to prepare a regular newsletter for staff involved in the preparation of the above financial reports. The purpose of the newsletter is to keep staff updated on the latest financial reporting news, alerting staff of changes and developments that may impact their work, and provide enough information to staff to satisfy the following: For staff to understand the nature of the news / change / development and its potential impact (so staff can decide whether they need to investigate further given the nature of their own work); Provide directions to staff of where they can access further information on the news / change / development if they wish to (including website links where appropriate). Required: Prepare a 2 page newsletter that identifies and summarises changes / developments and news in the financial reporting environment for the period from 1 December 2016 to 17 March 2017. Detailed guidelines for completing this task: 1. Identification of changes and developments This will involve extensive research on a number of sources over the required period. You will need to identify and consider a range of developments/changes such as: Technical issues: for example the issue of new accounting standards, amendments to accounting standards, updates on AASB or IASB projects in progress, outcomes of AASB or IASB meetings, amendments to ASX listing rules. Regulation and monitoring of financial reporting: for example ASIC reviews on financial reporting. Political influences or other potential developments. ‘Political’ does not only mean action from politicians.
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