Accounting Assignment - Newsletter and Financial Statements

Question 1 The regulatory environment and financial reporting  You are employed in a large accounting firm which specialists 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 Question 2 : Financial statement presentation You are the senior financial accountant at Kool Klothes Ltd. One of the new trainee accountants has prepared the following statement of financial position as at 30 June 2016, after its first year of operations. Required: Review the statement of financial position prepared by the trainee accountant. Discuss what corrections / changes need to be made to the statement of financial position, to ensure that it complies with the requirements of AASB 101. Provide references to relevant paragraphs in the accounting standards where appropriate to support your answers. Note: You are not required to discuss any note disclosures that are needed, or prepare a revised statement of financial position.