Financial Accounting: Australian Securities Exchange- Newsletter & Financial Statements- Accounts Assignment

Internal Code: MAS7303

Accounts Assignment:

Question 1: 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: 1. 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); 2. 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). Question 2: Financial statement presentation You are the senior financial accountant at Blake Ltd. One of the new trainee accountants has prepared the following statement of profit or loss and other comprehensive income and statement financial position from the trial balance, after its first year of operations: