The Regulatory Environment and Financial Reporting - Accounting and Finance Assignment Help

Assignment Task:

Task:

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 observation period from 1 December 2020 to 31 March 2021, inclusive.
 

Detailed guidelines for completing this task:
1. Identification of changes and developments
Your newsletter will require you to undertake extensive research on a number of sources over the observation period required above. 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, amendments to ASX listing rules related to financial reporting. Any pronouncements which became effective outside of the observation period may be included only if news in relation to that pronouncement is published within the observation period. For example, AASB's research report published on 1 March 2021 (within observation period) about the impact of new leasing standards which became effective from 1 July 2020 (outside observation period but could be included in your newsletter). So, the determining factor on whether a news is to be included in your newsletter is the publication date of the news, not the effective date of the accounting standards.
•  Regulation and monitoring of financial reporting: for example ASIC reviews on financial reporting.

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