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BAO5525 - Accounting

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BAO5525 FINANCIAL and CORPORATE ACCOUNTING Trimester 1 2020 GROUP ASSIGNMENT (3 TO 4 STUDENTS)– 20% (Due date week 11 ) According to the Australian Accounting Standards Board (AASB): “The AASB is committed to developing, in the public interest, a single set of high quality, understandable accounting standards that require transparent and comparable information in general purpose financial statements.” (AASB 2020) This view is also shared by both the IFRS Foundation and the FRC: The IFRS Foundation, in its mission statement, states that “our mission is to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth

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Introduction

Standards of accounts are those set of principles which is basis of financial policies and practices of accounting. These accounting standards are set for public to understand and analyse the financial statement. Every company has to follow the accounting standards as notified by uniformed accounting body. The Australian Accounting Standard Board (AASB), IFRS Foundation and Financial Reporting Council (FRC) aimed to develop the accounting standard which are transparent and facilitate the economy with public trust and financial stability. The given project is divided in three parts, part A explains relationship between public interest and accounting information’s decision with research articles, part B contain explanation on AASB 138 / IAS 138i.e. accounting and recognition of intangibles assets in financial statements and part C contains the discussion on parent – subsidiary relationship between given two companies (THP Ltd and ZNA Bank) in accordance with the AASB 10 / IFRS 10 which are meant for consolidation and its financial treatment.

Part A: Development of standards on accounting in public interest

The AASB aims to develop the high-quality accounting standard in public interest which is common for all. Whereas Foundation of International Financial Reporting Standard (IFRS) aims to bring accountability, transparency with efficiency for reporting of all the financial information around the world in public interest. F

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