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TACC406 Group assignment information

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TACC406 Group assignment informationValue: 30% of overall assessment(20% for the written work and 10% for the presentation)Due date: Thursday 16 May 2019 (Week 9)Word limit: 2500 words (excluding references)Assignment Requirements:• Group:Students are to form groups of 5, each student’s name must be recorded on the coversheetotherwise that student will receive zero for the assignment.• Submission:Students must submit the group assignment online by 11:59 pm (AEDT) on Thursday 16May 2019. Late penalty will be at 10% per day. Only the group leader should submitonline.• Structure:Use essay structure which contains introduction, body, conclusion and reference list.• Formatting and referencing:The assignment must be word-processed, 1.5 line spacing, and the word size sh

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The financial reporting which is a consistent framework for accountingthat is presumed to become principal GAAP in times to comeis the International Financial Reporting Standards (IFRS), that is implemented by the International Accounting Standard Board (IASB) (Indapurkar, Chakraborthy, and Pathak, 2009). Early months of 2001 have seen IASB come into force. Since the time it has had an unprecedent effect of financial reporting around the world. The European Union (EU) signed itself as the member of IASB and committed to adopt IFRS reporting for all listed companies in their jurisdiction (Ramana, and Sletten, 2009).EU marshalled the move of adopting since 2005 IFRS in their financial reporting. Adoption of IFRS has slowly started taking pace with many developed and developing countries taking measures to adopt IFRS as their basic accounting reporting system. Currently over 120 countries have been stated to have implemented or congregated with IFRS. Set of accounting principles is IFRS standards that have been acquiring acceptance rapidly on a global basis and are issued by IASB. Observed to be idealset of rules stated for financial reporting equally by public companies. It is more principle based and focusses on objectives. Many countries aimed to adopt IFRS for maintaining acommon financial reporting standard set. Adopting IFRS concludes a form of diversity that is present in the accounting rules and practises across the nations will be standardized

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