This solution was already done by another tutor on this site, but now he is not responding for the below query, I have submission today, so can anyone help me to solve it for me in the shortest time possible. Here is the query -

In newsletter it says period from 1 december2016 to 17 march 2017 but u have said july 2016 and july 2017. Here, it says intext refrencing in the middle for more information. Can you please review it and send me again. I have to submit it.

Here it talks about including technical issues, regulation and monitoring of financial reporting, political influences. please include intext refrencing.

Here I attached the question paper & the solution done by my tutor. Please help to do the required revision quickly

Task Complete the 2 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 15%. All workings, where appropriate, must be shown to substantiate your answers. Question 1 [35 marks] 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 period from 1 December 2016 to 17 March 2017. Detailed guidelines for completing this task: 1. Identification of changes and developments This will involve extensive research on a number of sources over the required period. 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, outcomes of AASB or IASB meetings, amendments to ASX listing rules. Regulation and monitoring of financial reporting: for example ASIC reviews on financial reporting. Political influences or other potential developments. 'Political' does not only mean action from politicians - it would also include lobbying/actions by other groups to promote their own interests - for example there may be articles about companies, or particular interest groups such as Group of 100, saying that if certain accounting standards are introduced this will disadvantage or have a negative impact. You will need to consider both local (Australian) and international sources and developments. The restriction of a 2 page newsletter means that you need to use your own judgment as to whether to include information about specific news items and changes / developments, and how much information to include. It is not intended that you provide complete details of changes / developments (although you may consider in particular cases that more detail is needed). Given the target audience, it would be assumed that they have a working knowledge of common terms and abbreviations (such as AASB, IASB), so abbreviations may be used. What not to consider? You need to take care that the news / changes / developments included in the newsletter are relevant to the objective, in particular that they relate directly to the preparation of general purpose financial reports for large companies listed on the Australian Securities Exchange. The newsletter should not consider areas only indirectly related to the preparation of financial reports such as (this is not an exhaustive list): Fraud Auditing Taxation Other disclosures by listed companies such as: industry disclosures required by peak organisations, and voluntary disclosures in the area of corporate social responsibility. 2. Potential sources Given the scope of the potential influences on financial reporting, you will need to research a range of sources. Below is a list of sources that may be of interest. Note that this list is not exhaustive, students should search for sources outside of these. Students should not rely on any one type of source, but a range of sources from each category, i.e. do not just look at websites, also check journals, newspapers etc. Examples of possible information sources include: (a) Websites such as those of: Australian Accounting Standards Board Financial Reporting Council Australian Securities and Investment Commission Australian Securities Exchange International Federation of Accountants Chartered Accountants Australia and New Zealand CPA Australia International Accounting Standards Board Websites of large accounting firms (b) Professional publications: In the Black (CPA) Acuity (CAANZ) (c) Newspapers/journals 3. Format and presentation The following are to be observed for your newsletter preparation. The top of the newsletter must include the title (you need to decide what to call your newsletter) and details of the period the newsletter is considering. The newsletter should not read as one continuous 'essay'. It must include headings and sub-headings that assist in identifying the nature of news / changes / developments and help to guide the reader, and also enable the reader to distinguish between items of interest and the relative importance of changes. You must refer the reader to specific sources (including website links where appropriate) so that they are able to obtain more detailed information of the news / change / development. The newsletter must be printed in minimum font set at 11 points (You may wish to use larger fonts etc for headings etc). Apart from minimum font size, there are no specific requirements in relation to line spacing, margins etc. However, you should note that simply reducing line spacings or margins to 'fit more in' may impact on the presentation and effectiveness of the newsletter. There is no specific 'word limit'. The newsletter must be no longer than 2 pages. In cases where the newsletter exceeds the 2 page limit, only the first 2 pages will be marked. Do not attach actual articles/printouts of web sources etc to your assessment. You are only required to include details of these in the bibliography (see section 4 below). Don't be afraid to be creative. The effectiveness of a newsletter is impacted by how interesting the readers find it. 4. Bibliography and referencing This assessment must include a bibliography rather than a reference list (this should not be part of your newsletter and is to be given on a separate page). A bibliography includes all materials used/read in the preparation of your assignment, not just those referenced or cited within the paper. The reason a bibliography is required (rather than a reference list) is that this will provide an insight into the range of your research activities which is part of the criteria for assessment. It is expected that the bibliography will be quite long. The bibliography needs to include specific articles or readings that you have actually accessed - not just a general link to a website or newspaper etc. Therefore if you use a source such as the AASB website, please reference every article that you have read separately. You should only include sources that are related to the area. For example, if you look at a particular publication but most of the content relates to taxation or auditing issues, it would not be appropriate to include these articles in your bibliography as these are not directly related to the area of interest. Newsletters without a bibliography may not be accepted or marked. When citing electronic sources, please also include the date accessed. If you are unsure how to cite and reference your readings, check the APA referencing guide here: APA referencing guide. Please be reminded that plagiarism is regarded as a serious issue within the University system with severe consequences for students who have been found to have deliberately plagiarised, the minimum penalty being zero for the assignment. All students should ensure that they are familiar with the plagiarism policy and referencing requirements before commencing assessment tasks. Question 2 [15 marks] 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: Kool Klothes Ltd Statement of financial position as at 30 June 2016 $000 Assets Cash at bank Receivables and inventory 84 190 Raw materials 12 Work in progress 24 Prepaid insurance 13 Kool Klothes Ltd Statement of financial position as at 30 June 2016 $000 Shares in listed companies (at cost) 40 Advertising costs 16 Property, plant, equipment and intangible assets 328 Motor vehicles 185 Patents 40 Cash management account 60 Total asets 992 Liabilities Accounts payable and provision for warranty 80 Allowance for doubtful debts 5 Accumulated depreciation - property, plant and equipment 48 Borrowings 120 Debentures 80 Current and deferred tax liabilities 36 Provision for annual leave 18 Retained earnings 90 Dividend payable 25 Total liabilities 502 Net assets 1 494 Equity Share capital - ordinary shares 490 Total equity 1 004 Additional information: Where AASB 101 requires entities to disclose further sub-classifications of the minimum line items either on the face of the statement or in the notes, the directors of Kool Klothes Ltd have advised you that they wish to disclose these sub-classifications in the notes and only report the minimum line items on the face of the statement. 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. Question 2 Discuss corrections / changes needed References Total Allocated marks 12 3 15 Rationale The purpose of this task is to help you further develop some of the skills and knowledge required and valued by the accountancy profession. The task that you will be required to undertake is similar to the tasks required of a professional accountant working within the financial reporting field. Accounting professionals need to ensure they are aware of current developments and that their knowledge is up to date. They need to be able to identify changes that have occurred that may impact on their work and to know where they can obtain information about these changes. In this assignment you are asked to provide a summary of recent developments relating to financial reporting. As such this assignment allows you to: develop the ability to identify and source changes to accounting/reporting requirements so as to update professional knowledge required for practice; acquire an awareness of current developments and changes (both locally and internationally) that may impact on current and future accounting and reporting rules and regulations; develop the ability to provide written material appropriate to the accountancy profession; appreciate the limitations of the currency of knowledge in a technical financial reporting area. This assignment will assess your ability to: prepare basic financial statements for reporting entities; and discuss critically and comprehensively changes and developments in the statutory and professional requirements upon which published financial statements are based. Marking criteria You will be assessed on the following: QUESTION 1: Newsletter (35 marks) The newsletter will be assessed in relation to the criteria specified in the following marking guide: Criteria High Distinction Research current The newsletter statutory and correctly identifies and professional reports on an sources for impressive range of current local and international developments changes/development and changes in s in the financial the financial reporting environment. reporting All news items environment relevant to large reported are directly relevant to financial ASX-listed reporting for large companies. Report findings ASX-listed companies. by categorising The newsletter clearly the information in differentiates between order of significant and minor importance, and news items. providing Distinction The newsletter correctly identifies and reports on a large range of local and international changes/development s in the financial reporting environment. Credit The newsletter correctly identifies and reports on a good range of local and international changes/development s in the financial reporting environment. Pass The newsletter correctly identifies and reports on a satisfactory range of local and international changes/development s in the financial reporting environment. Almost all of the news items reported are directly relevant to financial reporting for large ASX-listed companies. Many of the news items reported are directly relevant to financial reporting for large ASX-listed companies. Most of the news items reported are directly relevant to financial reporting for large ASX-listed companies. The newsletter clearly differentiates between significant and minor news items in most The newsletter The newsletter provides limited provides some differentiation between differentiation between significant and minor significant and minor Criteria focussed attention to major news items. [65%] High Distinction Appropriate detail is provided for all news items, with an emphasis on key aspects of major changes and developments. Distinction instances. Credit news items. Appropriate detail is Appropriate detail is provided for almost all provided for most news items, with an news items. emphasis on key aspects of major changes and developments. Appropriate detail is provided for some news items. Provide directions to readers to access further information. [5%] All news items provide details of where audience members can access further information, including website links where appropriate. Almost all news items provide details of where audience members can access further information, including website links where appropriate. Some news items provide details of where audience members can access further information, including website links where appropriate. Prepare bibliography of relevant information, presented in accordance with the APA referencing system. [10%] A very impressive range of highly relevant local and international sources listed in bibliography. An impressive range of A broad range of highly relevant local relevant local and and international international sources sources listed in listed in bibliography. bibliography. Bibliography prepared Bibliography prepared Bibiliography prepared according to the APA according to the APA according to the APA referencing system, referencing system referencing system, with some errors. without flaw. with minor flaw. A limited range of sources listed in bibliography. Publish written material appropriate to the accountancy profession. [20% The design of the newsletter is highly creative and it is structured exceptionally well. Most news items provide details of where audience members can access further information, including website links where appropriate. Pass news items. Bibliography prepared according to the APA referencing system, with a number of errors. The design of the newsletter is creative and it is very well structured. The design of the newsletter is simplistic but effective, and it is well structured. The design and structure of the newsletter is simplistic but effective. Titles and headings Titles and headings attract attention and attract attention and are informative. are highly informative. The writing style is The writing style is clear and succinct, succinct, cohesive, easy to read and it is easy to read and it is grammatically correct grammatically correct with accurate use of with accurate use of syntax, spelling and syntax, spelling and punctuation. punctuation. Titles and headings attract some attention and are informative in most cases. Titles and headings attract some attention, however could be more informative. The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation. The writing style is appropriate and easy to read most of the time, with mostly accurate syntax, spelling and punctuation. QUESTION 2: Preparation of Financial Statements (15 marks) Criteria High Distinction Prepare financial Demonstrates a statements in accordance comprehensive with the accounting understanding of the standards. presentation requirements in AASB 101 Distinction Demonstrates a thorough understanding of the presentation requirements in AASB 101 Credit Demonstrates a good understanding of the presentation requirements in AASB 101 Presentation of Pass Demonstrates a satisfactory understanding of the presentation Presentation of Presentation of Financial Statements Financial and the ability to Statements and the apply these ability to apply requirements to a these requirements range of practical to a range of situations, without practical situations, flaw. with minor flaw. Financial Statements requirements in and the ability to AASB 101 apply these Presentation of requirements to a Financial Statements range of practical and the ability to situations, with a apply these number of minor requirements to a errors. range of practical situations, with a Applies the definition Applies the Applies the definition number of errors. and recognition definition and and recognition criteria for assets, recognition criteria criteria for assets, Applies the definition liabilities, income, for assets, liabilities, income, and recognition expenses and equity liabilities, income, expenses and equity criteria for assets, in the Conceptual expenses and in the Conceptual liabilities, income, Framework to the equity in the Framework to the expenses and equity preparation of Conceptual preparation of in the Conceptual financial reports for Framework to the financial reports for Framework to the reporting entities, preparation of reporting entities, preparation of without flaw. financial reports for with a number of financial reports for reporting entities, minor errors. reporting entities, Where required, with minor flaw. with a number of workings, Where required, errors. explanations and Where required, workings, references are workings, explanations and Where required, provided, and are explanations and references are workings, accurate and references are mostly provided, and explanations and complete. provided, and are are accurate. references are mostly accurate partially provided, and complete. and are satisfactory. Presentation It is essential that presentation of assignments adheres to acceptable standards in relation to neatness and layout, as you are practicing to present material in a work situation. Correct formatting and referencing procedures following the APA referencing style should be strictly adhered to for all assignment tasks. Requirements Assignments must be submitted through Turnitin. It is recommended that your name, student ID and page number be included in the header or footer of every page of the assignment. Further details about submission are provided in Appendix 1. Question #1 Subject: Proposed changes in the Regulation and Financial Reporting and their Potential Impact on the Employees' Daily Routine Effect Date: January 1, 2017 Dear Staff Members, Introduction As we approach the preparation of the financial statements for our clients for the period ending 17 March 2017, we need to consider some of the changes that have been proposed by the Australian Board of Accounting concerning regulatory and reporting standards. This News Letter will identify that nature of these changes and their potential impact on the routine work of each employee. The News Letter will also provide further direction to you, the staff on how and where to access any further information concerning these proposed changes so as to keep at bar with the new accounting reporting and regulatory standards as you approach your task of preparing financial reports for the period ending 17th March 29, 2017. Please read through the sections that follow, analyzing each subheading to identify how your specific roles have been impacted by the proposed changes. Regulatory of Deferral Accounts This new regulation of recognizing deferral payments is expected to be adopted by Australian Organization that was previously using the AASB 14 which permits recognition of deferral payments according to GAAP standards. However, for comparison purposes, all companies listed on the ASX would be expected to switch to the new deferral account regulation recognized by the AASB. The newly amended AASB 2014-1 Part D makes it mandatory for non-first time users of AASB 14 to switch to the new deferral account regulatory standards as from July 1, 2016. Amendments to AASB Acceptable Methods of Recognizing Depreciation & Amortization The previous AASB 116 PP&E and AASB 138 Intangible Assets clauses of the AASB standards established that depreciation of any asset is not an appropriate revenue generating activity. In the amended clauses in the AASB standards effective from July 1, 2016, also clarify that revenue cannot be presumed as an inappropriate basis used to measure consumption of any economic benefit that is attached to a company's intangible asset. The amended clause, however, gives a benefit of doubt in some cases where the standard can be rebutted given certain limited circumstances. Amendment in the treatment of Superannuation Entities The amendment of AASB 1056 to replace the previous AAS 25 sets new standards for Financial Reporting by Superannuation Plans. The new standard introduces new requirements to be used in general purposes financial statement in the recognition and treatment of superannuation assets. The amendment gives new standards to superannuation financial statements presentation, measurement, and disclosures of any benefit obligations that can be derived from disaggregated financial reporting. Annual Improvements to the Australian Accounting Standards during the 2012-2014 Cycle The introduction of AASB 5 gives new recommendations on recognition and treatment of non-current assets that are held for sale or discontinued operations. The new standard gives guidelines on how to dispose these assets and how to recognize revenues from these assets. The Amended AASB 7 standard also provides more clarity on how to treat disclosures of financial instruments. The new amendment provides further guidelines on how to treat servicing contracts and other disclosures related to offsetting company's financial assets and liabilities and how they should be reported in the interim periods. Lastly, the amendments AASB 119 and AASB 134 also gives guidelines on how to treat employee benefits and on how to prepare interim financial reports. The AASB 119 clarifies in the discount rates on issued bonds that corporations can use for employee compensation. The AASB 134 amendment, on the other hand, clarifies on the meaning of information disclosures elsewhere in the prepared interim reports. Amendments in the Recognition of Deferred Tax Assets for Unrealized Losses The previous lobbying by most lobby groups has forced the government to review its corporate taxation policy allowing AASB to amend the AASB 112 Income Taxes standards. The new amendment allows accountants to recognize deferred taxes in company assets for unrealized losses on the company's incurred liabilities such as debt instruments which are measured at fair value. This new amendment allows the companies to tax credits deductions on unrealized losses on debt instruments at its fair value. The amendment also provides for certain deductions if the company is socially responsible where the government has set new tax policy that allows tax credit up to a certain value calculated from the fair value of the company's corporate social responsibility project within Australia. Conclusions The various amendments set to be effective between January 1, 2017, and July 1, 2017, would have major impacts on the financial reporting in the period ending March 17, 2017. It is important for each employee, therefore, to go through these developments and amendments in reporting standards and use his or her professional judgment to assess how they would affect his or her routine work. This newsletter contains various links and bibliography to articles, websites, journals and professional publications that explain the discussed changes and amendments in details. I would encourage all the staff to take their time and go through this articles, journals, and publications to get acquainted with all the information concerning the proposed changes and their impact to your normal routine. Bibliography 16-447MR ASIC defers the superannuation consistency requirements until 2019 | ASIC - Australian Securities and Investments Commission. (2017). Asic.gov.au. Retrieved 29 March 2017, from http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-447mr-asicdefers-the-superannuation-consistency-requirements-until-2019/ Australian Securities and Investments Commission - Table of r egulatory documents. (2017). Australian Securities Exchange. Retrieved 29 March 2017, from http://download.asic.gov.au/media/4193940/regdocstable-july-dec-2016-forweb.pdf New Accounting Standards and Interprettention. (2016). Ernest & Young Inc.. Retrieved 29 March 2017, from http://www.ey.com/Publication/vwLUAssetsew-accounting-standards-andinterpretations-30-June-2016/$FILE/ey-new-accounting-standards-and-interpretations-30-June2016.pdf New UK GAAP. (2017). Frc.org.uk. Retrieved 29 March 2017, from https://frc.org.uk/OurWork/Corporate-Governance-Reporting/Accounting-and-Reporting-Policy/New-UK-GAAP.aspx News. (2017). Aasb.gov.au. Retrieved 29 March 2017, from http://www.aasb.gov.au/News.aspx Question #2 The AASB 101 disclosure requirements states that for a profit making organization be in compliant with the IAS 1, its financial statements prepared for general purposes under the Australian Accounting Standards must have full disclosure of all the components of the financial reports. The full disclosure should either appear on the face of the financial statements or under the notes sections (AASB 101 Disclosure Requirements, 2015). In the KoolKloothes statements of financial position prepared by the trainee accountant, some of the corrections to be made on the statements are as discussed below. The asset section to begin with, raw materials and work inventories should be recognized as inventory on the balance sheet. They can then be broken down into their respective categories in the notes. Secondly, prepared insurance and advertising costs are not supposed to be included in the balance sheet. This are deferred payments and expenses which should be recognized only in the income statement. Motor vehicles should be added to the property, plant and equipment and later singled out in the notes. Intangibles assets should comprise of patents which should also be explained in the notes. The cash management account can be categorized under cash and equivalents and later explained in the notes. In the liabilities section, allowances for doubtful debts was wrongly placed. It should appear in the income statement instead. The accumulated depreciation -property, plant and equipment should also have appeared in the asset sections where it is supposed to be deducted from the gross property, plant and equipment to get net property, plant and equipment and later explained in the notes (New Accounting Standards and Interpretation, 2016). Provision for annul leave is also wrongly categorized. It should have been placed in the income statement as a deferred expense instead. Retained earnings and dividend payable should come in the equity section of the statement. The net assets were also wrongly categorized. The equity section should contain retained earnings, dividend payable, and share capital which would comprise of total equity and later each element explained in the notes. References New Accounting Standards and Interpretation. (2016). Ernest & Young Inc.. Retrieved 29 March 2017, from http://www.ey.com/Publication/vwLUAssetsew-accounting-standards-andinterpretations-30-June-2016/$FILE/ey-new-accounting-standards-and-interpretations-30-June2016.pdf Presentation of Financial Statements - AASB 101 DisclosureRequirements. (2015). AASB 101. Retrieved 29 March 2017, from http://www.aasb.gov.au/admin/file/content102/c3/AASB101_0907_ERDRjun10_07-09.pdf Question #1 Proposed changes in the Regulation and Financial Reporting and their Potential Impact on the Employees' Daily Routine Effect Date: January 1, 2017 Dear Staff Members, Introduction As we approach the preparation of the financial statements for our clients for the period ending 17 March 2017, we need to consider some of the changes that have been proposed by the Australian Board of Accounting concerning regulatory and reporting standards. This News Letter will identify that nature of these changes and their potential impact on the routine work of each employee. The News Letter will also provide further direction to you, the staff on how and where to access any further information concerning these proposed changes so as to keep at bar with the new accounting reporting and regulatory standards as you approach your task of preparing financial reports for the period ending 17th March 29, 2017. This is from 16-447MR ASIC defers the superannuation consistency requirements until 2019 | ASIC - Australian Securities and Investments Commission, 2017. Please read through the sections that follow, analyzing each subheading to identify how your specific roles have been impacted by the proposed changes. Regulatory of Deferral Accounts This new regulation of recognizing deferral payments is expected to be adopted by Australian Organization that was previously using the AASB 14 which permits recognition of deferral payments according to GAAP standards. However, for comparison purposes, all companies listed on the ASX would be expected to switch to the new deferral account regulation recognized by the AASB. The newly amended AASB 2014-1 Part D makes it mandatory for non-first time users of AASB 14 to switch to the new deferral account regulatory standards as from December 1, 2016. Amendments to AASB Acceptable Methods of Recognizing Depreciation & Amortization The previous AASB 116 PP&E and AASB 138 Intangible Assets clauses of the AASB standards established that depreciation of any asset is not an appropriate revenue generating activity. In the amended clauses in the AASB standards effective from December 1, 2016, also clarify that revenue cannot be presumed as an inappropriate basis used to measure consumption of any economic benefit that is attached to a company's intangible asset. The amended clause, however, gives a benefit of doubt in some cases where the standard can be rebutted given certain limited circumstances. Amendment in the treatment of Superannuation Entities The amendment of AASB 1056 to replace the previous AAS 25 sets new standards for Financial Reporting by Superannuation Plans. The new standard introduces new requirements to be used in general purposes financial statement in the recognition and treatment of superannuation assets. The amendment gives new standards to superannuation financial statements presentation, measurement, and disclosures of any benefit obligations that can be derived from disaggregated financial reporting. Annual Improvements to the Australian Accounting Standards during the 2012-2014 Cycle The introduction of AASB 5 gives new recommendations on recognition and treatment of noncurrent assets that are held for sale or discontinued operations. The new standard gives guidelines on how to dispose these assets and how to recognize revenues from these assets. The Amended AASB 7 standard also provides more clarity on how to treat disclosures of financial instruments. The new amendment provides further guidelines on how to treat servicing contracts and other disclosures related to offsetting company's financial assets and liabilities and how they should be reported in the interim periods. This is according to Ernest & Young Inc (2016) Lastly, the amendments AASB 119 and AASB 134 also gives guidelines on how to treat employee benefits and on how to prepare interim financial reports. The AASB 119 clarifies in the discount rates on issued bonds that corporations can use for employee compensation. The AASB 134 amendment, on the other hand, clarifies on the meaning of information disclosures elsewhere in the prepared interim reports. Amendments in the Recognition of Deferred Tax Assets for Unrealized Losses The previous lobbying by most lobby groups has forced the government to review its corporate taxation policy allowing AASB to amend the AASB 112 Income Taxes standards. The new amendment allows accountants to recognize deferred taxes in company assets for unrealized losses on the company's incurred liabilities such as debt instruments which are measured at fair value. This new amendment allows the companies to tax credits deductions on unrealized losses on debt instruments at its fair value: Australian Securities and Investments Commission - Table of r egulatory documents. (2017). The amendment also provides for certain deductions if the company is socially responsible where the government has set new tax policy that allows tax credit up to a certain value calculated from the fair value of the company's corporate social responsibility project within Australia. Conclusions The various amendments set to be effective between January 1, 2017, and March 1, 2017, would have major impacts on the financial reporting in the period ending March 17, 2017. It is important for each employee, therefore, to go through these developments and amendments in reporting standards and use his or her professional judgment to assess how they would affect his or her routine work. This newsletter contains various links and bibliography to articles, websites, journals and professional publications that explain the discussed changes and amendments in details, Aasb.gov.au. (2017). I would encourage all the staff to take their time and go through this articles, journals, and publications to get acquainted with all the information concerning the proposed changes and their impact to your normal routine. Bibliography 16-447MR ASIC defers the superannuation consistency requirements until 2019 | ASIC - Australian Securities and Investments Commission. (2017). Asic.gov.au. Retrieved 29 March 2017, from http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-447mr-asicdefers-the-superannuation-consistency-requirements-until-2019/ Australian Securities and Investments Commission - Table of r egulatory documents. (2017). Australian Securities Exchange. Retrieved 29 March 2017, from http://download.asic.gov.au/media/4193940/regdocstable-Dec 2016-March-2017-forweb.pdf New Accounting Standards and Interprettention. (2016). Ernest & Young Inc.. Retrieved 29 March 2017, from http://www.ey.com/Publication/vwLUAssetsew-accounting-standards-and-interpretations30-June-2016/$FILE/ey-new-accounting-standards-and-interpretations-30-June-2016.pdf News. (2017). Aasb.gov.au. Retrieved 29 March 2017, from http://www.aasb.gov.au/News.aspx Question #2 The AASB 101 disclosure requirements states that for a profit making organization be in compliant with the IAS 1, its financial statements prepared for general purposes under the Australian Accounting Standards must have full disclosure of all the components of the financial reports. The full disclosure should either appear on the face of the financial statements or under the notes sections (AASB 101 Disclosure Requirements, 2015). In the KoolKloothes statements of financial position prepared by the trainee accountant, some of the corrections to be made on the statements are as discussed below. The asset section to begin with, raw materials and work inventories should be recognized as inventory on the balance sheet. They can then be broken down into their respective categories in the notes. Secondly, prepared insurance and advertising costs are not supposed to be included in the balance sheet. This are deferred payments and expenses which should be recognized only in the income statement. Motor vehicles should be added to the property, plant and equipment and later singled out in the notes. Intangibles assets should comprise of patents which should also be explained in the notes. The cash management account can be categorized under cash and equivalents and later explained in the notes. In the liabilities section, allowances for doubtful debts was wrongly placed. It should appear in the income statement instead. The accumulated depreciation -property, plant and equipment should also have appeared in the asset sections where it is supposed to be deducted from the gross property, plant and equipment to get net property, plant and equipment and later explained in the notes (New Accounting Standards and Interpretation, 2016). Provision for annul leave is also wrongly categorized. It should have been placed in the income statement as a deferred expense instead. Retained earnings and dividend payable should come in the equity section of the statement, Ernest & Young Inc (2016). The net assets were also wrongly categorized, AASB 101 (2015). The equity section should contain retained earnings, dividend payable, and share capital which would comprise of total equity and later each element explained in the notes. References New Accounting Standards and Interpretation. (2016). Ernest & Young Inc.. Retrieved 29 March 2017, from http://www.ey.com/Publication/vwLUAssetsew-accounting-standards-and-interpretations30-June-2016/$FILE/ey-new-accounting-standards-and-interpretations-30-June-2016.pdf Presentation of Financial Statements - AASB 101 DisclosureRequirements. (2015). AASB 101. Retrieved 29 March 2017, from http://www.aasb.gov.au/admin/file/content102/c3/AASB101_0907_ERDRjun10_07-09.pdf