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The Australian standard setter i.e. the AASB has changed its role since the adoption of IFRS in 2005.  It is not solely making accounting standards for use by Australian reporting entities, much of that role is now undertaken by the IASB in its development of IFRS. IFRS adoption means that the AASB can now contribute to the development of global financial reporting standards. Most recently, the AASB provided export support on the IASB's discussion paper on 'extractive activities'. Adopting IFRS means that there is a reduction in standard setting costs for Australia. Adopting Australian equivalents of IFRS means that there is still scope for the AASB to tailor the IFRS to meet the needs of Australian entities. For example: certain IFRS test bank standards will be made available to specific Australian entities rather than all Australian entities. Conversely, there will be other IFRS which the intention is for a more narrow group of entities e.g. all listed companies and in Australia it might be applies to both proprietary and limited companies. Adopting Australian equivalents means that there is also the scope to change the wording of certain standards to “fit” the Australian business environment for test bank .

1.5  The sustainability report is a recent disclosure by some Australian companies. The Qantas Group’s sustainability report includes disclosures on occupational health and safety, environmental information, customer information including number of on-time arrivals and employee absenteeism. What do you think are the advantages and disadvantages to the company of providing such disclosures?

Test bank disclosures provide a positive signal about the company to various stakeholders such as consumers, investors, general public, employees and suppliers. The disclosures can provide information to investors to determine the future of an entity and to assess the future cash flows for dividends and the possibility of capital growth of investment. Employees can use the information to ascertain job security and future promotional opportunities.  Suppliers of the entity can use the information to determine an entity’s ability to repay debt associated with purchases textbook solutions.

1.6 Textbook solutions is historical cost nature of the annual report is seen as being a limitation of financial accounting information. What do you think are the advantages and disadvantages of using historical costs? Can you think of any alternative ways of measuring assets that my provide advantages over using historical cost?

Historical cost accounting requires that items in the annual report such as assets are reported at their original cost. This has various advantages. Historical costs are seen as being reliable figures where there has been evidence of the actual price e.g. invoice, receipt. Other methods of valuation are not always reliable, as management can use their discretion (sometimes opportunistically) to arrive at the value which could be detrimental to the firm.  Disadvantages of using historical costs are that they may not be relevant and for that reason may not reflect the real value of the firm. Lenders most likely would be interested in the historical cost of Balance Sheet items and if there are any impairment losses. Other alternative methods include market value for assets such as land. For assets such as inventory,textbook solutions.

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