Contents

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Description

This assignment answers the following questions –
Part A
In recent times Australia has weathered cyclones, bushfires, droughts and floods which have significant impacts on Australian businesses.
What guidance do
AASB102 Inventories,
AASB139 Financial Instruments: Recognition and Measurement,
AASB136 Impairment of Assets,
AASB137 Provisions, Contingent Liabilities and Contingent Assets,
AASB 116 Property, Plant and Equipment
AASB120 Accounting for Government Grants and Disclosure of Government Assistance
offer business in terms of:
• Accounting for inventories damaged or destroyed,
• The collectability of financial assets and impairment losses,
• The impairment of goodwill and intangibles assets,
• onerous contracts
• The costs of purchasing, restoring or constructing damaged or destroyed items of property plant and equipment.
• Compensation from insurance policies and government
Part B
Whistleblowing –
• What is it?
• Is there a prima facie duty to report such business behaviours?
• Is there an obligation under the 2001 Corporations Act?
• Are there safeguards for the protection of those who disclose such information?
Discuss
Part C
How well do you know your professional accounting bodies?
• CPA Australia
• Institute of Chartered Accountants in Australia
• Institute of Public Accountants
Distinguish between each and between their professional recognition criteria for membership status