Australian bookkeeping gauges are set by the Australian Accounting Standards Board (AASB) and have the power of law for Corporations law elements under s 296 of the Corporations Act 2001. They should likewise be connected to all other universally useful monetary reports of reporting elements in general society and private parts.Australian Accounting standards board oversee process of accouting standards if all companies registerd with ASIC complying with these standards and their financial reports are maintend with standards to keep public share holders money in safe hand in past many auditors companies used to ignore accounting standards to give companies actual financial figuers lower or higher to keep their shares prices or investors intact this lead to so many financial crises and collapse of comapanies.The case analyses the high standards required by the accounting profession in line with the requirements of the Australian Standards Board prescription. Further, the case is analyzed technically in line with the accounting standards prescribed by the institute. Here, an employee accountant of a company is asked to iron out the volatility in the profits of a company by using a depreciation method which assists the company to show consistency in profits over the next three years, The employee disregarding the standards of ethics and accounting set by the institute decides to change the method of depreciation and not disclose the same. The analysis and inference is based on the pedestal of two main standards which is the Accounting standards as per the Accounting Standards Board and “Ethics and Governance standards” for a CPA
Accounting Standard AASB116, AASB108 4
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...ASB standards [Accessed 18 May 2016].
Australian Financial Reporting Manual. (2016). APES 205.
Cpaaustralia.com.au. (2016). An overview of APES 110 Code of Ethics. [online] Available at: http://www.cpaaustralia.com.au/professional-resources/ethics/apes/overview [Accessed 18 May 2016].
Government of South Australia, (2016). Asset Accounting Policy Statement.
Legislation.gov.au. (2016). AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors - July 2004. [online] Available at: http://www.legislation.gov.au/Series/F2005B01544 [Accessed 18 May 2016].
Legislation.gov.au. (2016). AASB 116 - Property, Plant and Equipment - July 2004. [online] Available at: https://www.legislation.gov.au/Details/F2005B00678 [Accessed 18 May 2016].
Lgam.info. (2016). AASB 116 - LGAM Knowledge Base. [online] Available at: http://www.lgam.info/aasb-116 [Accessed 18 May 2016].
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