Prepare a 2 page newsletter that identifies and summarises developments and changes in the financial reporting environment for the quarter from 1 May to 31 July 2016.Detailed guidelines for completing this task:1. Identification of changes and developmentsThis will involve extensive research on a number of sources over the required period. You will need to identify and consider developments/changes relating to:• Technical issues such as the issue of new accounting standards, exposure drafts or other pronouncements or interpretations.• Regulation and monitoring of financial reporting.• Political influences or other potential developments. 'Political' does not only mean action from politicians – it would 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.