Referencing Styles : APA On successful completion of this subject, you should be able to prepare basic financial statements for reporting entities; be able to discuss critically and comprehensively the statutory and professional requirements upon which published financial statements are based; be able to explain the form and content of financial statements; be able to interpret and apply generally accepted accounting principles and specific financial reporting standards relating to concepts of recognition, measurement, disclosure, revaluation and impairment of key financial statement elementsComplete the 2 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to 15% in total. All workings, when appropriate, must be shown to substantiate your answers. Question 1 [35 marks] The regulatory environment for financial reporting You are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts; and for advising staff in client firms who are responsible for preparing financial reports. The firm only deals with large Australian companies listed on the Australian Securities Exchange. One of your key tasks is to monitor the changes and developments in the financial reporting environment and summarise them in a regularly published newsletter. Required: Prepare a that identifies and summarises developments and changes in the financial 2 page newsletter reporting environment for the period , inclusive. January - March 2016 Detailed guidelines for completing this question: 1. Monitoring of changes and developments This will involve regular monitoring of a number of sources over the required period. The sources should be varied in range, as you will need to identify and consider developments/changes relating to: Technical issues such as issue of new accounting standards, exposure drafts or other pronouncements or interpretations. Regulation and monitoring of financial reporting. Political influences or other potential developments (such as identification of any reporting failures) that could impact or may be of interest to staff (such as Enron or Parmalat failure). '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. A section on 'international' items/developments must be included in the newsletter.