Turn back time?

Article Abstract:

The two exemptions, which fall within the First Time Adoption of International Financial Reporting Standards (IFRS), deal with financial instrument and accounting on transition. The retrospective application of IFRSs is prohibited by the IFRS 1 in three areas, namely use of estimates, derecognition of financial instruments and hedge accounting.

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In gov we trust

Article Abstract:

The national and state auditors-general has instituted benchmarks to measure the quality of governance of the bureaucrats in the public sector within their jurisdictions. The guidelines also take into account that the public sector has the responsibility towards the welfare of the society such as the provision of health care and education.

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Licensed to advise

Article Abstract:

The legal requirements to be fulfilled by accountants in Australia are discussed in the light of changing regulations. The number of accountants with licenses will increase as they move into financial planning in response to public demand, however, for those who do want to be license holders other options exist.

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