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 Stock Exchange. One of your key tasks is to monitor the changes and developments in the financial reporting environmentand summarise them in a regularly published newsletter.

Required:

Prepare a 2 page newsletter that identifies and summarises developments and changes in the financial reporting environment for the period23 July 2012 - 27 August 2012, inclusive