Ifferential accounting for not-for-profits and government entities in Australia.
The attached instructions are extremely important. In the essay we should be arguing either for or against differential accounting standards. After the introduction of the essay, several terms should be defined such as:
Users (of financial statements), Reporting Entity, General Purpose Financial Reports, etc.
The paper should argue for having differential reporting for not-for-profits and government entities.
Things to be considered can be capital market needs for information, complexity of IFRS and cost/benefit analysis for not-for-profits and government entities in preparing financial reports similar to those of big companies, maybe convergence and harmonisation of accounting standards.
Since it is in Australia, the essay should talk about the AASB and to some extent the IASB.
Additional information is available upon request.
There should be a variety of references such as:
the UK Charities Commission
Australian Accounting Standards Board
International Accounting Standards Board
and others that have something to say about differential accounting.