The regulatory environment and financial reporting

You are employed in a large accounting firm which specialises in preparing general purpose financial reports for large companies that are listed on the Australian Securities Exchange (ASX). As the training manager, one of your key tasks is to prepare a regular newsletter for staff involved in the preparation of the above financial reports. The purpose of the newsletter is to keep staff updated on the latest financial reporting news, alerting staff of changes and developments that may impact their work, and provide enough information to staff to satisfy the following:


Prepare a 2 page newsletter that identifies and summarises changes / developments and news in the financial reporting environment for the observation period from 1 March 2020 to 31 July 2020, inclusive.

Detailed guidelines for completing this task:

1. Identification of changes and developments

Your newsletter will require you to undertake extensive research on a number of sources over the observation period required above. You will need to identify and consider a range of developments/changes such as:

You will need to consider both local (Australian) and international sources and developments which are relevant to your targeted audience.

The restriction of a 2 page newsletter means that you need to use your own judgment as to whether to include information about specific news items and changes / developments, and how much information to include. It is not intended that you provide complete details of changes / developments (although you may consider that more detail is needed in particular cases).

Given the target audience, it would be assumed that they have a working knowledge of common terms and abbreviations (such as AASB, IASB), so abbreviations may be used.

What not to consider?

You need to take care that the news / changes / developments included in the newsletter are relevant to the objective, in particular that they relate directly to the preparation of general purpose financial reports for large companies listed on the ASX. The newsletter should notconsider areas only indirectly related to the preparation of financial reports such as (this is not an exhaustive list):

2. Potential sources

Given the scope of the potential influences on financial reporting, you will need to research a range of sources. Below is a list of sources that may be of interest. Note that this list is not exhaustive, students should search for sources outside of these. Students should not rely on any one type of source, but a range of sources from each category, i.e. do not just look at websites, also check journals, newspapers etc. Examples of possible information sources include:

(a) Websites such as those of:

(b) Professional publications:

(c) Newspapers/journals

3. Format and presentation

The following are to be observed for your newsletter preparation.

Don’t be afraid to be creative. The effectiveness of a newsletter is impacted by how interesting the readers find it.

4. Bibliography and referencing

This assessment must include a bibliography using the APA 7th edition, rather than a reference list (this should not be part of your newsletter and is to be given on a separate page). A bibliography includes all materials used/read in the preparation of your assignment, not just those referenced or cited within the paper. The reason a bibliography is required (rather than a reference list) is that this will provide an insight into the range of your research activities which is part of the criteria for assessment. It is expected that the bibliography will be quite long. The bibliography needs to include specific articles or readings that you have actually accessed – not just a general link to a website or newspaper etc. Therefore if you use a source such as the AASB website, please reference every article that you have read separately. You should only include sources that are related to the area of interest. For example, if you look at a particular publication but most of the content relates to taxation or auditing issues, it would not be appropriate to include these articles in your bibliography as these are not directly related to the area of interest.

Newsletters without a bibliography may not be accepted or marked.

When citing electronic sources, please also include the date accessed. If you are unsure how to cite and reference your readings, check the APA referencing guide here: APA referencing guide(

Please be reminded that plagiarism is regarded as a serious issue within the University system with severe consequences for students who have been found to have deliberately plagiarised, the minimum penalty is zero for the assignment. All students should ensure that they are familiar with the plagiarism policy and referencing requirements before commencing assessment tasks.

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It is essential that the presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practising to present material in a work situation. Correct formatting and referencing procedures of material should be strictly adhered to.

Detailed presentation requirements are provided in the ‘Task’ section above.

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You must submit your assignment via Turnitin in both Word andPDF file format. Any submissions in other file types (such as Excel or Publisher) are not supported by Turnitin and hence will not be marked.