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AC562 lecture 2

AC562 lecture 2. The Internet as a reporting medium IASC paper Hussey, Guiliford and Lymer paper.

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AC562 lecture 2

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  1. AC562 lecture 2 • The Internet as a reporting medium • IASC paper • Hussey, Guiliford and Lymer paper

  2. ‘Due to technological advances, the balance sheet, as a primary financial reporting statement, will be obsolete.’ Discuss this statement. Conclude on whether you think this possibility is a good or bad thing.

  3. IASC paper • Technological opportunities for business reporting • Empirical studies relating to Internet reporting • Descriptive research • Speculative research • Standard for business reporting on the Internet

  4. Code of conduct • Relationship of a web-based report to other web-based material or reports in other forms • GAAP reconciliations - IAS reconciliation? • Completeness of information • Audited/unaudited information • Timeliness – dating of documents • Equal availability • Responsibility for electronic information • Security precautions/authentication

  5. For lecture 3 in week 5 • Assuming the existing reporting model and regulatory framework could be scrapped, and you were asked to design a business reporting model for a private company with a wide stakeholder base, what would be the key aspects of you model? • Format, content, regulation, security, objectives of financial reporting

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