Professional Documents
Culture Documents
https://testbankfan.com/download/issues-in-financial-accounting-15th-edition-henders
on-solutions-manual/
Chapter 1
INSTITUTIONAL ARRANGEMENTS FOR
SETTING ACCOUNTING STANDARDS IN
AUSTRALIA
LEARNING OBJECTIVES
2 identify the major developments in the institutional arrangements for accounting standard
setting;
Australia;
QUESTIONS
1 The three main sources of regulation governing accounting policies and financial
reporting practices in Australia are government legislation, the Australian Securities
Exchange Ltd (ASX) Listing Rules, and accounting standards and other
pronouncements issued by the Australian Accounting Standards Board (AASB).
Government Legislation:
In the private sector, the most important legislation specifying financial reporting
Copyright © 2014 Pearson Australia (a division of Pearson Australia Group Pty Ltd) –
9781442561175/Henderson/Issues in Financial Accounting/15e
1
2 The role of the ASX’s Corporate Governance Principles and Recommendations with
2010 Amendments is to provide a voluntary code of best practice corporate governance
to guide listed companies. There are eight principles supported by 28 recommendations
provided to listed companies. The guidelines and associated recommendations are not
Copyright © 2014 Pearson Australia (a division of Pearson Australia Group Pty Ltd) –
9781442561175/Henderson/Issues in Financial Accounting/15e
2
mandatory. However, the listing rules include two mandatory requirements relating to
the corporate governance guidelines. First, ASX Listing Rule 4.10.3 requires listed
entities to disclose in their annual reports the extent to which they have followed the
guidelines during the reporting period. Second, ASX Listing Rule 12.7 requires that
companies included in the S&P/All Ordinaries Index have an audit committee and that
companies included in the S&P/ASX 300 Index have an audit committee that is
constituted in accordance with the guidelines.
The guidelines are considered evolutionary by the ASX Corporate Governance
Council. That is, the Council is ‘committed to a continuing review of these principles
and best practice recommendations to ensure that they remain relevant, take account of
local and international developments, and continue to reflect international best practice’
(Corporate Governance Council, 2003, p. 7).
3 The Australian Professional and Ethical Standards Board (APESB) was established as
an initiative of CPA Australia and the ICAA primarily to develop and issue appropriate
professional and ethical standards for their membership. (The IPA has subsequently
become a member.)
The APESB has reviewed existing professional and ethical standards such as the old
Code of Professional Conduct and Miscellaneous Professional Statements (APS series)
and guidance notes (GN series). The subsequent APES series of ethical and professional
standards approved by the APESB are mandatory for accountants who are members of
CPA Australia, the ICAA and the IPA.
The specific professional standard and ethical standard APES 205 ‘Conformity with
accounting standards’ requires members to comply with accounting standards as
follows:
4.3 Members who are involved in, or are responsible for, the preparation and/or
presentation of Financial Statements of a Reporting Entity shall take all
reasonable steps to ensure that the Reporting Entity prepares General Purpose
Financial Statements.
5.1 Members shall take all reasonable steps to apply Australian Accounting Standards
when they prepare and/or present General Purpose Financial Statements that
purport to comply with the Australian Financial Reporting Framework.
5.2 Where Members are unable to apply Australian Accounting Standards pursuant to
paragraph 5.1, they shall take all reasonable steps to ensure that any departure
from Australian Accounting Standards, the reasons for such departure, and its
financial effects are properly disclosed and explained in the General Purpose
Financial Statements.
5.5 Members in Public Practice shall take all reasonable steps to ensure that Clients
have complied with Australian Accounting Standards when they perform an Audit
or Review Engagement or a compilation Engagement of General Purpose
Financial Statements which purport to comply with the Australian Financial
Reporting Framework.
Copyright © 2014 Pearson Australia (a division of Pearson Australia Group Pty Ltd) –
9781442561175/Henderson/Issues in Financial Accounting/15e
3
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of A call
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Title: A call
The tale of two passions
Language: English
LONDON
CHATTO & WINDUS
1910
CONTENTS
PART I
PART II
PART III
PART IV
PART V
EPISTOLARY EPILOGUE
PART I
A CALL
II
THAT was not, however, to be the final colloquy between Robert
Grimshaw and Ellida Langham, for he was again upon her doorstep
just before her time to pour out tea.
“What is the matter?” she asked; “you know you aren’t looking
well, Toto.”
Robert Grimshaw was a man of thirty-five, who, by reason that
he allowed himself the single eccentricity of a very black, short
beard, might have passed for fifty. His black hair grew so far back
upon his brow that he had an air of incipient baldness; his nose was
very aquiline and very sharply modelled at the tip, and when, at a
Christmas party, to amuse his little niece, he had put on a red
stocking-cap, many of the children had been frightened of him, so
much did he resemble a Levantine pirate. His manners, however,
were singularly unnoticeable; he spoke in habitually low tones; no
one exactly knew the extent of his resources, but he was reputed
rather “close,” because he severely limited his expenditure. He
commanded a cook, a parlourmaid, a knife-boy, and a man called
Jervis, who was the husband of his cook, and he kept them upon
board wages. His habits were of an extreme regularity, and he had
never been known to raise his voice. He was rather an adept with
the fencing-sword, and save for his engagement to Katya Lascarides
and its rupture he had had no appreciable history. And, indeed,
Katya Lascarides was by now so nearly forgotten in Mayfair that he
was beginning to pass for a confirmed bachelor. His conduct with
regard to Pauline Lucas, whom everybody had expected him to
marry, was taken by most of his friends to indicate that he had
achieved that habit of mind that causes a man to shrink from the
disturbance that a woman would cause to his course of life. Himself
the son of an English banker and of a lady called Lascarides, he had
lost both his parents before he was three years old, and he had been
brought up by his uncle and aunt, the Peter Lascarides, and in the
daily society of his cousins, Katya and Ellida. Comparatively late—
perhaps because as Ellida said, he had always regarded his cousins
as his sisters—he had become engaged to his cousin Katya, very
much to the satisfaction of his uncle and his aunt. But Mrs.
Lascarides having died shortly before the marriage was to have
taken place, it was put off, and the death of Mr. Lascarides, occurring
four months later, and with extreme suddenness, the match was
broken off, for no reason that anyone knew altogether. Mr.
Lascarides had, it was known, died intestate, and apparently,
according to Greek law, Robert Grimshaw had become his uncle’s
sole heir. But he was understood to have acted exceedingly
handsomely by his cousins. Indeed, it was a fact Mr. Hartley Jenx
had definitely ascertained, that upon the marriage of Ellida to Paul
Langham, Robert Grimshaw had executed in her benefit settlements
of a sum that must have amounted to very nearly half his uncle’s
great fortune. Her sister Katya, who had been attached to her mother
with a devotion that her English friends considered to be positively
hysterical, had, it was pretty clearly understood, become exceedingly
strange in her manner after her mother’s death. The reason for her
rupture with Robert Grimshaw was not very clearly understood, but it
was generally thought to be due to religious differences. Mrs.
Lascarides had been exceedingly attached to the Greek Orthodox
Church, whereas, upon going to Winchester, Robert Grimshaw, for
the sake of convenience and with the consent of his uncle, had been
received into the Church of England. But whatever the causes of the
rupture, there was no doubt that it was an occasion of great
bitterness. Katya Lascarides certainly suffered from a species of
nervous breakdown, and passed some months in a hydropathic
establishment on the Continent; and it was afterwards known by
those who took the trouble to be at all accurate in their gossip that
she had passed over to Philadelphia in order to study the more
obscure forms of nervous diseases. In this study she was
understood to have gained a very great proficiency, for Mrs. Clement
P. Van Husum, junior, whose balloon-parties were such a feature of
at least one London season, and who herself had been one of Miss
Lascarides’ patients, was accustomed to say with all the enthusiastic
emphasis of her country and race—she had been before marriage a
Miss Carteighe of Hoboken, N.Y.—that not only had Katya
Lascarides saved her life and reason, but that the chief of the
Philadelphian Institute was accustomed always to send Katya to
diagnose obscure cases in the more remote parts of the American
continent. It was, as the few friends that Katya had remaining in
London said, a little out of the picture—at any rate, of the picture of
the slim, dark and passionate girl with the extreme, pale beauty and
the dark eyes that they remembered her to have had.
But there was no knowing what religion might not have done for
this southern nature if, indeed, religion was the motive of the rupture
with Robert Grimshaw; and she was known to have refused to
receive from her cousin any of her father’s money, so that that, too,
had some of the aspect of her having become a nun, or, at any rate,
of her having adopted a cloisteral frame of mind, devoting herself, as
her sister Ellida said, “to good works.” But whatever the cause of the
quarrel, there had been no doubt that Robert Grimshaw had felt the
blow very severely—as severely as it was possible for such things to
be felt in the restrained atmosphere of the more southerly and
western portions of London. He had disappeared, indeed, for a time,
though it was understood that he had been spending several months
in Athens arranging his uncle’s affairs and attending to those of the
firm of Peter Lascarides and Company, of which firm he had become
a director. And even when he returned to London it was to be
observed that he was still very “hipped.” What was at all times most
noticeable about him, to those who observed these things, was the
pallor of his complexion. When he was in health, this extreme and
delicate whiteness had a subcutaneous flush like the intangible
colouring of a China rose. But upon his return from Athens it had,
and it retained for some time, the peculiar and chalky opacity. Shortly
after his return he engrossed himself in the affairs of his friend
Dudley Leicester, who had lately come into very large but very
involved estates. Dudley Leicester, who, whatever he had, had no
head for business, had been Robert Grimshaw’s fag at school, and
had been his almost daily companion at Oxford and ever since. But
little by little the normal flush had returned to Robert Grimshaw’s
face; only whilst lounging through life he appeared to become more
occupied in his mind, more reserved, more benevolent and more
gentle.
III
IV