1. Why is it necessary to regulate external financial reporting of a reporting entity such as Auckland International Airport Limited?

1.Why is it necessary to regulate external financial reporting of a reporting entity such as Auckland International Airport Limited? 

2.What is the role of the conceptual framework of accounting, and accounting standards in external financial reporting in New Zealand?

3.What does the relevant accounting standard/s prescribe for the presentation and disclosure of information in the financial statement allocated to you (Statement of Profit and Loss and other Comprehensive Income; Statement of Changes in Equity; Balance Sheet; Statement of Cash Flows) and what is your evaluation of the extent of application of the relevant accounting standard by AIA?  

4.What are some examples of items in the financial statements of AIA where there has been application of professional/management judgement and/or use of accounting estimates?

5.What issues arise when there is application and use of professional/management judgements and estimates for disclosure of items in financial statements?