ipl-logo

Australia Financial Reporting Essay

2868 Words12 Pages

There are four main boards involved in the regulatory influences on external reporting for public companies in Australia 1. The Australian Securities and Investments Commission (ASIC) and The International Accounting Standards Board (IASB) 2. The Australia Accounting Standards Board 3. Financial Reporting Council (FRC) and 4. The Australian Securities Exchange (ASE) In 2000, a number of important changes were made in the way the accounting regulations and requirements (such as accounting standards) are developed in Australia. One implication of the changes was that the role of the Australian Accounting Research Foundation (AARF) (a body that has already been dissolved but which was jointly funded by the Institute of …show more content…

The ASC was established in 1989 by the 1989 Act, the Securities Commission of Australia (Cwlth) and it replaced the National Companies and Securities Commission (NCSC).The name was changed to ASC ASIC in July 1998 to reflect the increased responsibility assigned to the ASC regarding the supervision and regulation of various investment products, including retirement, approved deposit accounts and savings accounts for retirement. ASIC's website (www.asic.gov.au) provides an overview its role. The information provided on the website of the role of ASIC is reproduced in overleaf. As indicated in ASIC is solely responsible for the administration of legislation corporations in …show more content…

We will consider the list of IAS accounting standards later in this chapter. It is worth re-emphasize here that the Most of the IAS underwent changes in 2003 or 2004 as Australia moved towards the adoption of accounting standards published by the IASB in 2005. We will focus on the IAS, which are mostly the same as the regulations issued by the IASB throughout the rest of this book. The NIC informs the Financial Reporting Council (FRC). The FRC assumed a supervisory role with respect to NIC, and appoints twelve part-time members NIC. The part-time members of the NIC from a variety of funds, including the private sector, government, academia, Big 4 accounting firms and independent consultants. Section 236B of the ASIC Act requires that a person can not be appointed to the NIC unless your "knowledge of, or experience in, business, accounting, law or government qualifies for appointment. "The president full time IAS is appointed by the federal treasurer (for now should increasingly clear how much government control is try to exert on the establishment of accounting standards). The attachment structure of accounting standards Australia can be summarized schematically as in Figure

Show More
Related
1217 Words | 5 Pages

The ACL commenced on 1 January 2011 and is a cooperative reform of the Australian Government and the States and Territories through the Legislative and Governance Forum on Consumer Affairs (CAF). The ACL is administered and enforced jointly by the Australian Competition and Consumer Commission (ACCC) and the State and Territory consumer protection agencies, with the involvement of the Australian Securities and Investments Commission (ASIC) on relevant matters. Fair trading Australian federal and state laws protect business and customers from unfair trading practices. Provides information about things to consider when ensuring your business meets fair trading

Read More
129 Words | 1 Pages

The American Institute of Certified Public Accountants (AICPA) is known as a professional accounting organization who members are all certified public accounting (CPA). The task of the AICPA is ever changing to cover more in accounting. For example in the 1930s, the AICPA had set up a special committee to work with the New York Stock Exchange on matters that show common interest. Due to this special committee, in 1939, two standing committees, the Committee on Accounting Procedures and the Committee on Accounting Terminology was establish. These committees were active for 20 years and in that time issued 51 Accounting Research Bulletins (ARBs).

Read More
887 Words | 4 Pages

FASB Accounting Standards Codification Project The FASB Accounting Standards Codification is the source of the authoritative generally accepted accounting principles, which is GAAP, recognized by the FASB to be applied to nongovernmental entities. The Codification is the result of a major 5 years project, including more than 200 people from multiple entities. The FASB developed a codification project which resulted in a key-word searchable data base of the authoritative literature for the US financial reporting. Rationale for the Project The Codification has been approved by FASB in June 2009 as the single official source for the US nongovernmental financial reporting.

Read More
314 Words | 2 Pages

Excellent company presentation to the computing industry enables the company to grow and to gain profit. Obviously, as listed in Australian Stock Exchange- Australian based stock market, prospective buyers are looking at the company profile to gain knowledge about its market profitability. Trading at stock market may be viewed how the product or stocks being offered is popular and profitable in the long run. In this connection, the company provided its own website- http://bravurasolutions.com/ to cater its clients and investors as well.

Read More
326 Words | 2 Pages

AASB 15 which will replace AASB 111, AASB 118 and AASB 1004 resolve the contradictions and deficiency about the accounting standard specially in following 2 parts: 1.Determining the transaction price 2.Disclosure This part of article will discusses the possible impacts related by determining the transaction price and disclosure how to affect Qantas’ current operations and financial statements. Qantas Airways Limited is the largest airline company in Australia. Operating such large airline cannot leave revenue from contacts with customers. Qantas has a service called Price Promise.

Read More
601 Words | 3 Pages

Introduction Like central banks in most industrialized countries, the Reserve Bank of Australia takes responsibilities for formulating and implementing the monetary policy by using a short-term interest rate as its operating instrument. To set the monetary policy, the RBA announces a target level for the cash rate, which is determined by the Board of RBA at its monthly meeting (RBA, 2003). As a member of the Board of RBA, a recommendation is raised that the RBA should decrease the level of cash rate by 25 basis point from 2.25% to 2% in May 2015. In this article, aiming to achieve three basic objectives of monetary policy, it will be discussed from three major aspects: iron ore price, Australian dollar and Sydney property market. Argument

Read More
340 Words | 2 Pages

Aren’t getting any success in the Australian share market? Want to generate steady monthly income through the share market? The investors now have expert assistance at their disposal. Total Options, a Queensland-based advisory firm with experienced and skilled advisers, gives exceptional Australian share market advice to investors, both novice and expert, who want to turn their luck and create consistent monthly income through investing in the share market. Investing in the share market, whether it is the Australian Securities Exchange (ASX), New York Stock Exchange (NYSE), London Stock Exchange (LSE), or any other stock exchange, is always risky.

Read More
928 Words | 4 Pages

financial flows between Australia and the rest of the world during a given period of time. It is presented in two accounts: the current account and the capital and financial account. The current account and the capital and financial account are commonly linked. Both accounts a related in terms investment flows and income flows, and ultimately allow the Balance of payments to sum to zero. The current account records are non-reversible transactions, including trade in goods and services and net primary (NPY) and secondary (NSY) income flows.

Read More
964 Words | 4 Pages

(International Convergence, 2014) Having various standards makes it more difficult for investors, lenders, creditors, and other users who have to generate various financial statements that will be viewed internationally. For international companies, statements have to meet the criteria of each regions standards involved. If completed and implemented, the new internationally converged accounting standards are said to create a more transparent and accurate means of financial reporting with increased comparability across the world.

Read More
227 Words | 1 Pages

Conclusion Tax is an important tool for governments to narrow the gap between the wealth and the pool, and further provide public services and ensure social equity. Therefore, no matter in developing countries such as China, or developed countries such as the UK and Australia, individual tax are used to support public expenditure and struggle with income inequality. This is why the three countries all have a progressive tax system with some reasonable allowances. However, because of the different political, economic systems and national conditions, there are some differences exist. Firstly, the tax rates are different which is due to the disparate average income level and income inequality.

Read More
1352 Words | 6 Pages

Introduction: Australia’s economy has struggled with a Current Account Deficit for the decades. This has been perpetuated by the increasing amount of imports our country has accepted from countries like China, and the amount of goods and services we have exported not being able to compete. The deficit has increased dramatically in recent years due to commodity prices dropping, increasing overseas competition and the overvalued dollar. A state incurs a Current Account Deficit (CAD) when its national account spends more money internationally than it is able to bring into the country.

Read More
526 Words | 3 Pages

This part will concentrate on strength of Commonwealth Bank, for example disabled people work, work life balance and gender diversity in the Commonwealth Bank. In Commonwealth Bank’s annual report (2016) mentioned that since 2004, the Commonwealth Bank provides the Network policy for employees, this policy was initiated by Group Decision-making sponsors for disability Annabel Spring and David Cohen at an event support in June 2013. This Network policy allow the employee can distance work and try to create a comprehensive workplace for everyone, especially the disabled people in their company (Commonwealth 2016). From the public standpoint, hire disabled people can create a positive corporate image (Chris n.d.). Also, disabled people in the workplace bring plenty benefits for the commonwealth

Read More
223 Words | 1 Pages

Dear HR manager I am writing to express my interest in your posting for Junior Accounting. I would like to have a career to expand my experience in Accounting. My background aligns with your qualifications that you are seeking. I will bring my skill-set for working in you company, and I would make valuable addition to your team. With my educational background, I am adept in knowledge of accounting principle and cost accounting principle.

Read More
2597 Words | 11 Pages

For the irregularities of the industry, ASIC is negligence of duty, did not stop this bad behaviour in time, industry supervisor did no financial planners responsibilities for constraints which made the financial market and the customer have suffered huge losses. In contrast, Australian Securities and Investment Commission, as a industry supervisor, once it's regulation when there is no practical significance, its power will be built on stilts, soon loses control of the industry, causing irreversible decline. If we want to perfect the supervision mechanism of ASIC, we first need to understand what obligations financial planners should fulfil. Synthesize above industry vocational demand, as a financial planner, fulfil the fiduciary obligation to perform, to keep the customer loyalty. Only in this way can harmony

Read More
1604 Words | 7 Pages

2.1 Conceptual Framework This section elaborates on concepts such as accounting, history of accounting, it roles and function in organization, its components and branches and the concept of Small and medium enterprises was discussed and their adoption of accounting practices. These concepts were examined based on the ideas of experts and scholars in this field. This is to ensure that adequate understanding is gained on these issues. 2.1.1 Concept of Accounting Many times, accounting has been described as the language of business.

Read More

More about Australia Financial Reporting Essay

Open Document