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Corporate and Financial Accounting
Course Name
Course Date
Student’s Name
Corporate and Financial Accounting                                11
Table of contents
Contents
Introduction    3
Corporate Regulations    3
Accounting standard setting    4
Owner’s Equity    6
Conclusion:    10
References    11
Introduction
In this report, we have analysed different aspects and perspectives of corporate accounting in terms of the IFRS and AASB. The report presents the analysis of financial reporting as well as the convergence between AASB and IFRS. In the last section of the report, the equity aspect of four ASX listed companies have been analysed. The last section of the report also analyse about the debt proportion of the companies.
Corporate Regulations
Financial Reporting is one of the most important aspects for an organization. The organizations need to follow the set rules and principles for preparing their financial statements and reporting them. There are different governing bodies who put forward the principles and the guidelines of the standards followed by the different countries. The presentation of the financial statements are based on the standards and the principles of the standards. It is important for the organizations to comply with the accounting standards that are brought forward by GAAP, IFRS or IASB. There are different aspects that need to be considered by the company when reporting their financials.
It is important that the financial reporting of the company is regulated. The disclosure of the financial reports and the aspects that needs to be considered by the company should be made as per the set standards of the company.
As per the regulatory authorities, there are several aspects that needs to be followed by the company in reporting its financials. This includes the objective of general purpose financial reporting, qualitative characteristics, financial statements and reporting entity, elements of the financial statements, recognition of the revenues and expenses, measurement of the inventory and other assets, presentation and disclosure. There are several qualitative aspects that the company should follow while preparing its financial reports. Some of the aspects includes that the financial reports should be true and fair and should not be misguiding. The financial reporting should take into consideration the concept of understand ability, decision usefulness, relevance, reliability, faithfulness and comparability and consistency. With the regulated financial reporting, the company has to report the financial reports as well as statements as per the set rules and standards. This will help the company as well as the investors to have a better understanding of the financial reports as well as proper reporting of all the major aspects of the financial reports and the company. If the managers are given an option to report their financial accounting information voluntarily, then the financial reports will never be consistent and informative. In this case, the financial manager would prefer to put only the positive things about the company as well as its performance. This will not result in the true and fair reporting of the financials of the company.
Accounting standard setting
IFRS (International financial reporting standards) is the set of accounting standards that has become a global standard which is used for preparing the financial statements of the public listed companies. AASB i.e. the Australian Accounting standard board has adopted certain ways which has helped the board to be equivalent to the IFRS board. The AASB board has opened up the adoption of IFRS since 2005. The foreign companies which are operating in Australia are required to report their financial statements as per IFRS.
Considering the adoption of AASB, we can see that the AASB has mandated to cover all the reporting entities which includes the for profit entities, non for profit public entities and non for profit private entities. The AASB board has directed the listed companies that they are open to adopt IFRS as the mode of reporting their financial statements. The decision to adopt IFRS has helped the country to...