Woolworth’s group is one of the major Australian companies, which is considered for this study. This company is mainly related to the liquor products and also sales some of the retail products to the consumers. There are 3000 stores has been expanded all over the globe. There are 205000 team members are working across the globe in the company and serving 29 million customers in every week. Being stakeholders in the retail industry huge profit has been delivered from the end of the customers. Most of the retail products are brought by us from the company. The designed organisation is facing an issue related to following the financial reporting standards of Australia. This study mainly focuses on these above issues.
The client organisation is facing serious issues related to the existing complexity of the accounting regulation in the hub country named as Australia. Abbott (2017) and Tan‐Kantor (2017) have shown that disobeying the leas and regulation of Australian government, this organisation may face issues like withdrawal of licence for making business in the country. There are also several issues rises in the client organisation in the recent years related to the companies violation of regulations (Phan et al. 2018). As the company is expanding its business all over the globe it is impossible to follow the guidelines of the individual countries every rules and regulation. The research project of accounting regulation in Australia will guide the company to follow the government's procedures for running the business (Hancock, Marriott and Duff, 2017). Accounting regulations in the research project are designed to help the creditors, investors and consumers for making trade smoothly. Another raising issue of client organisation is related to the reduced disclosure requirements to run the business firm across the globe..
Based on the above issues related to executing the company's financial statements following research questions can be framed. Formulation of more specific research questions helps the organisation to find out possible solutions for issues. All of the research questions framed below is mainly based on the research requirements.
Q1: Has the project of Accounting regulation in Australia been successful for the client organisation?
Q2: To what extent the company will be able to follow the mentioned guidelines of project namely Accounting regulation in Australia?
Q3: What are the existing flaws in the financial statements of the client organisation?
Q4: How does the company sustain with the changing regulations and acts?
Q5: In which way the experimental research differs from the rest of the research methodologies?
Q6: What is the employee's perception towards the changes made in the organisational policies?
Q7: What are the basic financial factors impacting the research study?
The main aim of the research is to encounter the emerging issues which have been detected in the financial statement. Using the project of accounting regulation in Australia, the organisation will be able to analyse previous year’s financial statement through the guidance of the application measurements of Australian standards. Using this research report the organisation will be able to follow the standards measurements of Australian regulations.
Keywords: financial statement, AASB/IASB, hedging process, insecurity management, exchange rate variations, profit and loss statement, equity value, statement of income, accounting information.
Above basic keywords has been used in the research paper. In this research study, the main focus will be given to the keyword named as financial statement and AASB/IASB laws and regulations. These are the measurable standards followed by the Woolworths limited. Australian interpretation standard board helps the organisation to gain more advantage in showing the financial statement. Improving the financial statement will bring changes in improving the performance of the company (Stent, Bradbury and Hooks, 2017). Woolworth must accommodate all of the necessary changes made the AASB. This in term helps the organization to gain competitive advantage and smooth workflow in Australia.
For this study four of the peer-reviewed journals have been chosen. In the first article the insight of accounting while adopting the timing in the international financial reporting and its standards has been considered for the study. In the second journals, empirical study on the finance and accounting in Australia has been elaborated. In the third and fourth journals, a brief review of the accounting standard settings will be accessed.
In order to make the research study, the quantitative approach of primary as well secondary research will be followed by the researchers. The data will be collected in making a survey of the Woolworths limited accountant departments people. The interview will be taken to the 15 of the accountant managers from the various departments located in department locations. The financial statement of past five years will be analysed by the accountant professionals. Document analysis will be done by the accounting professionals based on the regulations and acts of Accounting regulation in Australia. In the survey process, main motto of existing issues and its resolution procedures opinion will be taken from the professionals.
APSEB standards contain ethical and professional requirements which relate to the performance and conduct of the professional services across various kinds of clients engagement. These conducts are mandatory for the organisations accounting professionals to follow as a member of the CAANZ, CPA Australia. The mentioned APSEB standards generally fall into four of the below categories as mentioned in terms of ethical consideration.
a. Professional standards applicable to the members of the current running business (‘APES 400' series)
b. Professional standards applicable to the members in the public practices(‘APES 300’ series)
c. Professional standards applicable to the members of all the members (‘APES 200' series )
d. Code of ethics for Professional Accountants (‘APES 100 Series)
Based on the above laws the ethical value of the organisations as well as the company's members will be respected. Assurance engagement will be shown in the standards on making auditing. The assurance team members in the organisation will be taking participation in all of the activities related to the projects.
Abbott, M. and Tan‐Kantor, A., 2017. Fair Value Measurement and Mandated Accounting Changes: The Case of the Victorian Rail Track Corporation. Australian Accounting Review.[Accessed on 25th March 2018]
Hancock, P., Marriott, N. and Duff, A., 2017. Research–teaching yin–yang? An empirical study of accounting and finance academics in Australia and New Zealand. Accounting & Finance. .[Accessed on 25th March 2018]
Phan, D., Joshi, M. and Tran-Nam, B., 2018. The history of accounting standard setting in an emerging transition economy: The case of Vietnam. Accounting History, p.1032373217745672. .[Accessed on 25th March 2018]
Stent, W., Bradbury, M.E. and Hooks, J., 2017. Insights into accounting choice from the adoption timing of International Financial Reporting Standards. Accounting & Finance, 57(S1), pp.255-276. .[Accessed on 25th March 2018]
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