Reference: accc.gov.au (2017). Unit Pricing. Available at: https://www.accc.gov.au/system/files/182_Unit%20pricing_a%20guide%20for%20grocery%20retailers_FA_2016.pdf[Accessed on 27th April 2018].
The unit pricing code has become a compulsory code for all the industries in the retail sector, in accordance with Competition and consumers act 2010. It enables the customers in comparing products of different sizes and brands so that they can work out the best value amongst everything (accc.gov.au, 2017). The on-field application of unit pricing is mainly done by retailers, who are expected to make progression in this method in the market. The following factors that have to be followed are
● Retailers whose premises are being used primarily for the sale of food based items
● Have floor space greater than 1000 square meters and sell the minimum range of food-based items.
The progression of the unit pricing regulation in Australia has been fruitful. For a financial instrument which is quoted in the market, the fair value is the quoted value (Lafortune, Rothstein and Schanzenbach, 2018, p.26). The appropriate price in the active market is the present pricing of the bid. The financial assets of the company are being measured in accordance with the fair value without any reduction in the transaction costs. If the bid price is used for financial reporting the companies use different asset values for financial pricing and unit pricing.
The common theme of the article is accounting regulations in Australia. Setting up of unit pricing has been one of the key factors which related to this theme. The regulations of unit pricing in the country have helped the investors, creditors, and customers of the retail companies like Woolsworth to trade smoothly.
Different themes in relation to this article can be put forward as management of product diversity, determining asset values and application of accounting standards.
The managers have concluded that the application of unit pricing will be a more stable stream of income pertaining to sales. The implications have also stated that there is often a reliance on the external fund manager to provide the unit price of an unutilized product, where the investments are being done by them (Ejebu, McKenzie and Ludbrook, 2018, p.100). It may cause problems regarding timely pricing and inaccuracy.
The study limitations involve that it cannot be applicable if appropriate information is not provided. The appraiser's ability to recognize the changes is heavily depended on unit pricing methods. This study did not throw light on this area.
The future of this research may lead to developing effective market behavior and will require least adjustments in the data acquired.
Reference: treasury.gov.au (2017). International Accounting. Available at: http://archive.treasury.gov.au/documents/281/PDF/full.pdf[Accessed on 27th April 2018]
The Australian FRC took the decision of completely adopting the suite of IASB standards. It formulated this standard to put stress upon high-quality standards for the retail companies in the country. It also aimed at improving comparability of the financial statements as well as reducing the cost of capital. It aims for the conceptual framework for all the profit-making companies who are aiming for longevity (uow.edu.au, 2017). The article acknowledges that the adoption decision is not only influenced by politics but historical concepts and economy over a long period of time. The on-field progression of international accounting has been up in the forefront and has led the companies to trade smoothly.
The common theme of the article is accounting regulations in Australia. Setting up of international accounting has been one of the key factors which related to this theme. The regulations of international accounting in the country have helped the investors, creditors, and customers of the retail companies like Woolsworth to trade smoothly.
The different themes related to international article comes forward as financial improvements, international trade improvements and improvement in capital costs.
The implications of the managers have been very effective. They have said that the adoption of international accounting will allow the statement prepares a choice to determine the fair price of the assets. They also concluded that a change in the fair value will help in recognising unrealised gains and losses from the assets. It will include greater volatility to the reported statement of income.
This article regarding the standard-setting process in Australia lacks theoretical definition. The article is suitable for examining changes in a particular standard of accounting, it is inadequate in examining the decisions that are needed to be adopted for bringing in international standards. The future research will help in providing a broader concept rather than focussing on only the political concepts.
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