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CONTEMPORARY ACCOUNTING

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CONTEMPORARY ACCOUNTING

Introduction

 

In the modern world in order to ensure the continuous progression of a country one must have a proper regulatory environment. Most of the countries in recent time have adopted the contemporary accounting system in order to accelerate their growth and development. However, proper implement and evaluation of the regulatory theories is essential to speed up the process of enhancement. The assessment will also determine the issues and the problems of the financial and accounting system and its impact in two of the selected countries namely UK and Australia.  A brief discussion on the comparison and its flaws in the regulatory system has been defined in this study. It will also conclude the works decision makers and the legislations needed to be adopted. The assessment will help to determine the process of adoption techniques of the International Financial Reporting Standards (IFRS). Finally, this report will also depict the definition of Regulatory Capture Theory and its importance.

Part A

The issues of the systems in UK and Australia

With the acceleration in the development process and the establishment of new industries the problems regarding the financial and accounting reporting system is also increasing. The Government of UK has taken various steps to minimise the problems but most of them went into vein. As per Adeyemo et al. (2017), since the collapse of the Lehman Brothers the Government has taken several initiatives to repair the system yet it is unpredictable how the system will respond during the crisis. As per Alon & Dwyer (2014), the changes in the system of the modern world and the adoption of new technology has affected the system of financial and accounting reporting. They need to make the right decision regarding the investment to encourage the profit of the country. However, that does not happen in the modern world and it has several reasons. According to Chen & Schipper (2016), the financial and the account reporting system mainly depends upon the executive and the administration of the country and their ignorance might lead to the failure of the system. The similar problem has affected the finance and account reporting system of UK.

In Australia there is a problem has been seen in perceiving the financial reporting. There is no clear basis has been mentioned for the divergent reporting requirements. Another seen issue in Australia’s accounting and finance reporting is related to the legislative requirements between the different types of organisation and its states.

However both the countries like UK and Australia differs from the regulations bodies’ execution for their respective organisations. 

The works of the environment

 

In order to maintain a proper finance and account reporting system it is urgent to determine its decision makers and the legislations that they abide by (Cooper, Ezzamel & Qu, 2017). The perfection of the regulatory depends upon the perfection of the officers who works for the regulatory environment. The steps taken by the officers will have either a positive or a negative effect on the regulatory environments. Thus, it is essential for the decisions makers to be well skilled and well trained to determine the best decision for the enhancement of the regulatory environments. In the case of UK, the Government tends to be the decision maker of the country. Therefore, it is there duty to decide the best policy that will enhance the quality of the regulatory environment. As per Costello & Grainger (2018), in modern world the Government is not always the decision makers the businessman and the executives are also the part of the decision making. The businessman and the executives are responsible to determine the investment and for the investment they take loan from the Government. In order to minimize the risks the UK Government has introduced some legislation that they intend to follow to enhance their regulatory environments. As per the UK Government the companies and the organisations of UK have to meet the requirements of the Companies Act. As per Hadani & Schneider (2016), if UK Government manages to implement the legislation on right places at right time then there financial and economical value will flourish. The Financial Reporting Regulation is managed by the Financial Reporting Council (FRC). On 2012, 22nd November the FRC introduced a new legislation FRS 100 Application of Financial Reporting Requirements. The FRS 100 was introduced to determine a framework of accounting and financial reporting. The three main objectives of FRS 100 are:

       Acts need to apply to which entities.

       When the entities can apply the financial and account reporting framework.

       When the entities need to follow the Statement of Recommended Practise (SORP).

The UK Government has also introduced the Conduct Committee that aims to investigate the reporting review and manage a Financial Reporting Review Panel.

The different sizes of thresholds are requiring different entity types with inconsistent reporting. In Australia the assurance requirements are divergent between the two of the entity types. There is difference exist between the assurance requirement for different organisations. Some of the organisations call for audit review by the registered company auditor and other organisations call for Chartered accounts ANZ, IPA and CPA Australia.

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