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APPLIED BUSINESS RESEARCH

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APPLIED BUSINESS RESEARCH

 APPLIED BUSINESS RESEARCH

 

Article 1: Unit Pricing code in Australia

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].

 

1.      On field progression of the topic and its summarisation

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.

2.      The common theme

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.

3.      Different themes

Different themes in relation to this article can be put forward as management of product diversity, determining asset values and application of accounting standards.

4.      The implication of the managers

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.

5.      Limitation and future research

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.

Article 2: International accounting in Australia

Reference: treasury.gov.au  (2017). International Accounting. Available at: http://archive.treasury.gov.au/documents/281/PDF/full.pdf[Accessed on 27th April 2018]

 

1.      On field progression of the topic and its summarisation

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.

2.      The common theme

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.

      3.    Different themes

The different themes related to international article comes forward as financial improvements, international trade improvements and improvement in capital costs.

       4.   The implication of the managers

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.

        5.  Limitation and future research

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.

Article 3: Privilege of the accountants to have the option to report tax misconduct

Reference: uow.edu.au  (2017). Whistle blowing law. Available at: http://ro.uow.edu.au/cgi/viewcontent.cgi?article=1765&context=commpapers[Accessed on 27th April 2018].

 

1.      On field progression of the topic and its summarisation

According to Hale and Held (2018, p.10), article summarises that the accountants of the retail companies in Australia will now have the privilege to report taxation liability of the company directly to the government. This will lead to the validation of tax expenses of the company during market downfall and high revenue generation. 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. It falls under the whistleblower regime in the Corporations Act 2001. The on-field progression of international accounting has been up in the forefront and has led the companies to trade smoothly.

2.      The common theme

The common theme of the article is accounting regulations in Australia. Setting up of reports for tax misconduct has been one of the key factors which related to this theme. The regulations of tax misconduct by the retail companies in the country have helped the investors, creditors, and customers of the retail companies like Woolsworth to trade smoothly.

3.      Different themes

The different themes that are related to this particular theme have been various topics on the liability of taxation expenses, loss due to taxation and avoidance of misconduct of taxation laws.

4.      The implication of the managers

The managers have concluded that the application of whistleblowing regulations on taxation misconduct will be a more stable stream of income pertaining to sales (treasury.gov.au,  2017). The implications have also stated that it will reach procedural fairness for the line managers and supervisors. They also have concluded that the regulations will provide protection to those who have disclosed both internally and externally. Outsourcing victimisation and ensuring procedural equality is the main implication of the managers.

     5.  Limitation and future research

This article regarding report of taxation misconduct 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 the disclosure of avoiding tax expenses. The future research will help in providing a broader concept rather than focusing on only the political concepts.

Article 4: Higher standards in financial planning

Reference: intheblack.com  (2017). Educational standards. Available at: https://www.intheblack.com/articles/2015/11/05/setting-higher-standards-for-financial-planning[Accessed on 27th April 2018].

 

1.      On field progression of the topic and its summarisation

It mentions the setting up of a robust form of professional standards and education pertaining to an integral part of the quality financing (intheblack.com, 2017). The Australian financial services have already announced the increase in educational standards for the financial planners of the company. It aims at providing a good vision towards the appraisal of the economy of the country which in turn needs proper financial planning by the financial planners of the company.

2.      The common theme

The common theme of the article is accounting regulations in Australia. Provision of educational standards to the financial planners and practitioners has been one of the key factors which related to this theme. The regulations of tax misconduct by the retail companies in the country have helped the investors, creditors, and customers of the retail companies like Woolsworth to trade smoothly.

3.      Different themes

Effective financial planning, improved managerial accounting, effective compliance with regulatory laws with the planning has been the other themes which are related to this article.

4.      The implication of the managers

The managers implied that the adoption of this regulation standard in every retail company in the country will help in the effective financial planning of the company. The setting up of educational standards will provide effective financial reports which in turn will help in the growth of the company. Effective study of both the domestic as well as the international market will help the managers and accountants to formulate a framework of finance for the company in the near future so that it does not fall for any mishaps in the market.



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