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Accounting Theory And Current Issues

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Accounting Theory

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Introduction 

In this assignment, the discussion would be about the various accounting theories and the different problems related to the process of accounting. Here due consideration would be given to the aim and function of the different theories of accounting. This assignment would discuss five different objectives of the theories of accounting as well as different issues related to the process. 

In the first part of this assignment, the discussion would be related to the different financial functioning which is not mentioned in the accounting framework of IFRS. In the second portion of the assignment, due consideration would be given to the role of the government of Australia to make changes in the Company’s activities in accordance with the different accounting theories. In the next part of the assignment, the discussion would be about the selection of the owners of a particular organization for the purpose of examining a particular type of asset, machinery, and another form of instrument. Looking further into this assignment the discussion would be about the theories related to the theory of public interest, economic interest as well as the theory on capture which is considered very much influential for the act of the Company. 

Assessment A

This part of the discussion would be about the different accounting functioning of IFRS from the viewpoint of different individuals. The most important aspect for enhancing financial data is the use of the process of financial reporting. The quality of financial information is based on the level of its importance and also the activities it is liable to perform. It also serves the function of providing a certain level of the basic idea of the accounting activities and verifying such financial data and test its suitability in the financial meeting held occasionally. The different information collected is also compared in such meetings (Bragg & Bragg, 2019). 

Geoff Roberts serves the purpose of analyzing the financial report of the organization for which he is working. This in turn will also help to determine the different quality of an investment made by the organization. Such an aspect of the functioning of the firm also helps to further determine the quality of an investment made on the basis of the aim and purpose of the organization. 

The process of the financial reporting which had been performed by the IFRS contains a variety of information but still is not able to make the different investors understand the financial report of the organization which has been made to serve the purpose of determining the quality of an investment made by the company. Such an aspect of the IFRS has a great impact on those (Quizlet, 2019).

Organizations that are working as per the aim and purpose of the IFRS. 

The accounting process mentioned in IFRS does not contain much relevant information about the process of investment. The more financial information an investor of a company possesses of the accounting theories the more beneficial it would be for them who are giving their precious time to the process of interpreting the financial activities of the company as per the IFRS. The different investors of an organization should have the basic technical idea and the different accounting theories should be very much to the point and understandable to such investors as well as those using it.  The objectives of such theories should be very much understandable; they should also be based on a certain set of rules and regulations as per the framework provided for the purpose of investing. It is also concerned with the determination of the properties on which they are investing their money as well as determining the reason to make such an investment. But unfortunately, such objectives are not present in the IFRS framework and have the potential to misguide the different shareholders as well as the users (Quizlet.com, 2019). 

It has also been observed by David Craig that, the shareholders and the users of the company’s assets are not concentrating on the rules and regulations presented in the IFRS, and hence it is making the process of accounting more difficult for them. Hence it is clear that the information presented in the IFRS is not as per the standard of quality financial information. Some significant financial data of the company has the potential to enhance their position and it also marks that the organization is only making use of legal information. Those organizations which are operating as per the objectives of the IFRS have failed to show their importance and their obedient characteristics in terms of making a monitory investment (Archive.org, 2019) 

In order to prepare a financial report, business organizations require an adequate amount of monetary elements to attain their objectives.  But if a standardized quality of financial reporting system does not opt it is very much difficult to attain such objectives. 

Assessment B 

Public Interest Theory 

This particular theory of accounting states that the remedy determined should be affordable financially so that is adequate for the different needs of a business. There some books which had been published to serve the need of a business. Provide a huge range of benefits to the public is the main consideration for this theory. The situation discussed in this assignment can solve by making use of this public interest theory because it deals with the genuine concern of the public. It is also possible to introduce a set of new rules and regulations in the already existing rules and regulations of the Company’s Act (Studymode.com, 2019). 

This theory of public interest states that there are many organizations that do not pay heed to the environment and society in terms of attaining their objectives. Hence a set of new rules and regulations has been incorporated into the already existing Company’s act. 

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