Proposed research title: Accounting regulation in Australia
Woolworth’s group is one of the major Australian companies. i ‘hich 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 itiembers are u orking across the globe in the compare› and set ing 2'4 million customers in even » eeL. Bei• s stakeholders in the retail industry huge profit has been delivered from the end of the ciistoincrs. Most of thc rciail products arc brought by us from thc company. Thc dcsigncd organisation is facing an issue related to follou’ing the financial reporting standards of Australia. This study mainl focuses on these aboi’e issues.
Thc clicnt organisation is fncing scrious issues rclatcd to thc cxisting complcxity of thc accounting regulation in the hub country named as Australia. Abbott (2017) and Tan-Kaiitor (2017) ma e shou n that disobeying the teas and regulation of Australian go emment. this organisation inny fncc issues like ii’ithdraii al of liccncc for making business in thc country There are also sevcral issues rises in the client organisation in the rccent i cars relatcd to thc companies i’iolation of regulations. As the company is expanding its business all oi’er the globe it is impossible to follow thc giiidclines of thc indii’idual coiintrics ci’cn nilcs and rcgulation. The research project of accounting regulation in Australia ii ill guide the company to follow the goi’ernment’s procedures for running the business (Hancock. Marriott and Drift. 2G17). Accountin g rcgulations in the rcscarcli project are dcsigned 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 s obe This research project of Australian accounting standards » ill help the organisation to fix the issucs related to financial stateiiients.
Research Problem/Rcscarch Qucstion
Based on the aboi’e issues related to executing the company 's financial statements follou’ing rcscarch questions can be framcd Formulation of more specific research questions hclps thc organisation to find ont possible solutions for issues. All of thc research questions framed below is mainly based on the research requirements.
Q1, Has the projcct of Accounting rcgulation in Australia been siicccssfiil for thc client organisation?
Q2: To u hat extent the company u ill be able to follou the mentioned guidelines of project namely Accounting regulation in Australia’!
Q3: What are the existnig flau's in the financial statements of the client organisation'' Q4: Hon does the company sustain u ith the cha• s • g regulations and acts’!
QS: In which i ay the expcriinental rcsearcli differs from thc rcst of thc rcscarcli inethodologics’!
Q6: What is the employee's perception to» ards the changes made in the organisational policies’) Q7: What are the basic financial factors impacting the research study’?
Research Aim anal Objeclivc
The main of the research is to encounter the eiiierging issues which have been detected in the financial statement. Using the project of accounting regulation in Australia. the organisation will be able to analyse pres ions j ear's financial statement through the guidance of the application measurements of Australian standards (Plian. Joshi and Tran-Nain, 201S). Using this research report the organisation u ill be able to follo» the standards measurements of Australian regulations
Key» ords for Literature Review
Kevin ords: financial statement. AASB/IASB. hedging process. insecurity management. exchange rate variations. profit and loss statement. equity i’alue. statement of income. accounting information.
Aboi’e basic keyu’ords has been used in the research paper In this research study. the main focus
›s i1.1 be given to the kev u ord named as financial statement and AASB/IASB law’s and re gulatioiis. These are the measurablc standards follow cd bj the Woolii ortlis limitcd. Australian interpretation standard board helps the organisation to gain more advantage in shouting the financial statement. Improi ing the financial statement mill bring changes in iinpros ing the perfonnancc of thc company (Stcnt, Bradburr and Hooks, 2017). Woolf orth must accommodate all of the necessan changes made the AASB. This in term helps the organixation to gain competitii e add antage and smooth i orLfio» in Australia,
Publication details of rclex-ant articlcs for a litcraturc re› ics
For this study four of thc pccr-red icwcd journals has bccn choscn. In thc first article thc insight of accounting ii hilc adopting thc 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 bccn clnboratcd. In thc third and fourth journals. a bricf rci’icii of the accounting standard settings u ill be accessed.
Data Collection Plan
In order to make the research study, the quantitatii e approach of primary as u elf secondary research » ill be follo» ed by the researchers The data » ill be collected in making a survey of the Woolii ortlis limited accountant departments people. The intervie» i ill be taken to the 15 of the accountant managers froiii the i arious departments located in department locations The financial statement of past fit e years » ill be analysed by the accountant professionals Document analysis will be done by the accounting professionals based on the re gulatioiis and acts of Accounting regulation in Australia. In the siiri’ey process. main motto of existing issues and its resolution procedures opinion ix ill bc taken from the professionals.
APSEB standards contain ethical and professional requircments »'hich relate to the performance and conduct of the professional seri’ices across various kinds of clients engagement. These conducts arc mandatoy’ for the organisations accounting professionals to follo» as a member of
thc CAANZ. CPA Austral in. The mentioned APSEB standards gcncrally fall into four of thc below’ categories as mentioned in tcrms of ethical consideration.
a Professional standards applicable to the members of the current running business (’APES 400’ series)
Professional standards applicable to the members in the public practices( APES 300‘ series)
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 aboi e lan s the ethical i alue of the organisations as » elf as the company's itiembers
›s ill bc respected. Assurance cngagcmcnt iv ill be sho»’n in the standards on mnLing auditing. Thc assiirancc team members in the organisation ii ill be taking participation in all of the activnies related to the pro.jects.
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