Australian corporate and accounting regulatory framework Assignment

Answer the following

1. Explain the Describe the Australian corporate and accounting regulatory framework and its key features, structures, and associated bodies
2. Describe the Australian corporate and accounting regulatory framework and its key features, structures, and associated bodies
3. Identify, describe, and discuss the key financial reporting authorities in Australia and the local and international reporting standards (e.g. IFRS) which govern modern accounting practice
4. Contrast various accounting theories and their role in influencing accounting and reporting practices
5. Analyse the role of accounting information in corporate governance
6. Explain and critically assess the nexus between accounting practice, accounting standards, and governance

Description:

Essays test a students ability to assess information, formulate arguments, and critically evaluate differen talternatives to issues or problems.

In this assessment students must write a 2000-word essay based on the questions below which will cover the following topics:

1. Compare and contrast different theoretical approaches to accounting practice and offer a critical assessment of their use in various business situations.
2. Describe and critically analyse the practical applications of contemporary accounting theory and practice in the Australian business environment
3. Describe and critically assess the relationships between various government regulatory and reporting agencies and the practical connections between accounting information and good governance.

Details:

This assignment is to be submitted by the due date soft-copy though learning management. The assignment is to be submitted in accordance with assessment policy stated in the unit Outline. It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that when incorporating the works of others into your submission that it appropriately acknowledged.

Question 1.Read about the Enron scandal, which is one, the biggest scandal in the world. After reading answer the following questions:

• Briefly explain the scandal in your own words? Briefly discuss the Businesses Company was involved and why it is one of the biggest scandals.
• Do you think accountants, auditors and banks played ethical role, yes or not explain.
• What type of corporate culture company had? Why it took so many years to detect fraudulent services.

Question 2.Two firms have identical operations. However one firm uses historical accounting and other one uses fair value accounting. Which firms accounts would show accurate information and why, minimum two reasons.

Question 3. What do we mean when we say that financial accounting standards are the outcome of a political process? Why is the process political?

Question 4. Explain what the Public Interest Theory is (when considering the regulation of financial accounting) and what are two of the criticisms of this theory?

Question 5. In your own words, explain legitimacy theory, Institutional theory, stakeholders theory and political economy theory.

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