Australian Accounting the Complicated World Research Paper

Pages: 3 (985 words)  ·  Style: APA  ·  Bibliography Sources: 5  ·  File: .docx  ·  Level: Master's  ·  Topic: Accounting

SAMPLE EXCERPT . . .
The number of accountants employed at the professional level has risen strongly over the past decade, from around 100,000 in 1996-97 to just over 140,000 in 2005-06.

Current Practices of the Firm

The current practices of this firm are based on the adoptinon of the IFRS' standards. This began at the beginning of 2005 and is still in place today. This standard is in line with the European Union's directives and was applied with the 2004 IFRS stable platform (Grossinger 2007). The adoption of these rules is both beneficial to the client and the firm. The costs to preparers, auditors and users of multinational financial reports are now standardized and easier to read. As a result, Australian entities' financial reports are more readily understood world-wide and gaps in the AGAAP are more complete, (AASB).

Future Developments

While the future is often hard to define, our firm is confident that any changes to international accounting standards can be taken in stride while providing the best accounting services available in this country. This does not mean there are challenges in our future, there are. McGregor (2008) suggested that "the evolution of the accounting standard-setting process in Australia will bring further significant changes as we move to introduce major features of the structures existing in the United States and the United Kingdom." In other words, the global marketplace will dictate this movement.

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Grant Thornton's survey about these practices suggested that "i n retrospect, four out of five respondents were supportive of the decision to adopt IFRS for financial reporting periods commencing in 2005, even though there were mixed feelings regarding the impact it had on business when it was first adopted. Those who felt its impact was negative balanced out against those who felt IFRS had a positive impact and 26% of respondents stated that IFRS had no real business effect when first adopted. Not surprisingly, 80% supported simplification of the current IFRS requirements (p.5).

Research Paper on Australian Accounting the Complicated World Assignment

Regardless, here at the firm we are confident that we can handle any client's accounting needs and ensure that they will meet all international reporting standards. The movement towards global financial standardization is nearing and we feel that we are securly positioned to take advantage of these trends and can continue manipulating numbers to our client's needs and expectations.

References

Australia.gov. "Financial Regulation." Viewed 28 Aug 2013. Retrieved from http://australia.gov.au/topics/economy-money-and-tax/financial-regulation

Cortese, C. (2009). The power of history: accounting standard setting and the extractive industries in Australia. The 1st Accounting History International Emerging Scholars' Colloquium, University of Siena.

Delatribe, D. (2007) Getting along in the accounting world. Accountants Friend, 28 June 2007.

Financial Accounting Standards Board. "International Convergence of Accounting Standards, A Brief History. Viewed 28 Aug 2013. Retrieved from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264

Grant Thornton (2009). IFRS Survey: Four Yearson- where to from here? June 2009. Retrieved from http://www.grantthornton.com.au/files/gt_ifrs_survey_0509-final.pdf

Grossinger, R (2007). Complications from Accounting Standards. Journal of Accounting Standards, June 2007.

McGregor, W.J. (1995), The Setting Of Accounting Standards in… [END OF PREVIEW] . . . READ MORE

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