Accounting Theory and Current Issues

Running head: ACCOUNTING THEORY AND CURRENT ISSUES
Accounting Theory and Current Issues
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING THEORY AND CURRENT ISSUES
Executive Summary
The aim of the assignment is to conduct an accounting analysis and finding on the accounting
principles and the current issues of the accounting in the company. The assignment deals with
the current accounting principles and the ways for dealing the same. The characteristics of the
accounting principles and the enhancing qualitative characteristics of the financial report were
discussed in the assignment.
The conceptual framework of the accounting were discussed for the financial report of the
company and the relevant accounting theory followed by the company were discussed in the
report.
The issues based on the Westpac Banking Corp. and the current issues based on the company
and the relevant news and articles related to the same were discussed for the same.
The financial performance of the company and the relevant performance of the share price of the
company were assessed in detail.

2ACCOUNTING THEORY AND CURRENT ISSUES
Table of Contents
Introduction......................................................................................................................................3
About Westpac Banking Corporations........................................................................................3
Conceptual Framework................................................................................................................3
Discussion........................................................................................................................................4
Westpac Issue based on Royal Commission...............................................................................4
Analysis of the Westpac’s Annual Report...................................................................................5
Relevance, Faithful Representation and Timeliness....................................................................5
Understandable, Comparability and Verifiability........................................................................6
Movement in the Share Price of the Company............................................................................7
Conclusion.......................................................................................................................................9
Recommendation.............................................................................................................................9
Reference.......................................................................................................................................10

3ACCOUNTING THEORY AND CURRENT ISSUES
Introduction
There have been many issues, situations faced by the major companies of the Australia
Banking system, and the relevant accounting standards followed by the company were discussed
in the assignment. The report will currently aim and discuss about the current issues of the
accounting and the relevant characteristics of the accounting standards followed by the company
(Atkinson 2018).
About Westpac Banking Corporations
It is important for discussing the background of the company and the same has been
evaluated in the assignment. The Westpac Banking Corporation also known as the Westpac
Company; the Australia Banking company is located and headquartered in the Sydney. The
company provides financial advisory and services primarily in the finance and insurance sector
and consumer banking services, and other corporate financial services such as investment
banking services, global wealth management and other private equity related services. The
company provides various kinds of financial services and the different services of the business
are divided into various subsidiaries divisions of the company (Finizio 2018).
Conceptual Framework
The scope of the accounting principles were assessed in order to identify the accounting
principles and policy followed by the company in the preparation of the financial statement and
relevant reports (Athanasiou 2015).