Cost Accounting 2nd Assignment - Advance Accounting theory

Running Head: Advance Accounting Theory
Global-Regulation
Name of the University
Name of the Student
Author Note

Advance Accounting Theory1
Executive Summary
The purpose of the report is to inform about the GASB merger with the US FASB with the IASB
standard to present and prepare to be accepted globally. Information about the GASB and
Australian Standard. Discussion on the integrated Reporting which affect the country and the
company. Incorporating the IR help business financially and non-financially in the market.
Discuss the International accounting standard and the development of the Financial Regulation
locally and internationally.

Advance Accounting Theory2
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Integrated Reporting....................................................................................................................3
Move to international standards in 2005- Pros and Cons............................................................4
Development of financial regulation and accounting standards, both locally and internationally
.....................................................................................................................................................7
Regulations Inherently Good or Bad...........................................................................................9
GASB versus Australia’s Regulation..........................................................................................9
Recommendation to the member of AASB...................................................................................10
Conclusion.....................................................................................................................................11
Reference and Bibliography..........................................................................................................12

Advance Accounting Theory3
Introduction
The report discusses the GASB in the accounting standard and US and London member
wanted to merge with the US FASB with the IASB standard to present and prepare to be
accepted globally. It distinguishes between the creation of the GASB and the development of the
Australian financial regulatory standards about their use in the global context and Australia
standard is helpful for the Australian public and government use however GASB is for the use of
global context. Still, a few countries have separated the idea of adopting GASB rather; those
countries would amend a new version of IFRS. In this report, Integrated reporting is explained in
brief, which is based on a single reporting system, both financial and a non-financial
presentation. It creates value over time, along with the business model. Integrated reporting
origin is corporate social responsibility. The participants included the UNDP, the Wales Audit
Office, the World Bank Group, the City of the London Corporation and the UK government
departments. Both locally and internationally development of financial regulation and accounting
standards is mentioned related to the IFRS and Australian accounting. Financial Regulation is
helpful for the country financial and economic growth and hence maintain the financial strength
in the country.
Discussion
Integrated Reporting
Integrated Reporting is an interpretation of a financial and a non-financial presentation of
a company based in a single report. This reporting helps to give a huge context to the non-
financial data like the company’s performance based on the social, environmental and
governance parameter and the sustainability surrounded with the core business strategy. It