Advance Financial Accounting Reports

Running Head: Advance Financial Accounting
Contemporary Issues in Financial Accounting: Australia
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About the Paper
The paper discusses the contemporary issues in “Financial Accounting” in Australia. In
the article, the author discusses the Financial Accounting issues and Reporting, focusing on the
Pacific Rim area, located nearby the shores of Australia and surrounded by the Pacific Ocean.
The article states the development issues related to financial accounting in the Pacific Rim area.
Discuss the consequences of the “International financial reporting standards” in accounting. The
paper focuses on the analysis of challenges and success in the Pacific Rim area on the adoption
of the IFRS (“International Financial Reporting Standards”). The adoption of the IFRS in the
Pacific Rim region help in developing several economic context and decision taken by Australia
and New Zealand.
Contemporary issues of the financial accounting
“Financial Accounting” is that section of accounting information that keeps checking the
financial transaction by using standardise guidelines set to record the transaction, present and
summarise in the financial report, or the financial statement in a form like income statement and
balance sheet. Accounting is that part which has some issues related to professional Accounting
practices like accounting approach and measurements, the conceptual accounting framework and
financial reporting, environmental accounting, corporate governance, earning management and
sustainability of the financial accounting. The accounting based on the IFRS, which is set by the
IASB. The Issues related to the IFRS have to be amended by the IASB as per it set guidelines
that help the country related to the technical matter like setting up procedures and reviewing the
documents. The issues that can occur in the technical matter without the conceptual framework
in the standards that can be the inconsistencies between the standards used to form different

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accounting standards in the countries. There will be a longer time frame for developing the
principles in setting new standards. Improved and updated concepts and accounting standards in
the countries will help in the development and sustainability.
Main Idea of the article
The Main Idea of the article is to develop the financial accounting of the country to
enhance the economic ground and fulfill the objective of the investor and the need of the country
and this will be done by proper application of the Financial Accounting Standard laid by the
“International Accounting Standard Board” along with the IFRS (“International Financial
Reporting Standard”). The application of standards will help the small and medium entities to
grow and gain in an economic aspect. In the article, the analyst discusses about the issues and the
development related to the use of the IFRS in the financial accounting standards since when it
launched in the US, Australia, New Zealand, Pacific Rim Area, and other countries. The most
countries who are implementing the rules and principles after adopting IFRS has faced problems
in the small and medium enterprise related to the investment and growth in the growth because
IFRS mostly work with the large enterprises. However with the involvement of the IASB and
many debates regarding its implementation leaving the New Zealand and Australia, the
Regulatory bodies decided to amend this with the IASB rules and incorporate them to provide
and transparency in the financial accounting. It helped investor to show opportunities to gain and
invest in the countries with the good economic ground. IASB’s IFRS helped to show a proper
scenario of the financial accounting of the countries and the effect will change the nature of the
economy both profit and not for profit organisation and for small and medium enterprise in the
countries.