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Case Study on Law Assignment

   

Added on  2021-02-21

6 Pages1180 Words32 Views
Political Science
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CASE STUDY LAW
Case Study on Law Assignment_1

ContentsContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................1Australia’s ASRB: A case study of Political Activity and Regulatory ‘Capture’.......................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
Case Study on Law Assignment_2

INTRODUCTIONThe article provides a glimpse on regulatory and political activity ‘Capture ‘case study.The reasons of being opposed and the impacts are highlighted in this context. It elaborate theregulatory agreements made by ASRB but not implemented by act through the, code of the boardalong with Companies Act. Two years of retrospect also covered with regulatory capture.Australia’s ASRB: A case study of Political Activity and Regulatory ‘Capture’ASRB was formed in 1984 to enriching the scope of accounting standards and rulesconcerning with the low level of governance and community development. The accountingprofessional standards also assisted the board in this direction. The conflicts rose due toobjections by professionals (Gray and et. al., 2019). The industryhad objected theboard'srecommendations. The path was kept closed in this area for continued resistance to provisionsthat had lowered the ability of both the practitioner to regulate the method of standard formula.These concerns were overridden by the Ministry Committee for Businesses and Securities, but itprevented providing the ASRB further official power. To implement its objectives, theCommittee lacks the power. Recently,established ASRB has been susceptible ifcounterproductive — and faced delays and problems in obtaining and handling professionalapplications. The Committee discontinued previous attempts to ensure greater communityinvolvement in its operations since two years and confirmed' fast track ' processes to also beimplemented to those norms that the practitioner decided to request for evaluation. In 1969 theaccounting conference happened in order to formulate statuary accounting standards. However,the accounting body for the professional standard and needs. The professional standards reviewcommittee of ICAA.There are two main accounting parties formulate the accounting rules and legislations asthe Institute of Charted Accountants of Australia (ICAA) and the Australian Society of Accounts(ASA). Compliance was the major issue in the year 1971 raised by institute. ICAA was alsoinclude the ASA to work with more efficiently and better conductivity of programme in 1972.Both funded the Australian Accounting Research Foundation (AARF) which was considered as arule drafting authority. Society members were required by the authority in terms of complyingthe accounting standards and rules. It is evaluated by the group that compliance and themonitoring sections was implemented with minimal aspects and various members were involved1
Case Study on Law Assignment_3

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