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Contemporary Accounting Theory Assignment

   

Added on  2021-04-21

15 Pages3809 Words57 Views
Running head: CONTEMPORARY ACCOUNTING THEORYContemporary Accounting TheoryName of the Student:Name of the University:Authors Note:

CONTEMPORARY ACCOUNTING THEORY1Executive Summary:The focus of the report present presenting the current financial regulation that is beingimposed in Australia and UK. Moreover, adequate evaluation of the conditions in which theregulations is passed are conducted to identify whether the regulatory environment wascaptured.The financial regulations adopted by UK and Australia is evaluated while detectingwhether IFRS is been adequately adopted by the countries. Moreover, an explanation on thecurrent environment operating within the country is also explained. Furthermore, theexplanation on progress of adoption towards IFRS is also conducted on both countries, whichcould help in understanding the current regulatory environment. Therefore, with the help ofabove points the comparison between the regulatory environment can be conducted andidentify any kind of discrepancies among both countries.

CONTEMPORARY ACCOUNTING THEORY2Table of ContentsIntroduction:...............................................................................................................................3Part A: Comparison of two regulatory environments................................................................41. Identifying the perceived problems in each system:..............................................................42. Depicting how the environment works:.................................................................................53. Depicting the countries progress towards the adoption of IFRS:..........................................6Part B: Analysing each environment using Capture Theory......................................................71. Depicting what is regulatory capture theory and how it might be helpful:............................72. Depicting the characteristics, which might indicate that a regulatory environment might becaptured:.....................................................................................................................................8Conclusion:..............................................................................................................................10References:...............................................................................................................................13

CONTEMPORARY ACCOUNTING THEORY3Introduction:The assessment aims on providing the adequate regulatory environment in which UKand Australian companies are conducting their operations. In addition, the overall comparisonbetween the regulatory environment in both the countries are conducted by identifying anykind of perceived problems on each system. The identification process relatively helps incomparing the overall regulatory environment currently deployed within the country.Moreover, an explanation on the current environment operating within the country is alsoexplained. Furthermore, the explanation on progress of adoption towards IFRS is alsoconducted on both countries, which could help in understanding the current regulatoryenvironment. Therefore, with the help of above points the comparison between the regulatoryenvironment can be conducted and identify any kind of discrepancies among both countries.Moreover, analysis of the environment using captured theory is conducted to identifythe characteristics of the current regulatory condition. In addition, adequate explanation aboutregulatory capture theory and its implication on the current environment is evaluated. On thecontrary, with the help of capture theory, the current condition about the countries can beevaluated,whether strict laws are implemented or strained from the laws. Additionally, thiseventually will help in identifying the current accounting theory that is implemented in UKand Australia. Likewise, it could also help in detecting whether the business environment isadequate for organizations to survive in the competitive market.Besides, it also helps inidentifying whether the regulatory authorities are controlled by the industries the they were incharge of regulating (Otley, 2016).

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