Contemporary Issues in Accounting: A Study of Westpac

Contemporary Issues
In Accounting

EXECUTIVE SUMMARY
The study summarises major concepts and issues on contemporary accounting
in relation to Westpac, an Australian Banking Corporation. Study report consists of thorough
review of corporation's financial performance in market with help of analysis of company's share
price trends, financial-reports, media resources-comments, company releases and some other
major sources. Main aim of such critical review of Westpac is to determine financial
performance of company and make recommendations to enhance performance based on current
financial status.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Company Overview:...............................................................................................................4
Analysis of Westpac's Performance:......................................................................................5
CONCLUSION AND RECOMMENDATIONS..........................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Accounting relates to a method of systematically reporting, evaluating and transmitting
information regarding fiscal transactions. Anybody who takes a business decision utilizes
accounting information for guiding them. Accounting is very essential since this is the language
of businesses as well as is core base of informed financial decision making. Without the process
of accounting, executives would not recognize which items would be profitable, which
management decisions are the correct ones, as well as whether business is making profits
(Warren, Jonick and Schneider, 2020). The study covers major aspects of contemporary
accounting in the context of Westpac Banking Company by reviewing the share price of
corporation for recent 2 years, financial reports, corporation releases, media-comments and other
key information sources.
MAIN BODY
Company Overview:
Westpac corporation is Australia's first banking and oldest corporation, one of
the Australia's big four banking organizations as well as New Zealand's leading bank. Westpac
offers a wide variety of individual, corporate institutional banking and investment management
facilities across a variety of financial services products and businesses. The corporation operates
in a variety of segments, such as with customer, Business, Westpac Institutional Bank (WIB)
and as Westpac-New Zealand. The Consumer segment is responsible for distribution and
services to customers throughout Australia. Business segment offers corporate banking as well
as wealth services and product lines to consumers along through Australia. WIB provides a wide
variety of finance products and facilities to industrial, corporate , institutional as well as Govt.
clients functioning in or connected to Australia as well as New Zealand. While Westpac New
Zealand is accountable for the selling and distribution of banking, investment and insurance
services to individuals, corporate and institutional clients throughout New Zealand (Westpac
Banking Corporation: About us, 2020).