Corporate Accounting: Compliance with IFRS and IASB Regulations

Running head: CORPORATE ACCOUNTING 1
Corporate Accounting:
Student’s Name:
University Affiliation:
Date:

CORPORATE ACCOUNTING 2
TABLE OF CONTENTS
PART ONE......................................................................................................................................3
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................3
Background......................................................................................................................................4
Report..............................................................................................................................................5
Relevance.....................................................................................................................................5
Comparability...............................................................................................................................6
Environmental Disclosures..............................................................................................................6
Recommendations............................................................................................................................7
Conclusion.......................................................................................................................................7
PART TWO.....................................................................................................................................8
References......................................................................................................................................11

CORPORATE ACCOUNTING 3
PART ONE
Executive Summary
The paper focuses to understand on the operations of Cabcharge Ltd and verify the level
of compliance on its reporting in compliance to laid down regulations by IFRS and IASB which
determines the quality of annual financial reports published by the organization for the year
ended 2016 and 2017 with a close attention to current control process.
Introduction
Financial reports are great importance when it comes to the organization and the
consumers of the same information because it should possess the most qualitative traits of
financial reports. Failure to which most of the decision made will be uninformed and may be
misleading to both the shareholders and the organization as well. Therefore, it bits logic when
the firm's financial reports are in manner that they can generate information that is up to date and
can be relied upon by any party that wants to make a decision based on them (Abdallah 10)
Accountants, board members, and the top management should exercise due diligence and
exercise high degree of competence while preparing the financial statements to make sure the
information presented is accurate and free of any material misstatements and errors. In fact the
verification and examination of the accounts on whether they portray a true and a fair view is an
undertaking that auditors conduct to provide assurance that the reports were prepared in
accordance to the IFRS and comply to the GAAP (Andrews 1516) Compliance mean that every
accounting entry made is in agreement with the expectation of the public and the bodies

CORPORATE ACCOUNTING 4
governing the financial report of public organization listed in Australian Stock or Securities
Exchange.
The essence of the assignment is to examine whether the annual reports for the selected
companies comply with what is expected and propose recommendation on how the reporting can
be done better. It is difficult to determine the quality of an annual report, however, the ability to
understand, compare and draw a conclusion from a given report determines the quality of the
report under question (Brigham et al. 45). There are three factors that determine the quality of a
report: understandable, timeliness, comparability and verifiable against set criteria. However, the
quality of a good report is determined by IASB. That is International Accounting Standards
Body.
Background
The report will focus on how Cabcharge Ltd has maintained its annual reports and
disclosures made in regard to the information that is deemed to be high value to the users of the
financial statements. The company deals with how payments can be made simpler through online
platforms and that makes it outstanding. The firm has developed various mechanisms through
which it can link booking with internet thus enabling payments (Brown et al. 31). Despite the
regulatory hindrances in different markets, Cabcharge has managed to venture into new markets
with an objective of getting customers' wants the certainty of service in peak periods thus
responding to the rising demand. The company declared that it had an intent of expanding to hire
segment areas in FY2017. The analysis of the report focuses on the financial year 2016 and
2017.