Corporate and Financial Accounting Assignment - (Doc)

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Corporate and FinancialAccounting
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................2TASK 1...........................................................................................................................................2(I) Corporate regulation...............................................................................................................2(ii) Role of AASB in the global accounting standard board.......................................................3OWNERS' EQUITY........................................................................................................................4(iii): Listing item of equity and associated information about the companies...........................4(iv): Comparative analysis..........................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8APPENDIX......................................................................................................................................9
EXECUTIVE SUMMARYThis project is being taken by specific information about the corporate or financialaccounting. It discuss the importance of corporate regulation in respect to the shareholder andother user group. Manager should be allowed to reveal financial accounting information onregular basis to shareholder but also follow some guidelines. The process of AASB in settingIFRS in the global accounting standard is discussed.
INTRODUCTIONFinancial accounting is the process of recording, summarizing and reporting thenumberless of transaction resulting from business operation over a period of time. Thesetransaction are summarized in the preparation of financial statements, including the balancesheet, income statements and cash flow statements that help to examine and measure companyoperating performance over a specified period. Corporate accounting refers to the measurement,recording and interpretation of financial information and data relating to a limited company. Itspecifically refer to accounting for larger organisation.In this report, the corporate rules and regulation are discussed that shows the control onflow of financial accounting information. The role of Australian accounting standard board insetting global accounting standard like IFRS along with the reason for IFRS set by the IASB isnot compulsory for the member countries of IASB is discussed. Financial statement of four listedcompanies are shown to understand about each item of equity. The companies chosen areAdherium limited, Admedus Ltd,Airxpanders Inc.and Ansell limitedwhich listed on ASX(Edwards, 2013) These all companies are from same industry and provide heath care equipmentand services in Australia. At last analysis of the debt and equity position of four selected firm areshown in this report.TASK 1(I) Corporate regulationFinancial reporting is the process of producing statement that discover an organisationfinancial status to the management, shareholder and also to the government. It basically includes,income statements, statements of comprehensive income, quarterly and annual reports tostockholder.There is a need for regulation in financial reporting because of a number of reasonand no , manager must be allowed to disclose financial information voluntarily. Without havingpermission from higher authority or board manager are not allowed to disclose any financialreport to stock holder or other user group.There are different user group of finance report, some of which includes equity investor,employee group, analyst advisor group, the public and other stakeholder. Different stock holderusefiscal information in a systematic way in order to make the necessary financial decision.Disclosure of financial reporting resolve some of the problem associated with the imbalance of2
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