Corporate and Financial Reporting

Running head: CORPORATE AND FINANCIAL REPORTING
Corporate and Financial Reporting
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Author’s Note

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CORPORATE AND FINANCIAL REPORTING
Executive Summary
The main purpose of this assessment is to analyze the standard setting process which is applied
by accounting bodies for the purpose of developing and making amendments in accounting
standards. The assessment also shows role of AASB for formulating global accounting standards
which can be applied in a business. The assessment also shows identification of owner’s equity
for four companies which is considered which are Boral Ltd, BHP Billiton ltd, Rio Tinto Ltd and
Amcor Ltd. The analysis of debt and equity of all the business are conducted in the assessment
for the purpose of estimating the changes in debt and equity of the business.

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CORPORATE AND FINANCIAL REPORTING
Table of Contents
Introduction......................................................................................................................................3
Discussions......................................................................................................................................3
Corporate Regulations.................................................................................................................3
Accounting Standard Setting Process..........................................................................................5
Analysis of Owner’s Equity.........................................................................................................6
Debt Equity Position....................................................................................................................8
Conclusion.......................................................................................................................................9
Reference.......................................................................................................................................10

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CORPORATE AND FINANCIAL REPORTING
Introduction
The main purpose of this report is to analyze the reporting framework which is applied by
businesses for the purpose of reporting of various transactions of a business. The assessment
deals in details whether financial reporting should be regulated or not in order to provide
appropriate disclosures to the users of financial statements. In addition to this, the report will also
be containing a description about the standard setting process which is followed by IFRS and
what is assistance is provided by AASB in the same. In the second part of the assessment, the
report will be considering analysis of significant items which are included in financial statements
of four companies. The companies which are considered for this assessment are Boral Ltd, BHP
Billiton ltd, Rio Tinto Ltd and Amcor Ltd. All the companies which are considered for this
assessment are involved in mining business and metal extractions. The assessment also considers
debt equity position of such companies for which a comparative analysis is to be undertaken for
a period of four years.
Discussions
Corporate Regulations
The use of financial reporting is an important part of managerial process in order to
communicate with the users of the financial statement regarding the performance of the business.
The users of financial statements are not only the investors but also the suppliers, employees,
governments, banks and all stakeholders of the business. The purpose of financial reporting
under regulations is to ensure that the transactions which are recorded in the annual reports of the
business are in a systematic manner and consistency and transparency is maintained in the annual
reports of the business. However, integration of practices which is followed all over the world is