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Financial accounting - Sample Assignment

   

Added on  2019-10-31

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Running head: FINANCIAL ACCOUNTINGFinancial AccountingName of the StudentName of the UniversityAuthors Note
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2FINANCIAL ACCOUNTINGTable of ContentsIntroduction................................................................................................................................2Overview of the corporations.....................................................................................................3Incidents that contributed towards liquidation and failure of corporate governance.................5Ethical Consideration.................................................................................................................8Recommendations......................................................................................................................9Conclusion..................................................................................................................................9References................................................................................................................................10
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3FINANCIAL ACCOUNTINGIntroductionWinding up that is also referred to as liquidation of the corporation is essentially related tothe proceedings by which all the different dealings of the company are wound up. Essentially,rights as well as liabilities are differentiated and the claims of different creditors are resolvedeither entirely or are extent since it might be warranted by different assets/resources of thecorporation. Again, huge number of corporations operates at particularly at the judgment ofdifferent board of directors. Again, the board of directors is also the vital part of theadministration of the corporation. The decisions are normally assumed after taking intoconsideration interests of different shareholders as well as stakeholders of the corporation. Assuch, decision making is essentially the effectual tool that can help in the process ofdetermination of the prolonged existence of the corporation since it forms the essence ofsurvival of the corporation. Effectual functions of any corporation are normally considered as the corporate governanceof the firm. Fundamentally, the effectiveness of the overall performance of a particularcorporation is founded on main principles, guidelines as well as provisions of several statutesthat are existent in a country (Deegan 2013). However, failure to adhere to the principle ofgovernance can reflect inability to stock to the principles of effective governance. Essentially,the study is founded on ascertaining the winding up of the business concerns that includeABC Learning, HIH Insurance as well as One Tel. The current study necessarily concentrateson the primary cause behind liquidation of the given corporations along with the guidelines ofethics as well as corporate governance (Williams 2014). Overview of the corporationsBackground of the company ABC Learning:
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4FINANCIAL ACCOUNTINGABC Learning in the previous years was observed as one of the largest corporationsoperating in Australia and serving in the area of educational field. The business entity waslisted on the Australian Stock Exchange (ASX) and has a market capitalisation of nearlyAUD 2.5 billion. Nevertheless, the business concern went into professional receivership afterthe encountering the outcomes of the subprime mortgage crisis and the pay off of the debt inorder to devastate the corporation (Weil et al. 2013). Essentially, the assessors also failed todetect the issues from the pecuniary assertions of the business entities. In particular, thecorporation was established during the year 1988 and situated in Queensland. However, fromthe time of inception of the business entity, it was successful in introducing over and abovenine hundred units across Australia as well as New Zealand by 2006 (Edwards 2013). Again,during 2006, t ABC Learning acquired the second largest provider of child care situated inthe nation United States for approximately AUD 330 million along with the acquirement ofBusy Bees Group that is necessarily the fifth largest supplier in the UK. Excessive acquisitionpolicies helped the company to expand into the markets of both UK and USA with essentiallya market share of approximately 1%.
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