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Assignment on Financial Accounting of ANZ bank

   

Added on  2020-04-07

20 Pages3435 Words28 Views
Running head: FINANCIAL ACCOUNTINGFinancial accountingName of the UniversityName of the studentAuthors note

1FINANCIAL ACCOUNTINGTable of ContentsAnswer to Question 1:.....................................................................................................................2Question 2........................................................................................................................................6Answer to Question 3:.....................................................................................................................8Requirement i:.............................................................................................................................8Requirement ii:..........................................................................................................................11Requirement iii:.........................................................................................................................12Answer to Question 4:...................................................................................................................15Answer to Question 5:...................................................................................................................19Reference & Bibliography:............................................................................................................22

2FINANCIAL ACCOUNTINGAnswer to Question 1:To,ChairpersonInternational Standard Accounting Board30 Cannon Street, London- EC4M 6XH, United KingdomDate: 15th September, 2017Subject: Recommendation and guidance for the improvement of the effectiveness of thecommunication as well as the information in the fiscal reportSir,I intend to make some plans as an investor, concerning the proposition of the IASB,regarding the effectiveness of the information that has been collected in the fiscal report.Undertaking the investments in the two different organisations, that are listed on the ASX whichcomprise the Westpac and also ANZ have been considered by me. In relation to this, the reviewand the comparison of the annual report of both the companies at present times have beenperformed by me. The preparation of the fiscal report is often considered to be a difficult task bythe individuals who prepare it. It is also felt that, the information have not been appropriatelydepicted. There has been somewhat betterment in the nature of the financial reporting eventhough there exist opportunities for making further improvement. During the proper study of thereport I have been able to discover that certain areas can be improved for better presentation aswell as for the disclosure of the significant information. The creation of the good link of

3FINANCIAL ACCOUNTINGinformation in the report is much beyond the explanation of the linkage nature and the highlightof the connection of place of related disclosure.Sometimes it happens that the investors do not understand the important informationwhich is contained in the annual report. This occurs due to the poor presentation of the fiscaldata. It is essential for me, to ascertain the need for making the suitable communication of theinformation after the annual report of the ANZ bank as well as Westpac. Thus it can be said thatsometimes there are certain differences which exist in the information presentation of both theorganisations. It has been shared that the preparation of the fiscal report as well as the disclosureof information, there is a requirement of standardisation. I have also familiarised myself with theset of seven rules which are stated in the section 2 of the discussion paper, that involves the clearas well as comparable format which are free from the unnecessary duplication and also organisedfor highlighting the important matter. It can be said that after the proper analysis of the annualreport of both the companies which complies with very few of the principles and also lacks themajority of the parts (Tokar, 2015).Since the banks are financial institutions, they are required to make the clear disclosure ofthe risks of liquidity as well as the credit risks. The reputed as well as renowned banks, shoulddisclose the information properly. It should be done in a way that the a clear picture is given ofthe financial health at a glance which is obtained by the adoption of the principles ofeffectiveness that are lacking. While Westpac performs segmental analysis with consistentlydefining segments there is no segmental analysis done by the ANZ banks. The strengthening ofthe banking industry regulation requires the Basel incorporation. It is nothing but an inclusive setof reformative measures. It has been studied by me that there are separate disclosures ofrequirements of Basel in the fiscal report. Little information connected to the credit as well as the

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