CBA Executive Remuneration Analysis

This assignment delves into the remuneration practices of senior executives at the Commonwealth Bank of Australia (CBA). It examines the details of their compensation packages, referencing sources like the CBA's 2016 Annual Report to Shareholders. The analysis also considers the composition of the CBA board and explores public reactions to executive pay, particularly in light of media reports on the bank pulling back on senior executive remuneration.

ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
QUESTION 1...................................................................................................................................1
Question 2........................................................................................................................................7
CONCLUSION..............................................................................................................................13
REFERENCE.................................................................................................................................14
BIBLIOGRAPHY..........................................................................................................................16

Illustration Index
Illustration 1: Remuneration to senior executives of CBA..............................................................2
Illustration 2: CBA board.................................................................................................................3
Illustration 3: Target remuneration for 2017...................................................................................4

INTRODUCTION
Accounting is a process of measuring, processing and communicating financial
information of any entity generates ideas for investors, creditors and management of risks.
However, management of entire business operations and decision making on it is possible
through recording and reporting financial transactions. The present report is based on introducing
accounting information article related to remuneration for senior executive for Commonwealth
Bank in Australia. It is financial service provider of the country who made planning policy
regarding article mentioned in Australian Securities Exchange (ASX) today. Including this,
different accounting standard board and theories of regulation regarding public and private
interest for the financial institution. Moreover, accounting standard boards and regulations
mentioned for accountancy will be introduced through this assignment. Likewise, theories used
in accounting and recording of financial transactions can be expressed. Thus, students are able to
understand article related to remuneration for senior executive for CBA as well accounting
theories and concepts deeply through this report.
QUESTION 1
Issues covered in exposure draft
The issue occurred in CBA is related to laundering laws related to money laundering and
according to which senior executive will lose all of their short term variable bonuses. However,
for both short term and long term variable bonuses for the financial year. Similarly, in the
financial year 2016, amount is mentioned for paid operations of banking sector (Noeker and
Juckel, 2017). In this regard, directors served full year will pay 300000 while for directors who
are to serve who fell to just for paid 273000. As such remuneration of executives is to present in
its annual report by which monetary position of the bank can recognise. Further, on the basis of
this issue and financial position of the bank, recording for further years. Thus, article mentioned
in the newspaper regarding financial issue and solving the issue is recorded.
REDUCING SENIOR EXECUTIVES' SHORT TERM INCENTIVE FOR CBA
Due to money laundering issue, CBA is facing issue of economic crises therefore,
planning for reducing short term incentive to create balance and improving financial position
of the organisation. However, it will be able for further implementation and strategies in the
future time period. Thus, bank can achieve effective profit by implementing this strategy and
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operating further activities.
Actual remuneration position of CBA:
For making decision to reduce economic issue of CBA, monetary position of the bank is
required to be identified can be understand as:
In the Australian market, it has been noted that arrangement of remuneration for CEO
and executive group made up with fixed and risk as well. It is determines in the two types of
variable remuneration such as short and long term context (Karakolias and et.al., 2017).
Components are based on the performances against key financial and non financial measures. In
this aspect, full details also required to make broader outcomes with full consideration that
disclosed in the annual report. In order to reach towards conclusion, overriding consideration in
2
Illustration 1: Remuneration to senior executives of CBA
(Source: Remuneration of CBA, 2017)

the board was developed as the collective accountability of the senior management (CBA Pulls
back on Senior Executive remuneration, 2017).
The bank paid insurance during the financial year in term of policy for the benefit of
organisation. Insurance is the appropriate pursuant which determines in section 199B of the
corporation Act 2001. In accordance with commercial practice, insurance policy prohibit
disclosure of the terms and policy. It includes nature of the liability which insured against
amount of the premium. No application has been made under the section of 237 in the
Corporation Act 2001. Beside this, financial information included in the annual report which has
been prepared and presented with accordance with accounting standards. In addition to this, bank
is also committed to ensure that policies and practices reflect to high standards in the corporate
governance (Flege and Thomsen, 2017).
There are several guidelines has been developed in context of corporate governance, and
enhancement of balance performance and conformance. In the financial year of 2016, bank
governance arrangement consistent with principles and recommendations. Details of the bank
secretaries includes experience and qualifications that are set in the view. Financial information
included in the Annual report which has been prepared and presented in accordance with
Australian accounting standards (Dawid, Harting and van, 2017). This will ensure that
compliance develop in the financial reporting standards. Group managers and business
performance using cash basis to measure profit that which includes key items that excluded from
statutory profit.
3
Illustration 2: CBA board
(Source: Remuneration of CBA, 2017)

Common wealth bank of Australia has reduced the pay of senior executive and non
executive directors in order to decrease money laundering activities. Besides reducing the pay
scale of senior executives the financial organisation can reduce short term variable incentive.
There is also decline in non executive directors fees in order to eliminate cyber crime
(Fernández, Arrondo and Pathan, 2017). Technology such as deposit machine can be adopted by
banks in order to facilitate anonymous cheque and cash deposits. This machine will assist
financial institution in preventing illegal transactions, can track criminal conducting illegal
transaction. The use of this machine will help bank in avoiding unnecessary suspicious
transactions. Government can set up an industry to solves various banking industry related
issues. The legal authority can establish an enquiry system to investigate “ culture problems in
the banking sector”.The government can set various limit for various transactions. Due diligence
strategy can be adopted which includes knowing the customer, obtaining information on
intended transaction and verifying above information through certificates and other sources.
Traceability of transactions which can be used by banks for detecting money laundering
activities. This strategy will enable financial organisation to ensure traceability of transaction and
opportunity to identify the origin of transaction (Nadeem, Zaman and Saleem, 2017). Person
who hold special authority to represent a legal entity that deals in financial undertakings
including managing director require verifying of their identity while making transactions.
Questionnaire method can be used in order to get information from customers about intended
transactions, purpose of financial activity, as well as nature of transaction.
Target remuneration for financial year 2017
On behalf of this data interpretation, it can be recognised that if senior executives of CBA
do not paid short term incentive for financial year 2017 then financial position of the entity.
However, CBA's director also have cut their fees by 20% for economic stability and improving
economic position efficiently (Terjesen and Trombetta, 2017). Therefore, by implementing this
strategy, bank will be able to spend adequate expenditures and increasing its sales revenue.
However, by reducing senior executives' bonuses, financial position of the bank can be improved
effectively. In this regard, following target is set for financial year 2017 overall targeted is to be
presented as:
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However, tragets for fixed, STI and LTI has set for effective cost in banking operations
for CBA that will be beneficial to reduce economic issue and enhancing financial position.
According to mentioned draft in Accounting Securities Exchange (ASX), it is recognised that
Commonwealth Bank board is decided to reduce senior executive bonuses to zero affect
remuneration and financial position of the entity. In this regard, accountant of the bank express
his views that it will be able to reduce risks and reputation matters of the entity (Terjesen and
Trombetta, 2017). Similarly, it is public interest in executive remuneration will be in favour of
financial institution entitled in Australian Reports and Analysis Centre (AUSTRAC).
The major accounting issue in the article is related to the language issue for the
international accounting differences. In the present time, there is not a single company which ios
limited within a country. Each small and large wants to conduct and operate its business at global
level so financial reporting standard of their country is major accounting barriers and language
cab also affected international financial reporting standards. The major issue in the given article
related to the SEC regulator should adopt global financial language for better business. This
article major focuses on the reporting of languages which is followed by the business in the
different countries. The major issue in this article is related to the different languages in the
international accounting. In addition to this, this article describes the Donald trumps collected
information related to issue of immigration, trade, freedom of forth estates as they are
dominating the media cycle. In this includes corporate governance new policies, direction under
fresh leadership securities and exchange. As per the recent executive order of the Donald trump
for a review of financial system regulation, he promises to make addressing over regulation and
his administration. The major issue of this article is related to the different language and different
5
Illustration 3: Target remuneration for 2017
(Source: Remuneration of CBA, 2017)

accounting standards in the different country. Thus, organisation have to understand and adopt
different accounting standards. This topic is link with international financial accounting standard
as US is one of the icon in the field of accounting sector which is using GAAP on its financial
report. Other countries like Australia are using the IFRS in its accounting report, so there are
several standards from the IFRS and GAAP which will be the worldwide acceptable reporting
language.
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NEWS LETTER:
ADOPTING GLOBAL FINANCIAL LANGUAGE FOR BETTER BUSINESS FOR SEC
REGULATORS IN AUSTRALIA
The major accounting issue in the article is related to the language issue for the international
accounting differences. In the present time, there is not a single company which is limited
within a country. Each small and large wants to conduct and operate its business at global level
so financial reporting standard of their country is major accounting barriers and language cab
also affected international financial reporting standards.
The given article related to the SEC regulator should adopt global financial language
for better business. This article major focuses on the reporting of languages which is followed
by the business in the different countries. The major issue in this article is related to the
different languages in the international accounting.
This article is related to the different languages in the international accounting. In addition
7

to this, article describes the Donald trumps collected information related to issue of
immigration, trade, freedom of forth estates as they are dominating the media cycle. In this
includes corporate governance new policies, direction under fresh leadership securities and
exchange.
As per the recent executive order of the Donald trump for a review of financial system
regulation, he promises to make addressing over regulation and his administration. The major
issue of this article is related to the different language and different accounting standards in the
different country. Thus, organisation have to understand and adopt different accounting
standards.
However, Other countries like Australia are using the IFRS in its accounting report, so
there are several standards from the IFRS and GAAP which will be the worldwide acceptable
reporting language.
8

Donald trumps collected information related to issue of immigration, trade, freedom of
forth estates as they are dominating the media cycle. In this includes corporate governance new
policies, direction under fresh leadership securities and exchange.
However, other countries like Australia are using the IFRS in its accounting report,
so there are several standards from the IFRS and GAAP which will be the worldwide acceptable
reporting language.
Draft:
LANGUAGE ISSUES IN ACCOUNTING IN AUSTRALIA
The article is related to understand accounting systems to be followed on in recording financial
transactions of the business enterprise. However, language issues occurred in reporting is useful
for maintaining and reporting. In addition to this, Donald Trump expresses his views that
different language issues occurred in article due to immigration and freedom to forth estate
dominate media cycle. In this regard, importance of GAAP accounting standard has been
described for financial reporting and recording data and administration of organisation
effectively. Similarly, accounting standard and financial reporting for GAAP and IFRS are
determined. In addition to this, accounting standard regarding recording and reporting financial
transactions is described to reduce language issues occurred in accounting process.
Discussion on draft
In this discussion, learners can understand both positive and negative aspects of the
strategy to reduce short term senior executives' bonuses to zero (Cunningham, 2017). In this
regard, its advantages and drawbacks are to be understood as:
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Advantages: It will be able to increase profitability and maintaining economic position of
CBA. Including this, adequate fund for further operations can be allocated efficiently regarding
banking businesses. However, by following on formulated strategies mentioned in target
remuneration will be able to create economic adequacy and management of all operations of the
bank effectively (Murgulov and et.al., 2017). Thus, it is recognised that reducing senior
executives' bonuses to zero will be in favour of bank and fund allocation for the entity
effectively.
Drawbacks: According to critical evaluation on the prepared strategy, it is analysed that
there is no consideration on risks that can obtain in CBA. However, by forecasting on further
years' operations, it is needed to consider all factors like; allocating fund, resources and fund for
organisation's effectiveness (Ameer and Othman, 2017). Including this, due to uncertain changes
occurred such as; changes in market price, lack of coordination and misunderstanding among
executives remain ineffective for economic stability for accounting year 2017. Moreover, except
reserved fund, it is difficult to allocate high level of fund for further operation and managing
financial risk can occur in the organisation.
Thus, it is recognised that reducing bonuses of senior executives will be effective for
CBA in the financial years. Similarly, some considerations are required to be considered for
reducing issues and increasing financial position of the bank efficiently (Truong and Nguyen,
2017).
Suggestion for reducing the issue:
By implementing below mentioned suggestions, CBA will be able to create economic
stability and adequate fund for the bank as:
 Considering all risks that can be occurred in the bank including financial, operational and
other sectors.
 Decision should be based on fact and effective forecasting for further years that can be
maintained and improved.
 Remuneration of last 2-3 years must be considered for the future decisions and targets for
future time.
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Thus, by considering above mentioned all the strategies will be effective for CBA to
increase its financial position and managing its stability effectively (Smith, 2017).
Question 2
In order to maintain the performance of business and measure its regulator activities and
expenditure, proper management of accounting is very significant. With assistance of the proper
management of accounting, corporation can able to maintain its existing as well as future
expenditures. Generally, it can be said that accounting is a process of identifying, interpreting,
summarising, communicating the financial information through which firm can measure its
existing and future expenses. In a simple word it can be said that it is a concept under which
accountant manager develop s system for recording, summarising, classifying, verifying
financial information (Ram and Newberry, 2017). With help of this accounting, company can
analyse its existing profitability and loss, income and outcome etc. In addition to this, accounting
helps to the firm can easily monitor and measure monthly expenses and improve the productivity
of the company. In the commonwealth bank, as a senior partner it is great responsibility is to
review the upcoming accounting standards and prepare an effective draft report under which
they required to mentioned various kinds of organisation accounting standards such as IASB,
AASB and FASB. The major objective of accounting standard is to maintain the transparency,
relevance, audiences etc (Siswantoro and Ibrahim, 2017) It is a kind of general principle which
have set of rules and regulation through which company requires maintaining the financial
performance. By follow the accounting standard, company can measure and monitor the
financial performance of business and provide accurate, relevant and transparent data about the
accounting. The major objective of use of the accounting standard is to disclosure of accounting
policies, valuation of the inventories, cash flow statement, manage the depreciation accounting,
accounting of investment, revenue recognition etc. With help of the accounting standard within
the commonwealth bank, it can easily improve the performance of banking and maintain all
financial records and reports like cash flow statement, income statement, profit and loss accounts
etc. In the common wealth bank, senior manager develop the draft on the international
accounting standard, Australian accounting standards, financial accounting standard board.
Financial accounting standard board have major objective is to maintain the current and
non current balance sheet within an organisation. The mentioned board proposed to identify,
evaluate and improve the area of accounting principles through which cost and complexities can
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overcome. The debt arrangement means the arrangement in which the lender is provided with
contractual right. FASB accounting standards helps to the organisation in managing current and
non current liability in the classified balance sheet. This assist in proving the useful information
related to the financial statement. The major issue in the comment letter is related to the different
financial statements. The above proposed letter includes the dept arrangement as non current
liability when there is debt covenant violation of any organisation receives the violation that
meets a certain condition before the financial statement are issued. From the capture interest
theory, all the financial statement users are not capable to understand the information provided to
them the using the new proposed amendments. With help of this capture interest theory,
organisation are able to resolve the financial statement issues within the company. In the public
and private sector this FASB standard can more helpful in various activities like managing
current and future balance sheet and prepare a systematic financial statement.
Exposure Draft and comment letter
28 September 2017
Mr. Stavros Thomadakis
International financial accounting standard board for accountant
539 Fith Avenue
New York, NY 10017
Dear Stavros,
FASB accounting standards helps to the organisation in managing current and non current
liability in the classified balance sheet. This assist in proving the useful information related to
the financial statement. The major issue in the comment letter is related to the different financial
statements. The above proposed letter includes the debt arrangement as non current liability
when there is debt covenant violation of any organisation receives the violation that meets a
certain condition before the financial statement are issued. The purpose of this standard is to
protect the public and build trust in the profession. According to the lease topic 842, The
financial accounting standard board has been assisting stakeholder with implementation
questions and issue as company prepare for the adoption of the topic 842.The amendment in
this proposed update topic 842 have various practical expedients which are as An organisation
does not reassess whether any expired and existing agreement are contain leases. An
organisation required not to reassess initial direct cost for any existing lease. An organisation
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does not require reassess the lease classification upon the present and expired lease. An
organisation will deliver all the transition documents needed by the topic 250 on the changing
accounting and error corrections. With assistance of the financial accounting standard board
provides a systematic accounting standard and principle to the all private and public sector by
which they can manage their financial performance of the organisation.
Financial accounting plays a very crucial role in the every sector of business by which
organisation can effectively measure the performance of finance and also monitor its
profitability and loss within the company. In the exposure draft the major issue related to the
language within the different country. While any organise operate its business in the other
country then it is very common barrier that it have to face related to the language. The major
issue related to the language within the nation by which many organisation face the issues. In
addition tio this there are several kinds of the financial standard within the country so every
business enterprise have to follow these standard at the time of operate the business.
Exposure draft and comment letter
Exposure draft is a document released by the financial accounting standard for the public
commentary in order to proposed new accounting standard. In the 25 feb 2016, the financial
accounting standard board leases in order to increase the transparency and comparability among
the organisation by recognising lease assets and lease liabilities on the balance sheet and disclose
the key information about the lease transaction. According to the lease topic 842, The financial
accounting standard board has been assisting stakeholder with implementation questions and
issue as company prepare for the adoption of the topic 842.The amendment in this proposed
update topic 842 have various practical expedients which are as follows-
 An organisation does not reassess whether any expired and existing agreement are
contain leases.
 An organisation required not to reassess initial direct cost for any existing lease.
 An organisation does not require reassess the lease classification upon the present and
expired lease.
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 An organisation will deliver all the transition documents needed by the topic 250 on the
changing accounting and error corrections.
Back Ground information and basic conclusion
According to the BC2 the amendment were issued in order to enhance the transparency and
comparability am,ong the corporation
According to the BC3 all stakeholder have requirement about the application of the Topic 842 to
the land easement.
According to the BC4A perpetual land easement deliver the easement holder and gain the proper
arrangement of the property.
As per the BC 7 the major objective of the financial accounting is it provide all relevant and
financial information to the investor, donor and other capital market.
According to news letter and mentioned information in it, usefulness of GAAP has been
understood. As explained that Australia and other uses financial accounting system for recording
and reporting. While, on the other side, USA implements GAAP system for accounting and
information and recording financial information. However, recording of each and every financial
transaction is possible through this accounting process. Likewise, simple and journal entry for all
transactions is also possible through using this approach and recording efficiently. Thus,
implementing this accounting system would be able for recording and reporting all financial
transactions systematically.
In this regard, article related to reducing short term incentive for effectiveness of CBA
and managing finance. Similarly, the other article is related with language issues occurred in
accounting of financial transactions of the enterprise. However, both articles are for
understanding accounting tools and standard to record financial transactions effectively. In this
regard, both articles and brief discussion on them can be understood as: Reducing short term incentive for senior executives of CBA: Under this article, it is
recognised that by reducing short term incentive of senior executives of the bank,
financial position of entity can be improved. Same as, it will be able for further
implementation and strategies in the future time period. Thus, bank can achieve effective
profit by implementing this strategy and operating further activities.
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 Language issues in accounting of financial transaction: In context to other article, it is
determined that different countries have different rules and principles for recording. For
example; USA follows GAAP accounting standard while other countries like UK, Europe
follows IASB accounting standard. Therefore, all of them have different principles for
accounting of financial transactions and systematic recording of them efficiently.
International accounting standard board- An IASB (International Accounting Standard
Board) is the accounting standard which is founded on 1 April 2001.Its initial responsibility is to
developing for international Financial Reporting standards.
There are about 13 full- time Board of members as they usually select as the overall the group of
the expertise & experienced members which are known for preparing the systematised academic
work or the accounts (Hunter, 2017).
Some essential Roles of IASB
It basically works on the developing and procurement of the technical agenda, in which
the various experienced consultant with the trustees & the public are there. ISAB complete
overall responsibilities of all the technical matters or any kind of issues certainly arise.
Other than the interpretations drafts which are based on exposure are issued as due to process
stipulation of the constitution of the accounting standard.
The approval & issues of the interpretations are usually developed by the IFRS interpretation
committee.
This is a private sector body that develops and approves by the international financial
reporting standards. It has major responsibility for all technological aspects of the international
financial reporting standards (Sullivan and Mackenzie, 2017). It has aim is to prepare and issuing
the international financial reporting standard and develop the drafts through which all
performance of the business related to the finance and accounting. Its primary mission is to
develop high quality, understandable, enforceable and globally accepted international financial
reporting standards based upon the principles.
Australian accounting standards board- The major objective of this standard is to
develop and manage the financial reporting standard which is applicable within the all public and
private sector of the Australian economy. The Accounting Standard of the Australia Country. An
Australian regulated government is basically helps to developing & maintaining of financial
reports which is based on the accounting standards of Australian economy.
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The Standard basically reports as under these aspects:-
The corporation Act 2001 is related to preparation of financial reports as under the
entities.
As under the General Government Sector(GGS) and the entire government is comes
under for the preparation of the financial statements. The Australian Accounting Standards is
also includes the requirements which are specifically based on the Australian entities.
The current Accounting Standard of the Australian country are not in the correspondence as
IASB (International Accounting Standard Boards) remain in force (Nichols, Betancourt and
Scott, 2017).
But beyond the, 1 Jan 2005 they may reissued the future updates in the new regime.
The regime includes:-
AAS 25 Reporting of the Financial Transactions are based on Superannuation plans.
AASB 1004 based on the contribution system, AASB 1039 (Concise the Financial Reports),
AASB 1049 (The Whole or the entire General Government Sector works on financial reporting),
AASB 1051 (Disclosed the Disagreed system of approach and so on.
In the context of common bank, Australia accounting standard board can provide and update the
standard for the all public and private sector through which their financial performance can
effectively measure and maintain in the organisation of Australia. This also help in the Australia
business in managing the interaction between the Australian business and globe economy
through which their performance and accountability can effective improve (Jiang, Wang and
Wangerin, 2017). With assistance of the Australian accounting stands within the Australia,
various public and private organisation can help in improving the quality and performance of
business. This helps to the organisation in develop the conceptual framework for the objective of
evaluating the proposal standard and develop accounting standard for the other accounting
objectives. With help of this standard, company can participate and contribute the development
of the single set of accounting and enhance the accuracy and efficiency of the accounting norms
and policies within the company. This ehnnace the external reporting consistency and quality of
the external reporting standard within the company through which financial performance and
accounting performance can enhance.
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Financial accounting standard board- An FASB in mainly stands for the financial
standards is certainly work under the private, non profit organisation or a firm. Its establishment
is basically for the improvement of the general accepted accounting Principles (GAAP).
As the FASB is not based on the government body. The Securities Exchange Act 1934, has the
authority to established the financial accounting & standards reporting on the basis of FASB.
In the past, it has their own commission policy that has been relied for the private or non profit
organisation that basically extent the demonstration abilities to fulfil the responsibilities on the
basis of the public interest. There are the components which are divided in 3 conceptual parts are
as follows:-
Predictive Value:-The information which is helpful for the users for actual expectations
about the value.
Confirmatory Values:-The information which mainly provide the feedback of correct or
without any error occur or the predictions & expectations which are prior.
Materiality:-This basically works when the misstatement or omission of the magnitude of
the accounting system would be judged at the reasonable person relying on that information.
The major objective of the financial accounting standard board is to establish and
increase the financial accounting and reporting standards and to delivers useful information to
the investors and other people who design the financial report. With assistance of the financial
accounting standard boar, in the public and private sector, company can improve and establish
standard of financial accounting and reporting for the guidance and education of the public. This
helps in improving the performance of financial activities and function within the company and
measure the actual performance of the organisation in respect of finance. Its sets out to enhance
corporate accounting practices by increasing the guideline of the report of accountancy. The
collective mission of the financial accounting standard board is to develop and improve the
financial accounting and reporting standard. With help of this standard, right information of the
finance can provide to the investor and educate stakeholders (Pacter, 2017). Commonwealth
bank can improve the transparency, accuracy and effectiveness of the financial performance and
accounting though which it can effectively meet the needs and requirement of the all stakeholder
and sustain in the market fo long time.
From the entire analysis, it has been analysed from the there major accounting standard
that is international accounting standard board, Australian accounting standard board, financial
17

accounting standard board. With assistance of these standard, common wealth bank can easily
measure and evaluate its financial information and performance. This assist in improving the
accuracy , effectiveness and transparency of the information among the stakeholders.
CONCLUSION
From this report it has been concluded that in order to maintain and measure the
financial performance of the organisation, there are several kinds of the accounting standard
developed by which form either they are public and private can improve their financial
information accuracy and effectiveness. It has been also concluded from this report that common
wealth bank can improve its financial performance by use of the several regulation and
accounting standards.
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<http://www.moneymanagement.com.au/news/accounting/cba-board-pulls-back-senior-
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