Issues in Contemporary Accounting

ISSUES IN
CONTEMPORARY
ACCOUNTING
TABLE OF CONTENTS

INTRODUCTION...........................................................................................................................................3
QUESTION 1.................................................................................................................................................3
Regulatory requirement applicable to Crown resorts .............................................................................3
In case of an Australian listed company...................................................................................................3
In case as an entity holding a casino license............................................................................................4
QUESTION 2 ................................................................................................................................................4
QUESTION- 4................................................................................................................................................6
Corporate governance at Crown Resorts Ltd...........................................................................................6
Comparison with the findings of the Bergin report...............................................................................11
CONCLUSION.............................................................................................................................................12
REFERENCES..............................................................................................................................................13

INTRODUCTION
In order to achieve the sustainable development and the long term profitability for any
business it is essential to comply with all the regulatory policies, maintain an ethical code of
conduct and also fulfil all the aspects of corporate governance in the organization. The current
project report shall be highlighting the regulatory requirements that any Australian listed entity
has to abide by and further in order to obtain a license to operate a casino. It shall be
demonstrating the largest shareholders of Crown Resorts Ltd and their holdings in the company
that have been maintained over the years. Lastly the report shall be presenting the corporate
governance statement that are followed by the business and contrasting those policies how the
Bergin report was issued inquiring about the fraudulent affairs of the business.
QUESTION 1
Regulatory requirement applicable to Crown resorts
In case of an Australian listed company
In case crown resort is an Australian listed company then it will be guided by the Australian
communication and media authority. The working of casino in Australia is being regulated at both the
territory and federal level. Around 80% of the Australian people are engaged with gambling and this is
the highest rated gambling within the world. There are many different regulatory authorities which
governs the gambling services provided by the Australian listed casino or resort. Under these regulator
authorities there are many different legislations which are to be complied effectively. This included
legislations like a Casino Control Act 2006, Gaming Machine Act 2004, Betting Tax Act 2001, Pool
Betting Act 1964, Registered Clubs Act 1976 and many other different legislations and law (Policy and
regulation, 2021). In addition to this the online gambling is also prevalent in Australia. The interactive
gambling act 2001 was asked by the Australian commonwealth parliament on 28 June 2001. However it
received approval on 11th July 2001. This act majorly targets online gaming operators and make it an
offence for them to of a real money. This act also makes it illegal for the online gambling operators to
advertise real money interactive gambling services to the Australian citizens. In addition to this gambler's
meaning in Australia and not text and this is majorly because of the reason that gambling is not
considered as profession and Australian government gains from gambling activities not elsewhere income
but as a result of good luck.

In case as an entity holding a casino license
In case ground resort is having the casino licence then they generally have to follow some
rules and regulations listed. This majorly involves the gaming laws which are based upon the
declaration of public policy design in order to ensure that gaming is conducted honestly. the
major legislation which they have to follow is to establish and maintain responsible accounting
practices and procedures so that popular counting can be under take in addition to this they also
have to maintain an effective control of their financial practices which involves proper
safeguarding of the assets and revenues. Moreover as per the legislation companies or casino are
also to maintain the system for reliable and effective record keeping and bookkeeping
(Gainsbury, 2019). In addition to this they have to stop the rules and regulations and the
implementing statues. Along with this reviewing of the character and the fitness related to the
participant or the person interested in gaming operations and to determine regarding their
suitability and qualification for the licence to stop along with this the resort also need to collect
and review the reports and other information which are submitted by the participants to stop
however in addition to this company also need to make proper investigations in order to
determine that whether any law or regulation has been violated or not been followed.
QUESTION 2
Based upon the annual report of Crown Resorts Ltd, the top 5 largest shareholders of the company are
listed below.
For the year 2020
Serial number Name No. of shares % of issued capital
1. CPH Crown Holdings Pty Ltd 237025000 35
2. HSBC Custody Nominees
(Australia) Limited
146246329 21.39
3. J P Morgan Nominees Australia Pty
Limited
74788412 11.04
4. MERRILL LYNCH (Australia)
Nominees Pty Limited
67683253 10
5. Citicorp Nominees Pty Limited 35425150 5.23