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Dairy Industry in Australia : Assignment

   

Added on  2020-03-23

18 Pages4533 Words97 Views
Running head: ACCOUNTING IN AUSTRALIAN DIARY COMPANIES Accounting in Australian Dairy Companies Name of the Student:Name of the University:Author Note:

1ACCOUNTING IN AUSTRALIAN DIARY COMPANIESTable of Contents1.0Introduction:.........................................................................................................................21.1 Definitions and key concepts:...............................................................................................21.1.2. The main accounting regulatory in Australia-AASB:...........................................................21.1.3. International Financial Reporting Standards:........................................................................31.1.4. Dairy Industry in Australia:...................................................................................................31.2 Brief background including professional context:.....................................................................41.3 Literature review:.......................................................................................................................51.3.1. Presence of various types of commercial organisations in Australia:...............................51.3.2.Accounting in Australia’s dairy companies:.......................................................................61.3.3. Difference between IFRS and AASB:...............................................................................81.3.4. Problems caused due to multiple accounting standards:...................................................81.4. Research aim and objectives:..................................................................................................101.5. Research questions:................................................................................................................102.Methods:.....................................................................................................................................112.1. General approach:...................................................................................................................112.2 Population and Sampling:........................................................................................................112.3. Analytical Approach:..............................................................................................................113.0. Results:...................................................................................................................................12Discussion and Conclusion:...........................................................................................................13

2ACCOUNTING IN AUSTRALIAN DIARY COMPANIESReferences:....................................................................................................................................151.0Introduction:1.1 Definitions and key concepts:1.1.1 Financial accounting:Gregory, Uys and Gregory(2014) defines accounting as the systematic process ofrecording, reporting and analyzing financial transactions in the business organizations. Thefinance departments and the apex management bodies of the organizations then analyze thefinancial transactions. 1.1.2. The main accounting regulatory in Australia-AASB:The Australian Accounting Standards Board(AASB) is the body of AustralianGovernment which develops and regulates financial reporting in all the public and privatecompanies within Australia. Its jurisdiction applies to all the companies including the dairycompanies. The financial accounting policies laid down by the Australian Accounting StandradsBoard(AASB) are legally binding on the entities under the Corporations Act 2001, state andcentral government bodies of Australia, private companies, public companies and even non-profit making organisations in Australia. The AASB 1053 Application of Tiers of AustralianAccounting Standards establishes two tiers of accounting for making general purpose accountingstatements(aasb.gov.au., 2017) The Tier 1 incorporate the international Financial ReportingStandards(IFRS) including the interpretations of IFRS. The IFRS rules are followed byparagraphs which mention the applicability of IFRS according to the Australian standard

3ACCOUNTING IN AUSTRALIAN DIARY COMPANIESaccounting procedure which is suited to the Australian industrial sector. Publicly accountingprofit making organisations are required to comply with tier 1 and follow IFRS. Tier 2 interpretsthe first tier with measurements, presentations and requirements of tier 1. The members of theInstitute of Chartered Accountants in Australia, Certified Public Accountants and the Institute ofPublic Accountants are empowered to take all steps to ensure that business entities withinAustralia comply with the AASB norms. 1.1.3. International Financial Reporting Standards:The International Financial Reporting Standards(IFRS) are the financial accountingstandards issued by the International Accounting Standards Board(IASB) to provide a commonlayout of accounting standards for the companies to follow all around the world. Theseinternationally accepted accounting principles are very helpful to companies all around theworld, especially the multinational companies that are able to record the financial transactions oftheir offices located in multiple location following one single accounting framework(IFRS.,2017). The main elements dealt with by IFRS are assets, liabilities, equities, revenue andexpenses.1.1.4. Dairy Industry in Australia:The dairy industry in Australia occupies the third position in terms of agriculturalcommodities in terms of farmgate value and is the fourth highest export earners. The Australiandairy industry is attributed to high productivity and produced 9.54 billion litres of milk. Aroundninety-four percent milk produced in Australia are consumed in the domestic market. The piechart below shows the production of food products including dairy products in Australia 2012-13. This shows that that the country has a huge dairy industry, which is very profitable. The

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