Accounting Standards in Woolworths

Running head: ACCOUNTING STANDARDS IN WOOLWORTHS
Accounting Standards in Woolworths
Name of the University:
Name of the Student:
Authors Note:

1ACCOUNTING STANDARDS IN WOOLWORTHS
Executive Summary
The topic which is selected for this research is “Accounting standards in Woolworths”. The
“Australian Accounting Standards Board (AASB)” acts as a governing authority within Australia
that analyses as well as controls the accounting standards that is applicable within the
organization. The proposal is intended to analyze the accenting standards that are followed
within an Australian Company that is Woolworths. Considering the same, the first part of the
research proposal will introduce the research topic and the organization that is selected for this
research. The research type is deemed to be descriptive that can effectively facilitate in
evacuating the relevant accounting standards implemented within Woolworths Company.
Descriptive research will explain that by means of implementation of global standards of
accounting, there is observed to have increased transparency in offering necessary financial
information to the stakeholders of Woolworths Company.

2ACCOUNTING STANDARDS IN WOOLWORTHS
Table of Contents
1. Introduction to the Research........................................................................................4
1.1. Topic Introduction....................................................................................................4
1.2. Overview of the Company........................................................................................4
1.3. Structure of Proposal................................................................................................5
2. Research Problem and Objectives...............................................................................5
3. Literature Review..........................................................................................................6
3.1. Financial statements of Woolworths doneas per with the Australian Accounting
Standards......................................................................................................................................7
3.2. Accountants and Auditors are aware regarding the recent amendments in the
Australian Accounting Standards................................................................................................8
3.3. Harmonization between the AAS (Australian Accounting Standards) and the IAS
(International Accounting Standards)........................................................................................10
3.4. Management of a company has formulated Audit, Risk, Management &
Compliance Committee for the reformation of the corporate reporting framework.................12
4. Research Design and Methodology...............................................................................13
4.1. Justification of Research Type................................................................................13
4.2. Justification of Research Approach........................................................................14
4.3. Type of Data that will be used................................................................................14
4.4. Data Collection.......................................................................................................15

3ACCOUNTING STANDARDS IN WOOLWORTHS
4.5. Sample Size and Sampling Method........................................................................16
4.6. Data Analysis Method............................................................................................16
4.7. Ethical Consideration..............................................................................................17
References..........................................................................................................................18
Appendix............................................................................................................................21

4ACCOUNTING STANDARDS IN WOOLWORTHS
1. Introduction to the Research
1.1. Topic Introduction
The topic which is selected for this research is “Accounting standards in Woolworths”.
The “Australian Accounting Standards Board (AASB)” acts as a governing authority within
Australia that analyses as well as controls the accounting standards that is applicable within the
organization (Adams Muir and Hoque 2014). The organization that will be selected for necessary
accounting standards implementation includes public and the private sector organizations of
Australia. By means of implementation of global standards of accounting, there is observed to
have increased transparency in offering necessary financial information to the stakeholders of
Woolworths Company. Considering the relevance of accounting standards implementation
within companies, the current research will analyze the accounting standards that are used by
Woolworths in Australia. In addition, the research problems associated with the implementation
and applicability of the company’s accounting standards that will be discussed and evaluated
(Apostolou and Rebele 2015). Moreover, the current research will also focus in evaluating the
harmonization between the domestic as well as international accounting standards employed
within Australian business environment.
1.2. Overview of the Company
The company that is selected for analysis of accounting standards in Australia is
Woolworths. Through the selection of this company it will be easier to understand that the
accounting standards that are present in Australian organizations are regulated and developed by
“Australian Accounting Standards Board (AASB)” (Apostolou et al. 2015). The Australian
Accounting Standards used in this company is focused on the development of accounting
standards that is applicable all over the world and facilitates the Australian companies like

5ACCOUNTING STANDARDS IN WOOLWORTHS
Woolworths to implement such standards. As per the report presented by Woolworths Group, the
organization is deemed to operate within the retail business all over the nations of New Zealand
and Australia. Woolworths has its business operations in several segments including clothing and
general merchandise, home ware, beauty and lifestyle products, food and logistics segment along
with financial services. The company operates its business through subsidiaries that includes
“Woolworths Proprietary Limited” and “David Jones Proprietary Limited” (Bamber and
McMeeking 2016). The company has it’s headquarter in New South Wales and is positioned as
among the second largest organization within Australia in respect to its revenue. Woolworths is
observed to be positioned as the 19th largest retailer all through the world in the year 2008.
1.3. Structure of Proposal
The proposal is intended to analyze the accenting standards that are followed within an
Australian Company that is Woolworths. Considering the same, the first part of the research
proposal will introduce the research topic and the organization that is selected for this research.
The second part of this research proposal will be literature review section that will explain the
relevant literature presented by the researchers over previous years on the AASB framework and
reporting of financial statements by Australian companies. Finally, the third section of this
research proposal will explain the research methodology that will be used in this research
proposal. It will explain the significant research approach, data collection process, sampling and
data analysis process along with the ethical considerations that will be followed in generating
suitable research outcomes for this research.
2. Research Problem and Objectives