Analysis of Accounting Standard Changes in ASX Listed Companies

This report, a research project for ACC3005, analyzes the impact of recent changes to Australian Accounting Standards (AASB) on ASX-listed companies. The study examines the adoption of new standards like AASB 9, AASB 15, AASB 16, and others, assessing their influence on financial reporting and corporate social responsibility (CSR) disclosures. The analysis focuses on five selected companies, evaluating changes in revenue, earnings, and the presentation of financial information. The research highlights the evolving role of CSR in accounting practices and the aim of the revised standards to enhance uniformity and integrity in financial reporting. The report concludes that while immediate impacts may be modest, the new standards are designed to improve the quality and comparability of financial statements, ultimately guiding business organizations to conduct business effectively, promoting social responsibility, and preventing illegal activities.

CHANGE
INACCOUNTING
STANDAR IN
AUSTRALIA

INTRODUCTION
 The Accounting Standard Board in Australia has introduced revised
and restructured accounting standard.
 The new and revised standards are: AASB9, AASB 15, AASB2016-
5,AASB16 and AASB2017-1.
 The main objective of introduction and alteration of accounting
policies is to representation true picture of the financial reports.

ANALYSIS
 The analysis of the change in accounting standards an policies are
based on the annual report of ASX listed companies.
 The chosen companies are Baby Bunting Group Limited, Bailador
Technology Investment Limited, Bank of Queensland, Bass Metal
Limited and Beach Energy Limited.
 Each of the company has adopted the new accounting standard.
 The companies not only changed the accounting standard but also
highlighted the importance of CSR and sustainability report as a part
new accounting disclosure.

EVALUATION
The new accounting standards are unable to brought significant change
in the financial reports of the company since these are new. There are
certain accounting standards that will be effective from 2020 such as
AASB 16. As per the reports and the ASX announcement of the chosen
companies AASB 15, ASSB 2016-5 and ASSB9 have brought a little
difference in a positive manner. There has been an increase in layby
sales, earnings and revenue during the period of 2018-19 as compared
to 2017-18.

CONCLUSION
 In conclusion it can be said that in the following years the new
standards will definitely help the organization in preparation of
accounting standard.
 The accounting standards and the CSR help the business organization
to conduct the business effectively.
 The accounting standards and as part of recent accounting practice
CSR helps the business to bring integrity and unity within the
organization.
 These changes made the entrepreneurs to realize the social
responsibility and prohibits them to engage in illegal activities.
 Further the revised accounting standard in Australia aims to bring
uniformity and cohesiveness in the preparation of financial reports.

REFERENCE
 www.babybunting.com.au (2019). [online] Babybunting.com.au. Available at: https://www.babybunting.com.au/en/footer/about#.XZt-tkYzbIW
[Accessed 7 Oct. 2019].
 bailador.com.au (2019). ASX Announcements | Bailador. [online] Bailador.com.au. Available at: https://bailador.com.au/investor-relations/asx-
announcements [Accessed 7 Oct. 2019].
 www.boq.com.au (2019). Financial Information | Bank of Queensland. [online] Boq.com.au. Available at:
https://www.boq.com.au/Shareholder-centre/financial-information [Accessed 7 Oct. 2019].
 www.asx.com.au (2019). Announcements Search Results. [online] Asx.com.au. Available at:
https://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=BSM&timeframe=Y&year=2019 [Accessed 7 Oct. 2019].
 www.beachenergy.com.au (2019). ASX Announcements | Beach Energy. [online] Beach Energy. Available at:
https://www.beachenergy.com.au/asx/ [Accessed 7 Oct. 2019].
 Revenue from Contracts with Customers. (2019). [ebook] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-
14_COMPsep18_01-19.pdf [Accessed 7 Oct. 2019].
 www.aasb.gov.au (2019). Financial Instruments. [ebook] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB9_12-14.pdf
[Accessed 7 Oct. 2019].
 Johnson, G.G., Wu, Z. and Varnon, A., 2017. INVESTMENT DECISION RISK ANALYSIS: PRELIMINARY EVIDENCE OF THE IMPACT
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