Report on Financial Accounting Management Issues & AASB Standards

This report delves into the challenges associated with financial accounting management, particularly concerning the implementation of Australian Accounting Standards Board (AASB) standards within organizations like BDO Global. It identifies issues such as the mismanagement of accounting reports, the complexities arising from integrating technical knowledge with international accounting principles, and the difficulties in adhering to legislative measures set by international boards. The report highlights the importance of training accounting firms in AASB standards, integrating technological knowledge, and fostering flexibility within management teams to address these problems. It also emphasizes the need for a multidisciplinary approach, proper auditing of financial reports, and the establishment of training organizations to enhance the quality of accounting practices. Ultimately, the study underscores the significance of both accounting standards and managerial efficiency in ensuring the proper functioning and growth of organizations.

WEEK 10

Introduction
The report majorly discusses the problems associated with the management of financial
accounting . There were many improvements that were introduced to the standards of the
Australian accounting system to bring efficiency in the operations. It provides a wide overview
of the major problem that is associated with the reasons concerning the shortcomings. It tries to
ascertain the wide application of the managerial and the financial improvements that can be
brought about in the world problems.
Problem statements
Most of the accounting firms do not follow the principle of the AASB accounting systems which
invites more of troubles. Therefore, the external management of the financial accounting is
gravely disturbed which leads to no maintenance of the accounting formulations.
Project objectives
The major objectives that were formulated for the projects were as follows:
 Ascertaining the challenges faced for implementing the accounting standards in the
global accounting world
 Methods that were adopted for the adopted for the efficient implementation of the project
 The solutions that were procured for meeting the challenges of the Capstone project.
Capstone Project- first report
Advanced level research
There are various issues that are faced during the procurement of the financial accounting
parameters in a gargantuan organization. The business organization has already faced certain
shortcomings due to the complex structure of the accounting principles. The internal
management of the systems of the accounts has posed an important problem in the area of
accounting systems1. The integration of the technical knowledge with the international
accounting principles is considered a great threat to the adoption of the many accounting
1 Pauline Weetman, "Financial Accounting: Incentive Effects And Economic Consequences" (1989) 21(4) The British
Accounting Review

principles. Redrafting of the reports that are analyzed per the reports of the IASB there is the
managerial ineffable that poses a great threat to the organizational structure of the accounting
systems.
According to the accounting and the policy-making strategies by the United Nations, it is
imperative for the organizations to abide by the legislative measures. The board of the
international board has formulated new accounting measures account to AASB which has
created new problems in the organization. After the procurement of the new accounting principle
the accounting organizations have deliberately failed to procure a certain level of the
management agreement with the terms of the company2. Thus, these are majorly the problems
that are posed for the proper outcome of the accounting firms. The major problem in every
accounting organization is the mismanagement of the handling of the reports of the accounting
principles. Implementation of the codes of the accounting is conducted by the accounting
framework have posed a great threat for efficient outcomes of the organization. Thus, the
managerial inefficiency of the accounting standards poses a great threat to the procurement of the
efficient information of the organization.
Planning of the project of BDO Global
The major strategy that can be adopted it's the procurement of the conducting training procedure
for accounting firms according to the AASB standards of the accounting methodology. The
major intention for the procurement of the project is instilling into the accounting procedures that
should be considered for better reporting strategies. According to the notions of the Australian
standards of the accounting methodologies, there are various formats that can be trained and
adopted for the procurement of the authentic information about the accounting ideologies3. Thus,
it has taken into concern about the various parameters that affect the performance of the
accounting standards. A team has been formulated for helping the supports for the AASB
2 Craig Deegan and Michaela Rankin, "THE ENVIRONMENTAL REPORTING EXPECTATIONS GAP: AUSTRALIAN
EVIDENCE" (1999) 31(3) The British Accounting Review.
3 C.W. Nobes, "A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF FINANCIAL REPORTING PRACTICES"
(1983) 10(1) Journal of Business Finance & Accounting.

framework to ascertain the various factors affecting the performance of the financial reporting of
the firm. To procure the information about the various measures of accounting, there are certain
formulations that need to be adopted for the proper functioning of the accounting systems in the
organization. The BDO global company has faced lot turbulence for the proceedings of the
standard to meet the requirements of the company standards. Various support groups have been
established for the maintenance of the information about the new accounting standards.
Integration of the accounting standards with the technological knowledge is the main way of
procuring correct information about the maintenance of the accounting standards of the
company.
Identification of the research capacity and elasticity of expansion
To expand the organization, there are also certain major adoptions that have been adopted by the
BDO global. Thus, the major adoption made by the organization of the diverging the line of the
business. BDO has diversified its lining of business in various sectors of accounting, retailing
and infrastructure business. Thus, for its expansion it is imperative for the firm to adapt to the
different, measures of the accounting procedures4. Flexibility in the systems of the management
team is very important by the organization to develop its wings into broader scales. Infirmity is
maintained in the various chartered groups of the accounting measures that help the firm to
accord to the demands of the clients in the chain of the worldwide. Thus, many measures can be
adopted for the proper implementation of the problems that are faced by the organization for the
efficient handling of accounting management.
Assisting parameters to solve the problems
On the other, a singular parameter must be maintained for the proper procurement of the
objectives of the study. However, to promote development in the promotional development
adoption of fault lines should also be identified. Thus, the company BDO Global should make
attempts to propagate the standards of the accounting parameters to extend the operations of the
business. The major factor that poses a great threat is the authenticity of the information about
data that is procured.
4 Ruth D. Hines, "Financial Accounting Knowledge, Conceptual Framework Projects And The Social Construction Of The
Accounting Profession" (1989) 2(2) Accounting, Auditing & Accountability Journal.

Introduction
The section provides an analysis of the managerial operations that exist in the BDO Global
organisation. The integration of the system is in focus and at the same time, the focus has been
on the development of the parameters related to the project. The manner in which projects can be
completed is analysed and based on the completion the final project related to the development
of managerial operations is conducted.
Capstone Project- final report
Planning of the Project in BDO Global
To improve the managerial operations in the BDO Global organization, a new research
organization has been established for conducting certain information analysis to diagnosis the
internal situation of the organization. Thus, integration of the systems of national nature has been
formulated for the procurement of efficient information about the linking of the objectives of the
organization. According to the structure of the AASB framework, there are certain factors that
need to be taken into concern such as the tangible and intangible assets and in various ways. The
major challenge that was met by the accountants in the financial organization was the definitions
of the goods that would accord to the standards of the accounting. The approach of
multidisciplinary has been adopted by the BDO Global organization which facilitated the tunnel
approach. Auditing of the financial reports has been made much easier and efficient after the
implementation of the accounting standards. Large handling of data relating to finance was dealt
with variations of the structure. The major challenge that was met was when the standard in the
Australian accounting systems introduced new examination structures in the accounting systems.
Identification of parameters of the project
There are majorly theatres broad divisions under the AASB accountings system. AASB 118
which is majorly concerned about the intangible properties. Proper parameters should be met
before ascertaining an asset to be intangible5. Thus, to implement the shortcomings, it is essential
to compare the cost-benefit procedures. Before conducting the associating of the costs that will
5 James Guthrie, Richard Petty, and Federica Ricceri, "The Voluntary Reporting Of Intellectual Capital" (2006) 7(2) Journal of
Intellectual Capital.

be incurred for the handling of the data, it is also equally important to compare the benefits of the
projects6. According to the body of standards the accounting training workshops must be
conducted for the good linkage of the standard with the actual training fields. However, in these
problems, the government should indulge to ascertain the level of quality. Proper training
organizations should be set up for making proper resources of accounting people which would
help the country to procure more efficiency in the accounting of the standards. However while in
the procurement of the processing of the project there are certain norms of the maintenance of
the parameters of the project.
Incorporation of ability used in the completion of the project
The BDO organization has started conduction certain game programmes through the ways of
accounting technique to install the components of the execution of benefits. Therefore,
management is highly responsible for the proper carry of the objectives of the report7. Thus, for
enlarging the capacity of the efficiency of the organization should conduct a reflective practicum
on a great scale. Specifications that were mentioned for the programmers of the projects are very
important for the procurement of the project. Thus, there were many challenges conducted for
the successful implementation of the project, which is very imperative for the execution of the
project8. Therefore, without wasting any resources that have occurred due to the mishandling of
the data, there are many considerations that have to be kept in mind while procuring effective
statements of finance of BDO global. In 2014, BDO Global had adopted the strategy of adding
resources to the organization that has facilitated great growth in the statistics of the company.
Conclusion
6 Sumit K. Lodhia, Amir Allam and Andrew Lymer, "Corporate Reporting On The Internet In Australia: An Exploratory Study"
(2004) 14(34) Australian Accounting Review.
7 Dennis Olson and Taisier Zoubi, "Convergence In Bank Performance For Commercial And Islamic Banks During And After
The Global Financial Crisis" (2017) 65 The Quarterly Review of Economics and Finance.
8 Stephane Hallegatte, "2C Or Not 2C?" [2012] Accounting review

The major objectives of the study conducted through the Capstone project were indeed important
for bringing efficiency in the operation. The rise in the average costs has facilitated in the rose of
the costs of the organization . On a note of management in organizational structure there are
certain shortcomings which should be strengthened by proper management of resources that give
rise to efficiency in the organizational structure as a whole. Thus both the standards of the
accounting mediums and the managerial efficiency help for the proper functioning of the BDO
Global.

Reference list
Footnote: Pauline Weetman, "Financial Accounting: Incentive Effects And Economic
Consequences" (1989) 21(4) The British Accounting Review.
Your Bibliography: Weetman, Pauline, "Financial Accounting: Incentive Effects And
Economic Consequences" (1989) 21(4) The British Accounting Review
Footnote: Dennis Olson and Taisier Zoubi, "Convergence In Bank Performance For Commercial
And Islamic Banks During And After The Global Financial Crisis" (2017) 65 The Quarterly
Review of Economics and Finance.
Your Bibliography: Olson, Dennis and Taisier Zoubi, "Convergence In Bank Performance For
Commercial And Islamic Banks During And After The Global Financial Crisis" (2017) 65 The
Quarterly Review of Economics and Finance
Footnote: Sumit K. Lodhia, Amir Allam and Andrew Lymer, "Corporate Reporting On The
Internet In Australia: An Exploratory Study" (2004) 14(34) Australian Accounting Review.
Your Bibliography: Lodhia, Sumit K., Amir Allam, and Andrew Lymer, "Corporate Reporting
On The Internet In Australia: An Exploratory Study" (2004) 14(34) Australian Accounting
Review
Footnote: James Guthrie, Richard Petty, and Federica Ricceri, "The Voluntary Reporting Of
Intellectual Capital" (2006) 7(2) Journal of Intellectual Capital.
Your Bibliography: Guthrie, James, Richard Petty, and Federica Ricceri, "The Voluntary
Reporting Of Intellectual Capital" (2006) 7(2) Journal of Intellectual Capital
Footnote: Ruth D. Hines, "Financial Accounting Knowledge, Conceptual Framework Projects
And The Social Construction Of The Accounting Profession" (1989) 2(2) Accounting, Auditing
& Accountability Journal.
Your Bibliography: Hines, Ruth D., "Financial Accounting Knowledge, Conceptual Framework
Projects And The Social Construction Of The Accounting Profession" (1989) 2(2) Accounting,
Auditing & Accountability Journal

Footnote: C.W. Nobes, "A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF
FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of Business Finance &
Accounting.
Your Bibliography: Nobes, C.W., "A JUDGEMENTAL INTERNATIONAL
CLASSIFICATION OF FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of
Business Finance & Accounting
Footnote: Craig Deegan and Michaela Rankin, "THE ENVIRONMENTAL REPORTING
EXPECTATIONS GAP: AUSTRALIAN EVIDENCE" (1999) 31(3) The British Accounting
Review.
Your Bibliography: Deegan, Craig and Michaela Rankin, "THE ENVIRONMENTAL
REPORTING EXPECTATIONS GAP: AUSTRALIAN EVIDENCE" (1999) 31(3) The British
Accounting Review
Footnote: Stephane Hallegatte, "2C Or Not 2C?" [2012] Accounting review
Your Bibliography: Guivarch, Céline, and Stephane Hallegatte, "2C Or Not 2C?" [2012]
Accounting review