BUS707 - Woolworths Accounting Standards: An Applied Research Project

This research project investigates the accounting standards implemented by Woolworths, focusing on their adherence to Australian Accounting Standards (AAS) and the role of the Australian Accounting Standards Board (AASB). The study uses a mixed-methods approach, combining qualitative data from interviews with quantitative data from surveys of Woolworths managers and employees. The objectives include analyzing Woolworths' financial statements, evaluating accountant and auditor awareness of AAS amendments, assessing the harmonization of domestic and international standards, and examining the company's audit, risk management, and compliance committees. The literature review covers financial statement preparation, currency translation, AASB 16/17 implementation, and corporate reporting framework reformation. Ethical considerations are addressed through informed consent and avoiding sensitive questions. The research employs simple random sampling and thematic analysis, with MS Excel used for correlation and regression analysis to interpret respondent viewpoints.

Research Project title
Your name
Student Number
BUS707 Applied Business Research

Introduction to the research
• The topic which is selected for this research is “Accounting
standards in Woolworths”.
• Through the selection of Woolworths 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)” (Adams,
Muir and Hoque 2014).
• 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. Finally, the third section of this
research proposal will explain the research methodology

Research Problem & Research Objectives
• The major research problem that is highlighted in this research is focused on
evaluating the financial statements of Woolworths that has been prepared as
per Australian Accounting Standards (Apostolou et al. 2015).
Considering such research problem, the research objectives those are to
be met through completion of this research are explained under:
• To analyze the financial statements of Woolworths prepared as per
Australian Accounting Standards (AAS)
• To evaluate in which ways the accountants and the auditors are aware of
the current amendments within Australian Accounting Standards
• To evaluate the harmonization of domestic and international accounting
standards
• To analyze the ways in which company’s management has developed
Audit, risk, management and compliance committees in order to reform
the framework of corporate accounting

Literature Review
• Financial statements of Woolworths done as per with the Australian Accounting
Standards. Any difference that arises during the translation of currency process is
considered within the profit or loss during the period.
• Accountants and Auditors are aware regarding the recent amendments in the
Australian Accounting Standards. Furthermore, as referred by AASB 16 and AASB
17, the leasing and insurance contract is still awaiting its implementation in the
accounting policy of Woolworths (Brown, Preiato and Tarca 2014).
• Harmonization between the AAS (Australian Accounting Standards) and the IAS
(International Accounting Standards)
• Management of a company has formulated Audit, Risk, Management &
Compliance Committee for the reformation of the corporate reporting framework

Research Design & Methodology
• The research type is deemed to be descriptive that can effectively
facilitate in evaluating the relevant accounting standards
implemented within Woolworths Company.
• Mixed research approach is used in analyzing the accounting
standards used in Woolworths. Qualitative and quantitative
research approach is used in this research (Berger 2018).
• Both the primary as well as secondary data will be collected in
analyzing the proper use of accounting standards within the
Woolworths Company.
• Qualitative data collection will be conducted through interview
process. Quantitative data collection will be carried out by means
of survey process

Research Design & Methodology
(cont)
• Process of simple random sampling will be employed in the
investigation of accounting standards used within Woolworths
• Considering same, sample size of 5 manager’s ad 21 employees from
the selected organization Woolworths has been chosen to gather
viewpoints on effective use of accounting standards in their company.
• The qualitative data that will be gathered in this research will be
analyzed through carrying out thematic analysis (Bamber and
McMeeking 2016).
• MS Excel application will be used in carrying out correlation and
regression analysis that can facilitate in converting respondents
viewpoint within a percentage that can anticipate respondent insight
trends.

Ethical considerations
• In maintaining the ethical consideration within the
research, the researcher will make sure that the
individual will follow suitable code of conduct in
carrying out all the necessary processes within the
method of data collection (Apostolou and Rebele
2015).
• In maintaining ethical norms, the researcher has also
avoided asking delicate questions in the survey
process and mutual permission has been taken from
them to take part in the survey process.

Reference List
• Adams, C., Muir, S. and Hoque, Z., 2014. Measurement of sustainability performance in
the public sector. Sustainability Accounting, Management and Policy Journal, 5(1),
pp.46-67.
• Apostolou, B., Dorminey, J.W., Hassell, J.M. and Rebele, J.E., 2015. Accounting education
literature review (2013–2014). Journal of Accounting Education, 33(2), pp.69-127.
• Apostolou, B., and Rebele, J.E., 2015. Accounting education literature review (2013–
2014). Journal of Accounting Education, 33(2), pp.69-127.
• Bamber, M. and McMeeking, K., 2016. An examination of international accounting
standard-setting due process and the implications for legitimacy. The British Accounting
Review, 48(1), pp.59-73.
• Berger, T.M.M., 2018. Ipsas Explained: A Summary of Standards and Principles of
International Public Sector Accounting Standards. John Wiley & Sons.
• Brown, P., Preiato, J. and Tarca, A., 2014. Measuring country differences in enforcement
of accounting standards: An audit and enforcement proxy. Journal of Business Finance &
Accounting, 41(1-2), pp.1-52.