The Well-regulated Accounting Regulation in Australia 英语论文 澳大利亚会计制度.doc
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1、The Well-regulated Accounting Regulation in Australia1.0. IntroductionLooking from the reforming process and developmental characteristics of Australian accounting regulation, it has complexity with a great degree in arrangement and department before 1987. As the old regulation had made harmful effe
2、cts on the operation efficiency and effect of accounting regulation, Australian government has implemented many reforms in accounting system. After making some efforts, they have formulated the government-led accounting system which has helped to clean the contradiction and resolve the problems. For
3、 this essay, the author agree that accounting in Australia is appropriately regulated.First of all, a brief statement about the background will be given, and then the regulation system of accounting in Australia will be introduced. Following this, it will state that there is comprehensive accounting
4、 practice in Australia before conclusion.2.0. A Brief Statement about the BackgroundAustralia is a country with a vast territory, it is also a federalism country where many companies are private in the sense that they are not owned by the government. Before making reforms, PSASB is responsible for t
5、he public sectors and AASB is in charge of the private sectors. After combine them into one unit (AASB), this unit has been formulating and developing policies that are suitable for its economic development, and it is directly under the oversight of FRC. In terms of the technical works, AASB maintai
6、ns high independence, other departments have no right to interfere in these issues. In addition, the consultation group is also established to address some issues such as technique problem, working plans and the schedule of research project (Rathbone, 2010). 3.0. The Sound Regulation System of Accou
7、nting in AustraliaIn Australia, the regulation system of accounting can be well arranged, it can be listed as follows: The law of companyThe law of company is regarded as the supreme law in accounting area, and it only makes some regulations of principle. As for the accounting principles listed in t
8、he law of company, they are legally binding and must be strictly observed. With the deepening of reform, it turns out to be more accurate and pragtical. For instance, in order to evaluate a companys financial standing, managers in the company must provide the society and the department concerned wit
9、h Current Balance Sheet and Income Statement. It also details the filling and reporting time of related sheets. In the reform bill put forward in 1994, it smoothed some rules about details in corporate entitys financial report (Oldroyd, 2005). It also worked out a number of special requirements, the
10、 corporate entity must have the financial report informed every six months, the report of legal representatives and audit review of certified public accountant should also be enclosed in these materials. There is great difference between audit statement and audit review in Australia, the former usua
11、lly makes objective and impartial assessment the companys finances, while the latter mainly involves some auditing opinions on the outstanding problems, it is unnecessaru to give mature consideration to all aspects of a companys finances. The foundation of AASBThe main purpose of AASB is to make sup
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