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ACC00145 Financial Reporting

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ACC00145 Financial Reporting

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Course Code: ACC00145
University: Southern Cross University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Questions:
In this report, you should address the points outlined below:
 
1) Provide your comments regarding the aforementioned statement. Explain.
 
2) Based on the analysis of Australian financial regulatory framework, explain why it is necessary to establish and develop AASBs in Australian business practices. 
 
3) Examine what types of information are provided in the annual report of your chosen company.
 
4) Explain what are the incentives for the managers to disclose certain type of information in the annual report.
 
5) In your opinion, from the perspective of the investors and securities market, discuss how the investors or securities markets will react to the disclosures of certain information provided in the annual report, which are discussed in item 3), or in other sources. Provide appropriate evidence to demonstrate your arguments. 
 
6) Demonstration effective communication and presentation

Answer:
Introduction
Amcor is considered as the global leader in terms of the delivering the services which are seen to be depicted as per producing and developing high quality of packaging solutions for personal-care, pharmaceutical and medical-device. The operational leadership of the company is depicted with the excellence in the field of procurement and manufacturing by developing various types of the cost advantages for the customers. The innovation aspect of the company needs to be identified as per developing of products, processes and services which are differentiated in nature. The main discussions of the study have included social accountability concept incorporated in AASB and covered the several types of the other aspects of GPFR (Amcor.com 2018).
Incorporation of Social Accountability in AASB 
As per AASB 1053, the conceptual framework of AASB has suggested several disclosures for profit making entities in the public sector. The board has declared that the nature of social accounting in profit making entities among the public sector is different from the private sectors pertaining to the social policy obligations. In addition to this, under the different tiers of reporting there may be several types of complexities which relate to the changing requirements for different sizes of the entities. This is further seen to vary in terms of the political, social and economic requirements across the wide range of economic sectors. In order to avoid such inconsistencies, it needs to be identified that the various types of the companies are seen to be implement and facilitate the social reporting in an effective and efficient manner. As per the statement under the general level of the public accountability it is expected that the community and the social accounting disclosures are present for government (Aasb.gov.au 2018).
Importance of AASB in the Australian business practice
The “Australian Securities and Investments Commission’s (ASIC’s)”, is identified with the role of implementing and formulating the several types of functions which are based on the enforcing and regulate financial services for maintaining integrity among the consumers. Some of the important interpretations of AASB needs to be identified with the companies adhering to the Corporation Act 2001 and government preparing the financial statement as per the guidelines of “General Government Sector (GGS)” (Croes and Rivera 2017). It is seen that AASB has a pivotal role in maintain the compliance of reporting as per “Tier 1: Australian Accounting Standards” and “Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements”, under AASB 1053. The requirements as per the IFRS is seen to include the interpretations which are stated as per the definitive ideas which are considered as per IASB. Furthermore, the important of such a conceptual framework is also seen to eb based on the several types of the other aspects of the reporting which first time adoption, share based payment and presentation of the financial statement as per the general compliance of the accounting standards (Cohen 2017). 
Types of information provided in the annual report of Amcor Limited
The annual report of the company is seen to be in compliance with the guidelines of AASB and includes the fundamental information such as income statement, statement of financial, stamen for changes in equity and cash flow statement. The various types of the disclosures of the financial information in the annual report of Amcor has been segregated under six sections. The first section has stated on the earning per share, dividends, segmental performance, taxation, income and expense. The second sections of includes inventories, trade and receivables disclosure. The third section of the study have shown important discussions pertaining to the group’s capital risks such as net debt and capital management (Michelon and Vourvachis 2015). The important information in the section 4 is recognised with the business portfolio disclosure. These are depicted as per the acquisitions made by the business and the various types of the equity accounted investment. The faith and sixth has included the disclosure pertaining to the employee remuneration and other disclosures such as adductor’s remuneration, deed of the cross guarantee and various types of the other information for subsequent events (Belal 2016).
Benefits to the managers for disclosure of specific types of the information in Amcor 
The information pertaining to the social accountability is depicted with including the specific information such as responding to the requirements of environment and communities. In the 2017 edition of the GRI report the annual research report of the company has stated on the significant nature of the information which are seen to be associated to the public disclosures of the social reporting under the ESG initiatives.  The incentive for the management for the disclosure of such information is depicted with better assessment of the suppliers. The managers are also able to maintain the significant nature of the standard pertaining to the minimizing the environmental impact and maximizing the social value. In case of the larger the manufacturing concerns the managers are able to increase the efficiency in terms of using the raw materials (Fuentes-Saguar, Mainar-Causapé and Ferrari 2017). 
Response of the investors for the disclosure of specific information in their financial report
The various types of the conceptual disclosure are seen to form a significant part of the financial reporting. The inclusion of the various types of the specific information pertaining to social accounting is seen to form the base form the basis of the information for enhancing the interest of the investors. It needs to be understood that the investors also seen with the disclosure of the various types of the information which are associated to the social accountability. Some of the specific nature of the other financial information looked by the investors are depicted in terms of the deviation in the closing price of the shares in compared to the market index. In addition to this, some of the other nature of the information analyzed by the shareholders are also depicted with the earning price of the shares in the previous years of operations (Fathurrahman, Kat and Soyta? 2017).
Effective communication by presentation of information 
The guidelines for the presentation of the information needs to be depicted with AASB 101. The comparison and presentation rulings are also seen with “Presentation of Financial Statements” incorporated by IAS 1. The standard has further identified the disclosure relating to the Tier 1 requirements and tier 2 requirements. The tier 1 has stated about presentation of information for the profit-making entities. Both profit-making and non-profit making entities needs to prepare the report as per IAS 1 however in case of any “Aus” paragraphs this standard may not be applicable. The tier 2 entities are further seen to report the general purpose of the financial statements which are seen to be associated to the consideration of various types of the information with reduced compliance of IFRS. The AASB 1053 also applies to the ensure better conformity of GPFR and comparability of the reports.  The important information as per the IFRS is also identified with compliance of the International accounting standards along with several types of IFRIC and SIC assessment (Grubnic 2014).
Conclusion 
The significance of AASB for the Australian business is understood with the “Australian Securities and Investments Commission’s (ASIC’s)”, is identified with the role of implementing and formulating the several types of functions which are based on the enforcing and regulate financial services for maintaining integrity among the consumers. Some of the important interpretations of AASB needs to be identified with the companies adhering to the Corporation Act 2001. The social accountability importance in the report is discussed with the different tiers of reporting which may involve several complexities relating to the changing requirements for different sizes of the entities. In order to avoid such inconsistencies, it needs to be identified that the various types of the companies are seen to be implement and facilitate the social reporting in an effective and efficient manner.  
References
Aasb.gov.au. 2018. Presentation of Financial Statements [online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB101_07-15.pdf [Accessed 22 Sep. 2018].
Amcor.com. 2018. Overview [online] Available at: https://www.amcor.com/about/overview/being-amcor [Accessed 22 Sep. 2018].
Belal, A.R., 2016. Corporate social responsibility reporting in developing countries: The case of Bangladesh. Routledge.
Cohen, S.I., 2017. Social accounting for industrial and transition economies. Routledge.
Croes, R. and Rivera, M.A., 2017. Tourism’s potential to benefit the poor: A social accounting matrix model applied to Ecuador. Tourism Economics, 23(1), pp.29-48.
Fathurrahman, F., Kat, B. and Soyta?, U., 2017. Simulating Indonesian fuel subsidy reform: a social accounting matrix analysis. Annals of Operations Research, 255(1-2), pp.591-615.
Fuentes-Saguar, P.D., Mainar-Causapé, A.J. and Ferrari, E., 2017. The role of bioeconomy sectors and natural resources in EU economies: A social accounting matrix-based analysis approach. Sustainability, 9(12), p.2383.
Grubnic, S., 2014. Accountability, Social Responsibility and Sustainability: Accounting for Society and the Environment.
Michelon, G. and Vourvachis, P., 2015. Accounting for social value [book review].
Retolaza, J.L., San-Jose, L. and Ruíz-Roqueñi, M., 2016. Social accounting for sustainability: Monetizing the social value. Cham: Springer.

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