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ACCG872 Advanced Financial Reporting

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ACCG872 Advanced Financial Reporting

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ACCG872 Advanced Financial Reporting

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Course Code: ACCG872
University: Macquarie University

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Country: Australia

Question:

Outline and explain the challenges facing reporting using the Australian Corporate Governance Guidelines in the future, and must refer using latest Bellamy company’s annual reporting as the example for challenges.

Answer:

The kind of corporate governance practices being applied by the management and directors of a company usually play a very essential role in maintaining and establishing both operational and financial reporting standards of a reporting entity. According to the Australian Securities and Investments Commission, corporate governance is the driver of the performance of any company.
 Although Corporate Governance Guidelines are broad and have many components, most of them are formulated to guide the management when it comes to reporting. Good Corporate governance guidelines are essentially required to facilitate continued flexibility and relevancy for listed companies to make sure there are relevant, timely and fair disclosures in their annual reports. Looking at Bellamy company’s annual report, we can identify a number of challenges that the corporate governance practices of Australia present to reporting entities (Whyte, 2017). This paper seeks to outline and explain some of the common challenges that are facing reporting for companies which apply Australian Corporate Governance Guidelines. The Annual report for Bellamy Company is taken as an example.
Challenges Presented by Australian Corporate Governance Guidelines
Non Conformity
On a study where the websites for 50 listed Australian companies were explored, it was found out that many companies in Australia who adopt the guidelines do not conform to the level of disclosure that is required by the recommendations of the underlying guidelines (Conway, 2015). The study further found out that the level of disclosure being presented in company websites do not match the level of disclosure that is required by corporate governance practices.
How the Annua l Report for Bellamy Do Not Conform to Recommendations of Australian Corporate Governance Guidelines
Bellamy is a perfect example of one of the companies that disregarded the guidelines of financial reporting presented by the Australian Corporate Governance Guidelines. This happened in 2016 when the company was forced to pay a penalty amounting to $ 66,000 without admitting liability (WAGNER, 2015). The Australian Securities and Investments Commission accused Bellamy of continuous breach of disclosure obligations in 2016. This followed an inquest into the circumstances surrounding the criteria that the company used to track its sales number as compared to the forecasts (“Investor Centre”, 2018). This, therefore, reveals that many Australian Companies do not conform fully to the recommendations of the Australian Corporate Governance Guidelines. At Bellamy, the interest of powerful stakeholders might have influenced the level at which the company conform to ASICS, ASX and GAAP reporting guidelines (Coffey, 2011). ASX, therefore, need to increase the level of monitoring to enhance the adoption and application of the aforementioned governance guidelines.
Failure by Management and Directors to Deliver on their Obligations as Set out by ACGG
 Australian Corporate Governance Guidelines requires that directors of any company should be held accountable for any financial or operational reporting done by the company. The reality of matters is that many directors disregard this mandate, leaving out the delicate role to middle-level managers and junior employees (Christensen, Kent & Stewart, 2010). For example, the directors at Bellamy appeared to have disregarded and over misuse their roles by giving a higher forecast of its business. An expectation of a growth in revenue by 10 percent in the year 2019 can be ambitious but unrealistic. We can therefore say that the directors for Bellamy might have be aware with is happening in the misrepresentation of the company’s financial reports and are disregarding it. This is one of the many challenges that financial reporting is encountering when the Australian Corporate Governance Practices are applied.
References
Coffey, J. (2011). ‘ASIC’s Forward Agenda’ – The Australian Corporate Regulator’s Approach to Timely Disclosure by Listed Companies. SSRN Electronic Journal. doi: 10.2139/ssrn.1869436
Conway, S. (2015). Guidelines for Corporate Governance Disclosure – are Australian listed companies conforming?. Retrieved from https://www.researchgate.net/publication/267547400_-1_-_ASX_Guidelines_for_Disclosure_on_Company_Websites_-_are_Australian_Listed_Companies_conforming
Christensen, J., Kent, P., & Stewart, J. (2010). Corporate Governance and Company Performance in Australia. Australian Accounting Review, 20(4), 372-386. doi: 10.1111/j.1835-2561.2010.00108.x
Investor Centre. (2018). Retrieved from https://investors.bellamysorganic.com.au/Investors/
WAGNER, I. (2015). Crisis Communication Lessons from Australia’s Infant Formula Shortage. Retrieved from https://decisivepr.com/crisis-communication-lessons-from-australias-infant-formula-shortage/
Whyte, J. (2017). Troubled infant formula producer Bellamy’s seeks $60 million from investors for “stabilisation plan.” Retrieved from https://www.afr.com/business/retail/fmcg/bellamys-organic-seeks-60m-from-investors-for-stabilisation-plan-20170613-gwpvov

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