Adoption of IFRS Accounting, Finance, SPSS Term Paper (Term Paper Sample)
The sample provides information about the IFRS SYSTEM IN AUSTRALIA. It highlights the benefits and challenges faced by Australia in ADOPTion of IFRS.source..
Adoption of IFRS and CSR Reporting
Name of the student
Name of the university
The country Australia adopted IFRS in the year 2005. From the year 2005 the IFRS was adopted smoothly and effectively in Australia. The transformation process in the country was very smooth. All the firms readily accepted the transformation as it was for their benefit. Australia adopted for IFRS all together into the local accounting standards. The preparation for adoption started in 1996. By the end of 2002 Australia significantly reduced the gap between the older set of rules and IFRS. IFRS bought huge benefit to the Australian company. It has bought a positive impact on the economy. IFRS was welcomed happily by the financial institutions and investors. The quality of Australian reports has developed and improved over since IFRS was implemented. The company selected here for IFRS analysis is AGL Energy Ltd. In 2007 the balance sheet of current assets contains both consolidated as well as parent entity information but in 2018 balance sheet there are only consolidated amounts. In the changing trends of business IFRS is definitely better as compared to any other standards. Corporate Social Responsibility has become an important concept. It is not only necessary from the legal point of view but it is also very important from the customer’s perception. Customer’s now days are more aware about the activities of the company. The company which is being selected for evaluating the CSR performance is ACACIA Energy Group. Extend of corporate social responsibility done by acacia is quite satisfactory. According to the CSR reports of the company there is no scope of improvement in corporate social responsibility. It has covered all possible sectors in their corporate social responsibility.
Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc50899165 \h 2Introduction PAGEREF _Toc50899166 \h 4PART – A PAGEREF _Toc50899167 \h 4Question 1 PAGEREF _Toc50899168 \h 4(I) the year in which the country adopted IFRS PAGEREF _Toc50899169 \h 4(II) Introduction of IFRS PAGEREF _Toc50899170 \h 4(III) Benefits and challenges in adoption of IFRS in Australia. PAGEREF _Toc50899171 \h 5Question 2 PAGEREF _Toc50899172 \h 5(I) Remarkable changes in current assets and intangible assets. PAGEREF _Toc50899173 \h 5(II) Usefulness of format disclosure of IFRS PAGEREF _Toc50899174 \h 8PART – B PAGEREF _Toc50899175 \h 8QUESTION 1 – key trends in social corporate responsibility PAGEREF _Toc50899176 \h 8Question 2 PAGEREF _Toc50899177 \h 9(I) Extend of CSR reporting PAGEREF _Toc50899178 \h 10(III) Scope of improvement. PAGEREF _Toc50899179 \h 11Question 3 – recommendation about future of CSR reporting PAGEREF _Toc50899180 \h 11Conclusion PAGEREF _Toc50899181 \h 11References PAGEREF _Toc50899182 \h 13
IFRS is a set of financial rules and regulations that aims at better disclosure, transparency and improvements in the financial reports prepared by the companies. In this report we have taken two energy limited companies for measuring their performance in relation to IFRS and CSR activities. Both the companies are Australian Securities Exchange listed companies. The report contains a detailed study about the effect of IFRS on AGL limited. The ways of disclosure are also shown and understood from the report. AGL limited showed differences in ways of disclosure before and after adoption of IFRS. Australia adopted for IFRS all together into the local accounting standards. The preparation for adoption started in 1996. The report contains a detailed study about Corporate social responsibility in the company Acacia Energy Group and the scope of development of CSR activity in the company. Acacia is doing a good amount of corporate social responsibility. The activities are done for fulfilling various accounting objectives and theories. They have covered almost each and every field for the same. it believes that social working, environmental concern, developing a good environment and proper communication will help the company to create a good social value and good will.
PART – A
The country which is chosen for the relative analysis of part A questions is Australia.
(I) the year in which the country adopted IFRS
The country Australia adopted IFRS in the year 2005. From the year 2005 the IFRS was adopted smoothly and effectively in Australia. The transformation process in the country was very smooth. All the firms readily accepted the transformation as it was for their benefit. It led to development of skills of people and easy movement between different sectors. Adoption of IFRS leads to saving cash and time in preparing financial reports. Multinational in a review by Australian Accounting Standards Board (AASB) it has been found that the implication of IFRS has been done properly and the small as well as big companies are satisfied with the same.
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