Format of the Report
1. Your submitted assignment at least should have the following details:
a. Assignment Cover page clearly stating your name and student number
b. A table of contents, executive summary
c. A brief introduction or overview of what you have discussed in this assignment
d. Body of the report where you write your answers with appropriate section headings
f. List of references.
(i) Do your own research and critically discuss whether the financial accounting and reporting
should be regulated or manager should be allowed to disclose financial accounting
ACCOUNTING STANDARD SETTING
(ii) Do your own research and critically explain how the Australian Accounting Standards Board
take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the
IFRS set by the International ASelect 4 public limited companies listed on the Australian Securities Exchange (ASX) that
are in the same industry. Go to the website of your selected companies. Then go to the
Investor Relations section of the website. This section may be called, “Investors”,
“Shareholder Information” or similar name.
In this section, go to your firms’ annual reports and save to your computer your firms’ latest
annual reports consecutively for last four years. Do not use your firms’ interim financial
statements or their concise financial statements. Please read the financial statements
(balance sheet, income statement, statement of changes in owner’s equity, cash flow
statement) very carefully. Also please read the relevant footnotes of your firms’ financial
statements carefully and include information from these footnotes in your answer.
You need to do the following tasks:
(iii) From your firms’ financial statements, list each item of equity and write your
understanding of each item. Discuss any changes in each item of equity for your
firms over the past four years articulating the reasons for the change.
(iv) Provide a comparative analysis of the debt and equity position of the four firms that
you have selected.