Free «Global Accounting Reporting» Essay Sample
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Global accounting reporting is a wide and critical area that requires comprehensive analysis in order to achieve and realize substantial goals and targets. Accounting reporting of organizations all over the world differs in those owned by the government and not for profit making entities (Prohs 2002). However, all organizations mandate is to ensure that there is economic sustainability in all financial reporting areas. Reporting plays a significant role especially facilitating diversity of accounting standards in all areas. Reporting in every economy leads to improved, sustainable development that enables organization management to gauge their entire performance (Amir, Lev & Sougiannis 2003).
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Organization managements have also a regulatory policy that works towards facilitating the realization of ideas regulation policies and regulatory institutions. Many countries have adopted different measures of running businesses that facilitate coining of accounting decisions that are relevant. Non profit making organizations have in many scenarios exhibited availability of different features in terms of reporting because of set up of operations existing. Thus, in this set up difference between government and not for profit entities is imperative in measuring the growth of firms (Gassen & Schwedler 2008). Organizations have also continued to facilitate ultimate differences because of the policies that apply in accounting framework. Reporting should have proper plan and structure channeling towards evaluation and achievement of goals. Government performance in accounting perspective is gauged through its ability to implement measures imperative in safeguarding well being in our society. A complex society requires an intelligent government that supports all opportunities in order to galvanize accounting standards prevailing. This is the way through which a harmonious organization is able to achieve all radical goals within the accounting system (Camfferman & Zeff 2007).
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Governments around the world have approached the issue of regulation of financial reporting by the public and not for profit entities in different ways.
Governments all over the world have approached the issue of regulation of financial reporting in a different angle. The government and Not for profit entities have continued to exhibit different operation patterns. This is usually common in accounting and financial reporting due to the existence of different regulation standards. Many governments continue to operate differently in realms of government owned organizations and Non for profit making entities. This articulates on the manner of regulation structuring that exists. Differences arise in set ups whereby there are various ways of reporting accounting elements. In the traditional approach, government and Nonprofit making organizations have been reflecting financial reports and statements (Siciliano 2003).
Government owned corporations main motive is to make profits that are in result used in improving the living standards of the citizens. This approach facilitates these organizations to adopt a comprehensive structure of regulation and reporting. Reporting techniques are implemented in order to ensure that financial and accounting operations are attained as per the plans. The main issue surrounding government operated entities is the way policies and regulations are advocated. It is one of the areas that require wide analysis of accounting standards and regulations in order to ensure that business advances. Regulations policies and standards enable organizations managements to ensure that perfection materializes through strategies incorporated (Comiskey &Mulford 2000).
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Reasons why countries such as Australia have adopted different financial reporting techniques and standards such as AASB
Financial reporting has taken different channels due to growth of countries accounting diversification. High level of decisions has been materializing towards how quality results are achieved with ease. In Australia, the country has structured Australian Accounting Standards Board (AASB) that works on how financial goals are attained. The board has done radical changes in the taxation spheres that facilitate achievement and accomplishment of integral goals. Australian Accounting Standards has led to incorporation of crucial makeshift in realms of regulation and reporting (Jones & Higgins 2006).
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Many countries have adopted different financial reporting techniques in order to articulate on government and Non for profit entities. This has led to increase in innovations and invention in analyses of measures. Financial reporting in every organization determines highly whether integral goals and targets are achieved (Siciliano 2003). Organizations managements ensure that are cardinal principles in financial reporting are followed. This is because these principles determine whether the organizations are making any substantial profit margin. Australian Accounting Standards Board is currently facing daunting challenges, but favorable results will materialize later. Entities in public and not for profit making sectors are able to structure general purpose financial statements (Coglianese, Hiealey, Keating & Michael 2004).
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Australian Accounting Standards Board has facilitated accomplishment of results in the right way due to focus on critical issues that are pertinent. The system has also enabled many Australian organizations to have an international outlook because of their complexities. Organizations both government and not for profit making are able to incorporate IFRSs in operations. AASB has also enabled entities with insurance option that ensure general purpose financial statements in the sector. The board has also worked towards approving and specifying tier to disclosures. Accounting framework is not an Australian Accounting Standard and, therefore, it does not in any way articulate on disclosure or measurement. Scrutiny of financial interpretation and reporting has also been made easier by conformity of a wide range of Australian Accounting standards. The system also enables formulation of accounting standards in the right way (Jablonsky & Barsky 2001).
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AASB has also structured a way through which it will continue with frameworks of both government and nonprofit organizations. The board has also worked imperatively towards development of the future Australian Accounting Standards. This is an imperative way that has led to achievement of radical goals and targets in all areas possible. It has also worked out well towards advancing harmonization of various regulations within the economy. These regulations have led to growth of reporting standards. The financial reporting tools have also provided alternatives in reducing the accounting treatments (Casabona 2010).
Global accounting reporting in conclusion is a wide area that has led to diversification and attainment of imperative results in the global scene. Public and not for profit making organizations have led to achievement of goals and targets in all spheres. Activities in both public and not for profit entities have been simplified due to adoption of effective accounting reporting measures. These are the measures that have simplified workload in many entities. It has also led to the realization of goals and targets in all areas of concern. Governments in the whole world have approached the issue of regulation of financial reporting in different perspectives. This approach is based on whether they are public or not for profit making organizations. In Australia, organizations managements have adopted other accounting standards in order to facilitate goals realization. Australian Accounting Standards Board has been influential in ensuring that relevant objectives materialize in the right way possible. This trend has enabled Australia to grow in al dimensions as far as financial reporting is concerned.