Differences in disclosures of these corporations
Course:- Managerial Accounting
Reference No.:- EM13882395

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I am looking for a report, in which we need to compare two companies annual report focusing on conceptual framework (accountant point of view) and corporate governance directors point of view.

Topic: Making sense of company executives' compensation and employee benefits through the lens of cultural effects. How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting.

Task Details: Download the latest annual report of any two listed companies. Annual Reports are available on the company website or ASX website.

Analyse annual reports of your chosen companies in light of the reporting requirements imposed on accountants (conceptual framework) and those charged with governance of corporations. Your analysis should include the following:

• Are the annual reports in compliance with the conceptual framework and AASB standard requirements?

• You need to use extracts from the annual reports to support your analysis.

• Provide screen shots of the relevant sections from the reports in your assignment.

• If they are not in compliance, explain the reason.

• How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting

• You may find the explanations in the notes to the financial statements or in the Director's Report.

• Compare and contrast the two annual reports, identify the differences in disclosures of these corporations.

• Reference to material of Advanced Accounting and a critical analysis of the annual reports is required.
Students are to critically analyse and develop supported recommendations and conclusions, in reference to the relevant accounting framework. The analysis and supported recommendations need to be formatted into a professional report as would be expected in a modern organisation by management and clients.

• The report should be typed double spaced, using Times New Roman font size of either 10 point or 12 point. Word limit 2000 words

• The assignment should include the following parts:
(a) A title / cover page, (b) Executive Summary; (c) Table of Contents; (d) Main contents - Introduction, analysis using suitable headings and subheadings, Conclusions and Recommendations, (e) References (using Harvard - Anglia style);

HINT: these are CORPORATE GOVERNCE(used by directors) major principal which could be used in your report :

1. Lay solid foundations for management and oversight: A listed entity should establish and disclose the respective roles and responsibilities of its board and management and how their performance is monitored and evaluated.

2. Structure the board to add value: A listed entity should have a board of an appropriate size, composition, skills and commitment to enable it to discharge its duties effectively.

3. Act ethically and responsibly: A listed entity should act ethically and responsibly.

4. Safeguard integrity in corporate reporting: A listed entity should have formal and rigorous processes that independently verify and safeguard the integrity of its corporate reporting.

5. Make timely and balanced disclosure: A listed entity should make timely and balanced disclosure of all matters concerning it that a reasonable person would expect to have a material effect on the price or value of its securities.

6. Respect the rights of security holders: A listed entity should respect the rights of its security holders by providing them with appropriate information and facilities to allow them to exercise those rights effectively.

7. Recognise and manage risk: A listed entity should establish a sound risk management framework and periodically review the effectiveness of that framework.

8. Remunerate fairly and responsibly: A listed entity should pay director remuneration sufficient to attract and retain high quality directors and design its executive remuneration to attract, retain and motivate high quality senior executives and to align their interests with the creation of value for security holders.


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Executive Summary 3
Introduction 4
Australian Overview 5
Pakistan Overview 9
Comparison 12
Corporate Governance 12
Conceptual Framework 14
Comparison of CSR 15
Conclusion 15
References 16

Executive Summary
The accounting treatment and practices to a large extent have been standardised so that the users of financial statement are able to have a firm view on the overall financial statements and that they have the desired level of trust. However with the changes in culture there arises some of the differences in the reporting and accounting patterns. The situation in each and every country and the respective culture is not the same, and hence having one standard accounting treatment all across is not viable. Hence some change are made and customised accounting treatments are proposed to suit the needs and the requirements of the respective culture and the overall situation of the country. Hence there needs to have an understanding of the degree and extent to which these cultural differences have an impact on the reporting patterns of the financial statements. In this analysis we have discussed the changes in the reporting pattern across the cultures so that there is understanding of the real sense of the financial statements and the overall importance or the impact the same has on the day to day operations of the enterprise.


The accounting standards are the ones which are prescribed by the accounting regulating body to ensure that there is standardised accounting policy and that there is development of the key changes required for the day to day operations. The accounting standards act as guidance to the overall working and the efficiency of the operations of the enterprise. It is with the help of the accounting standards that one is able to better understand the accounting treatments in various cases and hence be able to come to a conclusion as to what should be the best accounting considerations in the fact of the case. Considering this principle and the overall manner of disclosure it is important for the firm to understand that the accounting treatments have to be done on the basis of the accounting standards only.

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