...BUSN7050 Corporate Accounting Lecturer: Dr Sorin Daniliuc Course details • This course covers: – the characteristics of the Australian accounting environment and its financial reporting requirements for companies – accounting for owners’ equity (share capital and reserves) – accounting for liabilities (with a focus on debentures) – accounting for income tax – accounting for leases – accounting for non-current assets (revaluation, impairment) – accounting for intangible assets – a comprehensive coverage of consolidation issues – equity investments. Research School of Accounting and Business Information Systems 2 Lecture outcomes • Outcome 1: An understanding of the regulatory environment in which the companies are formed and operate in Australia. • Outcome 2: A solid foundation in accounting and reporting requirements of the Corporations Act and relevant Australian Accounting Standards Board (AASB) accounting standards. • Outcome 3: A comprehensive understanding of the advanced issues in accounting for assets, liabilities and owner’s equity. • Outcome 4: The ability to account for income taxes. • Outcome 5: The ability to account for leases. Research School of Accounting and Business Information Systems 3 1 Lecture outcomes • Outcome 6: The ability to account for intangible assets. • Outcome 7: An understanding of the accounting requirements for a corporate group and familiarity with the theory underlying the methods used to account for intercompany investments...
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...Working Papers Factors Affecting the GRI Disclosures in the Annual Reports of Australian State Government Departments Dr Maria Mucciarone Murdoch Business School Professor Greg Tower - Curtin University Professor Mike Garner - Salisbury University Working Paper No.3 February 2012 The views presented in this paper are those of the author(s) and do not necessarily reflect those of the Murdoch Business School or Murdoch University. Working papers are considered draft publications for critical comments by colleagues and will generally be expected to be published elsewhere in a more polished form after a period of critical engagement and revision. Comments on this paper should be directed to the authors at m.mucciarone@murdoch.edu.au; Greg.Tower@cbs.curtin.edu.au; rmgarner@salisbury.edu.au © Copyright is held by the author(s) of each working paper: No part of this publication may be republished, reprinted or reproduced in any form without the permission of the paper’s author(s). National Library of Australia. ISSN: 1837-6371 Factors Affecting the GRI Disclosures in the Annual Reports of Australian State Government Departments Abstract Purpose: Growing concern over the environmental impact of climate change and carbon tax has increased demand for public disclosure on how government departments are fulfilling their social and environmental obligations. The purpose of this study is to identify what factors influence Australian State government departments in their reporting...
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...standards not generally expected of lay people or the 1 ‘ordinary person in the street’. The Code of Professional Conduct for Nurses in Australia is supported by the Code of Ethics for Nurses in Australia. This Code of Professional Conduct for Nurses sets the minimum standards for practice a professional person is expected to uphold both within and outside of professional domains in order to ensure the ‘good standing’ of the nursing profession. These two companion Codes, together with other published practice standards (e.g. competency standards, decisionmaking frameworks, guidelines and position statements), provide a framework for legally and professionally accountable and responsible nursing practice in all clinical, 2 management, education and research domains. The support and assistance of Royal College of Nursing (unified with The College of Nursing on 1 July 2012 to become Australian College of Nursing) and the Australian Nursing Federation in developing this edition of the Code of Professional Conduct for Nurses in Australia is acknowledged. In considering this Code and the Code of Ethics for Nurses in Australia, it should be borne in mind that they are designed for multiple audiences: nurses; nursing students; people requiring or receiving nursing care; other health workers; the community generally; employers of nurses; nursing regulatory authorities; and consumer protection agencies. 4. Nurses respect the dignity, culture, ethnicity, values and beliefs of people receiving...
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...combined social and environmental accounting and management perspectives. Design/methodology/approach: This paper analyzes the disclosed sustainability indicators of a major Australian financial institution, Westpac, through the application of the research method content analysis. The theoretical framework will be shaped by the consideration of legitimacy theory and the Balanced Scorecard approach. Findings: The results indicate that the four perspectives of a traditional Balanced Scorecard are related to the main sources of influential inputs to Westpac‟s sustainability reporting – existing frameworks, stakeholder engagement mechanism, employee involvement and traditional shareholders‟ financial information needs. It also reinforced the argument that the focus of organisational legitimacy is a key resource of organisation survival. Originality/value: This research contributes to the literature on social and environmental disclosures including the research of Do, Tilt and Tilling (2007) and Baxter, Chua and Strong (2010) which was based on the sustainability management and reporting of Westpac. Keywords Balanced Scorecard, Legitimacy, Sustainability, Page 1 Introduction This paper considers sustainability management and reporting in the Australian private sector context. It aims to evaluate an Australian publicly listed firm‟s continuous voluntary...
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...Code of Ethics for Nurses in Australia Developed under the auspices of Australian Nursing and Midwifery Council, Australian College of Nursing, Australian Nursing Federation Introduction This Code of Ethics for Nurses in Australia has been developed for the nursing profession in Australia. It is relevant to all nurses at all levels and areas of practice including those encompassing clinical, management,education and research 1 domains. This Code is framed by the principles and standards set forth in the United Nations’ Universal Declaration of Human Rights, International Covenant on Economic, Social and Cultural Rights and International Covenant on Civil and Political Rights; the World Health Organization’s Constitution and publication series entitled Health and Human Rights; and the United Nations Development Programme Human Development Report 2 2004: Cultural liberty in today’s diverse world. In considering this Code and its companion, the Code of Professional Conduct for Nurses in Australia, it should be borne in mind that they are designed for multiple audiences: nurses; nursing students; people requiring or receiving nursing care; the community generally; employers of nurses; nursing regulatory authorities; and consumer protection agencies. It is also noteworthy that the concepts of ‘ethics’ and ‘morality’ are substantially the same and have been used interchangeably throughout this Code. This Code outlines the nursing profession’s commitment to respect, promote, protect...
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...environment and society in which they operate the business, and therefore it needs to be good for the community. This has caused that many laws and regulations such as environmental and social laws, employment laws, anti-corruption laws and good governance laws developed by the states to protect the environment and social issues icons. The concept of social responsibility has been raised in the context of this because the organization must be committed to run the business ethically and contribute for the growth of the economy, and at the same time improving the standard of life of employees and their families as well as for the society they operate their business and future generation. REQUIREMNT OF THE CURRENT CONCEPTUAL FRAMEWORK Conceptual framework is a guideline issued by international accounting standard board (IASB) for the development of international accounting standards (IAS). It is a practical tool that assist IASB to develop standards and assist preparers to develop consistent accounting policies when there is no standards and assist others stakeholders to understand and interpret the standards. It states that the objective of financial reporting is to provide financial information of the company to existing and potential investors, employees, local community and lenders. It identifies the qualitative characteristic of relevance and...
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...their valuable contribution throughout the process. 1 2 This guide: (a) sets out the purpose of the example SOA (Section 1); (b) outlines the framework in which the example SOA was developed (Section 2); and (c) explains why certain information has been included, or not included, in the example SOA (Section 3). Note: For the example SOA, see Appendix B. For details of the financial advice scenario on which the example SOA is based, see Appendix A. This guide should be read in conjunction with guidance we have issued on how we will administer the SOA requirements, including: 3 (a) Policy Statement 175 Licensing: Financial product advisers— conduct and disclosure [PS 175]; (b) Licensing: The scope of the licensing regime: Financial product advice and dealing—An ASIC guide (November 2001, reissued May 2005); (c) Policy Statement 167 Licensing: Discretionary powers [PS 167]; (d) Policy Statement 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) [PS 168]; (e) Media Release [MR 04-062] FSR disclosure to be clear, concise and effective (10 March 2004); (f) Media Release [MR 04-236] ASIC provides further guidance on Statements of Advice (21 July 2004); and (g) Information Release [IR 04-61] ASIC provides guidance on Statements of Advice (30 November 2004). Australian Securities and Investments Commission August 2005 Page 2 REGULATORY GUIDE 90: EXAMPLE STATEMENT OF ADVICE Contents What this guide is about...
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...information to shareholders, with a distinct from tax reporting. The implementation of IFRS has brought about significantly greater consistency in accounting recognition and measurement and far greater disclosure of information in financial statements. The implementation of IFRS in the UK brings better resource allocation decision. Because of all these reasons UK have adopted International Financial Reporting Standards. b) Apart from the global benefits of using similar accounting standards, convergence of UK GAAP with IFRS. The IFRS financial statements are significantly more complex than financial statements based on national accounting standards of UK. This complexity threatens to undermine the decision usefulness of IFRS financial statements. According to reports of Earnest & Young in 2006 UK businesses are upset as there are small number of technical experts have a good understanding of the more complex accounting standards to interpret and apply these accounting standards properly. Out of these fewer experts almost all are working with accounting firms or with regulators, rather than with preparers of users of financial statements. This makes difficult for the UK businesses to implement these standards. It is a widely held view in the UK businesses that the disclosure quality under UK-GAAP is...
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...Corporate Governance Principles and Recommendations for the year ended 31 December 2014 and as at the date of this Annual Report. A graphical representation of Caltex’s Corporate Governance Framework (CG Framework) is set out below. Delegation MD & CEO Board Independent Advice • Independent legal or other professional advice Audit Committee • Audit Committee Charter OHS & Environmental Risk Committee • OHS & Environmental Risk Charter Oversight through reporting • External auditors External Auditor Policy • Internal Audit • Board Charter • Board Tenure Policy • Board Composition, Appointment, Induction & Election • Charter of Director Independence • Delegation of Authority • Performance Evaluation Process • Policy for Transactions with Chevron • Risk Management Summary • Continuous Disclosure Policy • Securities Trading Policy • Shareholder Communications Policy • Code of Conduct • Diversity and Inclusion Policy Human Resources Committee • Human Resources Committee Charter Delegation Accountability Accountability Assurance Delegation 4 Caltex Leadership Team (CLT) Nomination Committee • Nomination Committee Charter The CG Framework is regularly reviewed and updated in response to changes in Caltex’s business, Australian corporate governance practice and the law. 1. The Board 1.1 Role of the Board The Board...
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...BEHAVIOURAL ECONOMICS AND CUSTOMER COMPLAINTS IN COMMUNICATION MARKETS A report prepared for the Australian Communications and Media Authority (ACMA) in connection with the public inquiry “Reconnecting the Customer” by Dr Patrick Xavier* Adjunct Professor of Economics & Finance, Curtin University Business School. May 2011 * Dr Patrick Xavier BEc (Hons), M.A., M.Ec, PhD is Director of Info-Comm Strategies and Adjunct Professor of Economics, Curtin Business School, Curtin University of Technology, Australia. Dr Xavier has published widely and has had extensive experience as a consultant to national and international agencies on regulatory reform in the (tele)communications sector, including the OECD, ITU, World Bank and APEC. He was part of the OECD’s regulatory reform team that visited a range of countries to advise on regulatory reform in major industrialised and emergent economies. He has undertaken work in Hong Kong and in a range of developing countries, including Lao PDR, Romania, Armenia, Vietnam, Pakistan, Pacific Islands, Thailand, Bhutan and China. He can be contacted at: poxavier@gmail.com Disclaimer. The views in this report are those of the author and do not necessarily reflect the views of the ACMA. © BEHAVIOURAL ECONOMICS AND CUSTOMER COMPLAINTS IN COMMUNICATION MARKETS Executive summary 4 1. INTRODUCTION 10 1.1 Purpose of this report 10 1.2 Customer complaints in the telecommunications sector 11 1.3 Structure...
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...Contemporary Privacy Issues Report Introduction Privacy is one of the fundamental human rights, every individual should have full control over their personal information. However due to the continuous evolution of society and technology, the importance of a person's right to privacy has been eroded. This report discusses the contemporary privacy issues on different levels and areas, with specific focus on credit reporting, protection of customer’s private information by businesses, health records, internet data and government intelligence access to information. Sections of the current Privacy Act 1988, the new Australian Privacy Principles 2014, and legislations related to the topic areas mentioned above will also be discussed in detail, and the effectiveness of these laws will be analysed. A person's credit history contains a vast amount of personally sensitive information which have a high commercial value, therefore it is extremely important to ensure businesses adhere to the privacy act to prevent the unauthorised use of these information. Any misuse of information can cause great personal and financial harm to the victim. Privacy of health information is fundamental principle in health care. Lack of privacy information might result in people not seeking the health care they need which might be very risky to their own health and the health of others. The rate of technological development is accelerating too quickly and current laws are becoming irrelevant...
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...etc. * Sovereign domain * Different for indigenous people, given no acknowledge of land ownership and traditional rights and customs as well as traditional rules * Agency * Autonomy as a group/individual * The capacity whether individually or collectively to exercise authority to determine * Previously denied * Criminalisation of traditional * Welfare * protection ------------------------------------------------- OOXX case * grew up during a time during hard economic circumstances with weak communal support due to governmental policies. * Lost a sense of identity when doing institution until he's about 19. He was separated from his family by the Australian welfare system. forced removal * Post-war assimilation eventually breed out abo blood from the society * Process of catagorisation based on the portion of abo blood vs. European heritage * Targeted as half-cast or anyone with part-euro heritage * Systemic harm of forced removal * Negative relationship between police and abo people from the early stage * Institutional harm * John Howard...
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...requirement in some countries to have a Corporate Social Responsibility (CSR) and in the future, I think that more countries will follow Indonesia’s lead to combat environmental damage. Environmental concerns is not the only area there CSR encompasses. Words like ‘continuous disclosure’, materiality assessment and CSR is becoming somewhat of a growing ideology, which is being injected into the corporate psyche with a standard demand from stakeholders. In this report, I will show through a number of company views that the rules of the game has changed not just through regulation but expectable social views. 2. Body: Corporate Social Responsibility Within Australia there are federal based reporting system for accounting and it is an evolving regulations the bring standard and the ability to compare companies for investors and other interested parties. The Australian Securities and Investments Commission (ASIC) is the agency that ensures that the information available to investors and consumers is fair and transparent within Australia’s financial markets. Investors and stakeholders that want information have only to find the company on internet and follow the links to the CSR or accounting documents. The Australian Accounting Standards Board (AASB) is also one of...
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...CORPORATE GOVERNANCE PRINCIPLES ADOPTED BY THE BOARD OF DIRECTORS OF BLACKMORES LIMITED Page Principle 1 : LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT 2 Principle 2: STRUCTURE THE BOARD TO ADD VALUE 5 Principle 3: PROMOTE ETHICAL RESPONSIBLE DECISION-MAKING 10 Principle 4: SAFEGUARD INTEGRITY IN FINANCIAL REPORTING 15 Principle 5: MAKE TIMELY AND BALANCED DISCLOSURE 19 Principle 6: RESPECT THE RIGHTS OF SHAREHOLDERS 20 Principle 7: RECOGNISE AND MANAGE RISK 21 Principle 8: REMUNERATE FAIRLY AND RESPONSIBLY 25 Page 1 Principle 1 : LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT Board’s Conduct of its Affairs 1.0 Purpose and Scope The Company recognises that corporate governance is fundamental to the effective operation of the Company. The Board is the pivotal element of corporate governance, and the Company desires its Board to be an effective and independent representative of stakeholders and valuable to the organisation. This Charter sets out the responsibilities, structure and composition of the Board of Directors of the Company. 2.0 Role and Responsibilities The Board’s role is to provide governance of the Company in the best interests of shareholders, having regard to the interests of all stakeholders of the Company. The specific responsibilities of the Board include: The appointment of the Chairman or Executive Chairman; The overall corporate...
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...ncil’s eight principles of corporate governance (ASX Governance Principles) and outlined accordingly is how the Board has applied each principle and the recommendations set out within them during the course of the financial year ended 30 June 2015. A copy of the ASX Governance Principles can be found on ASX’s website, www.asx.com.au The Company is fully supportive of the ‘if not, why not’ disclosure‐based approach to governance adopted by the ASX Governance Principles and the recognition within them that there is no single model of corporate governance and that good corporate governance practice is not restricted to adopting the recommendations contained in the ASX Governance Principles. Principle 1: Laying solid foundations for management and oversight This Principle requires the Company to establish and disclose the respective roles and responsibilities of both the Board and management and how their performance is monitored and evaluated. Role of the Board The Company’s Corporate Objective, as determined by the Board, is to invest in Australian equities with a focus on stocks where there is an active options market. The Company uses principally exchange traded options to enhance income return to investors. Djerriwarrh aims to provide shareholders with attractive investment returns through access to a steady stream of fully franked dividends and enhancement of...
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