australia accounting assignment help

australia accounting assignment help

The Importance of Accounting in Australia

1. Overview of Accounting in Australia

In Australia, accounting education is provided at the university level, in TAFE and commercial colleges, and in government training centers. The subject matter and the emphasis of the courses at each level and in the different types of institutions may vary, but all are directed toward the solution of practical problems arising from accounting information. They tend to cover all aspects of the subject. In Australia, accounting training has been in the forefront, and the federal government has taken interest in this and requests the universities in the accounting field to introduce at least one compulsory course for non-accounting business students, expecting that the public service officers need to know the proper as well as the efficient use of the accounting information.

Accounting has been defined as “the language of business”. This definition may be taken to mean that accounting serves the business community to communicate the results of its activities. The purpose of accounting information, however, goes beyond this simple function. Accounting can, and does, serve many other objectives. It enables people to judge how the business has behaved and what its business prospects are, and provides information to assist in the administrative and control functions of management. It assists the business community in many different ways. It is for this reason that knowledge of accounting is considered by society to be not only desirable but necessary.

2. Role of Accounting in Business Decision Making

Many significant business decisions can be activated by using a financial data mix that is summarized within accounting reports. Choosing to generate more or fewer products, loans, or sales could be made with the help of accounting knowledge as shown in the income statement. Different types of business decisions, composed of products to be made, volume of product loans, price, credit, service, ideas on the fairness market value, employees, and splits, are based on costs. Some of these costs are accustomed to making goods and other facilities. Accounting knowledge could be used to help recognize a range of products with a better rate, the need to be furiously interested in a supply market, many, less profits immediately. It could also help the business delete products with a low rate. Delivering products to be rejected in the grade market became possible, although they were giving a top-quality product. Delivery costs will be worried which must be totally lower, and it should not be forced to sell goods at low prices.

In its attempt to lead efforts related to a broad range of business activities, management should often make strategic business decisions. These are focused on brainstorming sessions in which the management and staff debate new business opportunities and new ways to be activated inside the organization. At least, the process that considers the business operations could not wait for a brainstorming session. Diverse economic information should be continuously connected, available, and integrated in order for business decisions to be made on a continuous basis. Economic information supplies accountings. Thus, accounting should be used to help the decision-making process of the business. Not all economic information is accounting, however. Selling forecasts, property evaluations, or personnel attitudes are economic data that is not expressed within the financial accounting structure.

3. Compliance with Australian Accounting Standards

Obtaining accountant training and professional accounting support services can help an organization keep its regulatory burden of compliance with the existing financial reporting requirements and any proposed amendments at a manageable level. Professional accounting services can help the payment organizations meet the financial and membership reporting obligations while focusing on service delivery. Optimal financial reporting in the context of existing or now accounted financial standard requirements would provide the accountability record information that members and donors would be using to determine how effectively they have operated their resources to achieve the outcomes associated with those already paid for by the resources in question for providing services in the first place. Compliance with current or proposed financial reporting requirements also demonstrates to the above stakeholders that they are acting in good faith and comply with current or proposed legislation and use the Culture of Good Governance of the organization to undertake the activities they specifically fund on whether the organization for which already paid from its resources is actually operating effectively. Therefore, statements of compliance with specific accounting standard requirements are also likely to benefit the above stakeholders directly.

In Australia, all organizations (whether or not they are reporting entities) are subject to the accounting and reporting requirements of the Australian Corporations Act of 2001, which requires organizations to prepare annual financial reports in compliance with the Australian Accounting Standards and any associated reporting obligations as specified by the Australian Securities and Investment Commission (ASIC). It is mandatory for entities to apply these Australian Accounting Standards for annual financial reporting periods beginning on or after 1 January 2005. Many non-identical standards are rectified in future annual financial reporting periods 2013. The compliance of an organization with the mandated Australian Accounting Standards allows any user to compare the financial statements and investment decisions of the organization with other entities and assist Australian financial institutions in decision-making and assigning risk levels. The over time consistency of the accounting standards ensures a meaningful inter-organizational comparison of financial statements; the relevance of accounting information is a critical factor for users in making their economic decision.

4. Accounting Practices for Australian Taxation

Therefore, you have to find a legal and professional accountant who can provide you with the best accounting services for the improvement of your company. Accounting also has a strategic role in providing tax planning services to understand the real financial situation of the company. Professional accounting services will keep you away from taxes and help you save money. Their dedication also allows you to maintain the company’s privacy. Tax form calculation can be complex for any company trying to manage it without any help. A decent accounting service keeps a detailed set of figures and can help the business reduce or remove taxes. In addition to tax relief, Australian citizens are also obliged to record all their expenses.

In Australia, if you are operating any business, whether it’s big or small, taxation is indispensable. No matter which channel you are deducting or how much you have, your tax return must be accurately reported. All sorts of fractions need to be handled as part of your normal daily business operations. It will be appropriate for any business to open and properly maintain an accounting file. Accountants take care of documentation and bookkeeping, which represents financial statements, bank declaration, and journal entry documents in terms of accounting.

5. Future Trends and Challenges in Australian Accounting

One of the critical major challenges facing the current accounting profession, according to Tavares and Pushkala, is to adequately provide the fundamental accounting and business knowledge, the development of the soft skills of accounting that is required by the business environment. The accounting profession should also design attractive careers, advocate ethical behavior, and be involved in proactive roles of the authorities in economic, social, and environmental sustainability. Mala et al. suggests that accounting education curriculum will need to be drastically revised to reflect the world pace that changes. Technology is significantly impacting accounting firm practice. Increases in the company’s expectations and demands drive the emphasis on commercial and business acumen. While a lot of these demands were presented a few years ago, their influence is magnified by the speed of change. Companies focus on growth, margins, and competitive forces, confusing and sometimes complex information, and companies have been rapidly changing regulatory environment. As per Kanko, Park, and Munsif in their extensive survey to report the big data and auditors, they suggested that big data and cloud-based technology are both intended to provide user-friendly storage, performance, data processing, and analysis, while helping auditors to rapidly understand and design engagement risks.

The current trends in accounting in Australia are that the accounting profession is adopting the international standards from the International Accounting Standards Board (IASB). As indicated by IASB, it’s critical to have one set of accounting standards that are used internationally to make global capital markets work more efficiently. These set standards should be principles-based, understandable, enforceable, and consistent in areas that people are confused about. The chair of the IASB indicates there is and will be a high demand for IFRS globally. It’s crucial for the quality of IFRS to remain high. The current strategy for the IASB is to provide global leadership in the development of high-quality, understandable, enforceable, and globally accepted standards through cooperation and collaboration with national standard-setters. It’s seen globally, including in Australia, that listed companies, especially Australian-owned companies, are calling for a rules-based culture with the standards to provide clearer interpretational guidelines. Most users say that the basis for the preparation of funding documents should not be centered on proving compliance with the accounting requirements, particularly with reference to the presentation of the primary financial reports.

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