There Is Only One Social Responsibility Of Business : Accounting Report

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 Introduction:

In the global world, organisations are having several accounting report impacts on the behalf of the various factors of regulatory issues. The current accounting report is based on the ability or the achievement power that enables the best possible rate of the overview or idea to get the legislative and regulatory norms of the bodies and authorities. In the contemporary world there are several issues regarding the ethical matters and changes of the tax rate system. The regulatory norms and rules use to affect the business performance positively or negatively (Ou-Yang, 2009). The concerned management needs to make intense planning and decision making for the development of the performance of the organisation. The accounting report also includes the detail report of the Corporations Act (2001) that was promoted by the Australia Security and investments commission (ASIC) to make the organisational behaviour performance more active (Agencysearch.australia.gov.au, 2014).

Accounting Report

Corporations Act (2001):

The Corporations Act 2001 is mainly the financial advisory act that regulates the operational and functional process of the organisations of Australia. Organisations which dealing in the Commonwealth of Australia are controlled by the laws. Business entities are different in Australian financial authority as per the federal and inter-state level. The act deals in the operation of the companies, as well as the business of the partnership also judged and controlled through the corporation act (Aasb.gov.au, 2014).

The Corporations Act is the major legislation term or the system that use to regulate and control the companies, partnership and the corporate firms operating in Australia. Mainly the issues like the formation or the operation and accounting report of the organisation.  This will provide a rate of the constitution and regulations that the organisations will adopt to make the process transparent and the allocation of the revenue and profit as dividend. Moreover this act use to determine the duties of the financial managers and the regulators in terms of the financial strategies like merger, acquisition and takeovers. In addition, the certain part of the strategic direction regarding the investment or the expansion related factors are detailed over here. Actually, in the contemporary world, the organisation can be helpful in terms of the allocation o this type of the act to increase the efficiency of the performance (Jorion, 2008).

ASX listing rules:

ASX listing rules are the mainly a set of principles that imposes certain obligations on the business entities that are to be listed in the ASX group. The obligations have certain rate of assumption like;

Every business management entity must employ a rate or minimal standard for the quality of the products. The size of the operations or the quantity of the production needs to be underlined and cleared. They are also required of disclosing the operation and revenue related information in order to get into the official list (Barberis, 2008).

Investors are one of the major stakeholders of the organisation, therefore, their interest needs to be fulfilled carefully. Securities are the major issues they are seeking for. The risk of the investment or the profitability of the organisation needs to be quoted so that the investors get the support.

In all type of condition, the organisation needs to be careful and fair to maintain the safety of the new and existing stakeholders or the investors (Agencysearch.australia.gov.au, 2014).

The existing shareholders must have the right to judge their investment and the operational behaviour safety of the security.

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The information of the performance needs to be disclosed timely and periodically. Also the information regarding the price effectiveness as per the quality and the market competitions are detailed in terms of the market share hedge rate profile of the organisation will be looking for the best possible strategic direction. Rather the value of organisational securities is required to be judged on the market rate so that the accuracy will be increased (Merton, 2009).

High standards of the accounting report of the information are required so that they can be able of providing the appropriate requirement of the stakeholders. The comparison can be possible with the rate of the allocation of the similar information of the organisations of the market. This comparative nature will increase the rate of effective support of the investors and the market. Corporate governance practices of the organisation can be judged through the allocation of the already reported information process (Aasb.gov.au, 2014).

Proper communication techniques are required to get the attraction of the security holders to get in touch with the risk profile and the set of the profitability or return related information. This process will increase the rate of the engagement with security holders and make them more satisfied (Brennan, 2009).

In the Australia there are mainly three major accounting assignment professional bodies as like the ICAA, CPA and NIA mainly they deals in the Accounting principles, standards, ethics that are to be maintained by the organisations in the Australian continent. These three organisations provide the support area in the operational and the other performance related factors. The specialisation areas can be described as like the auditing support of the accounting report of the financial and the performance data, external reporting will help in concerning the peoples. They also provides the support of the consultancy in the time of insolvency and reconstruction issues affected business. Some time the management accounting support will make the pricing policies most effective and the taxation related ambiguity can be eradicated. Moreover the treasury, information technology and financial planning type of support will increase the rate of the revenue and the turnover in a given period of time (Browne, 2009).

ASIC (Australian Securities & investment Commission) Acts as the company watchdog by enforcing company and financial service laws that will help in terms protecting the consumers, investors and creditors of the organisations. Mainly the major stakeholders are provided with the security in these concepts. They are employing the various types of the tools or the lawsuits to get the best observation and monitoring (Agencysearch.australia.gov.au, 2014).

The ASIC maintains the registration process of the companies in terms of the management of risk profile and the allocation of the investment criteria. They are also dealing in the Australian financial services licences and Australian credit licences related issues. Mainly ASIC select the vulnerability of the organisations are dealt in terms of the liquidity and the profitability performance of the organisation. They are involving a set of register and skilled auditors and liquidators to judge the contemporary condition of the organisations (Lewellen, 2008).

They support the organisations with the legislation that enables the grant relief for the affected business. They enforces the rule of registering the financial information of the companies and the organisation that can be accessed by the normal peoples so that they can take most feasible investment decision. The ASIC also regulates the financial services licensing process and the credit licensing of the organisation in order to safeguarding the investors and the creditors (Agencysearch.australia.gov.au, 2014).

Mainly the financial market’s investment involves high risk therefore the authority enables the allocation of control in the integrity process of the financial market in terms of the investment. Financial products are required to maintain proper disclosure documents including the risk profile and return factors (Aasb.gov.au, 2014).

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In addition, the control enable the investigation of the breaches or the unfair terms of activity they set the laws. They also have the power to set the infringement action for the defaulter parties. They firstly produce notices to the alleged or the breaching party to maintain the rules or else they are sued. They can stop the credit activities utilising the financial services activities of the respondent party. They can utilise the court or the legislative authority to charge the civil penalties to the defaulter party. Prosecutions are another power they are having in terms of the safeguard the common publics and the stakeholders of the organisation (Browne, 2007).

ASIC role is to set certain strategies for the better financial and operational performance with the customer safety.   

Firstly, the ASIC will maintain the set of the confident investors by the mean of the provision of the information of the organisation. They are also detail out the financial risk in terms of the consumer’s point of view so that the investment decisions makes more feasibly (Asic.gov.au, 2014).

Mainly ASIC provides investors with the appropriate information of the risk and reward to the investors so that investment decisions meet the diversification. Consumer behaviour regarding the investment and divestment are reported in this accounting report so that the ranking of the organisation are done. Customers will get the help in terms of the future aspect. The regulation and control will make the financial markets more transparent and the risk free. The market supervision and competition profile making in terms of the globalisation issues will make the corporate governance more effective and the market remains risk free. Registration and licensing process will eradicate the fake companies or the breaching issues in the market. Small business also gets the help of the organisational support. ASIC also utilise the legal framework to get the effective participation of the company information that can be utilise by the common public.

Australian Government employees the legislative powers as the S.51 rule of the Australian constitution. The rule makes the huge control over the corporations in Australia. The ASX is the Australian market place that is used in trading the equalities, government bonds and other fixed interest bearing securities to the common customers.

ASX listing rules develops the information bundle that helps the customers in taking the investment decisions.

Australian Competition & consumer Commission (ACCC) maintains the implications of the Prices Surveillance Act and Trade Practices Act so that the price of the security and the security and safety measures can be adopted (Asic.gov.au, 2014).

Reserve Bank Of Australia (RBA) is the major controller of the Australian financial system and they controls the monetary policy of the country.

Australian Prudential Regulation Authority (APRA) is the regulator of the financial institutions and maintain the commitment of the customers of life and general insurance companies and the mutual funds (Asic.gov.au, 2014).

Australian Taxation Office (ATO) recommends and fixes the tax rate collects the taxes on behalf of the government. This body also controls all types of the superannuation funds.

Many other government organisations or agencies help in getting privacy of the customers’ information, consumer consultancy, and human rights provisions. Moreover the organisation needs to allocate the (Aasb.gov.au, 2014).

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Conclusion:

The regulatory bodies are having the power of protecting consumers from the much adverse activity. Certain misleading or deceptive information will tend the customers to take non-feasible decisions. In terms of selecting the financial products and services and the certain credit facility, the customer will face the risk and reward issues, therefore, the regulatory bodies will make the sense of the risk profile as well as the allocation of the investment strategy of accounting report. In the contemporary market, the organisation, customers and the stakeholders will face the uncertainty of the economic crisis, inflation, recession and the exchange rate related problem. Therefore the allocation of the control and regulatory strategy will increase the rate of the organisational performance.