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ACC706 Accounting Theory and Issues
Task:
Conceptual Framework:
Businesses around the world need to record, process, and disclose information regarding their financial performance. The extent of the information to be disclosed depends upon the legal status of the entity and the regulatory environment in which it is operating. The guiding principles to record, present and disclose financial information is provided by the International Accounting Standards Board (IASB) in order to achieve uniformity so that all concerned stakeholders can easily understand and interpret the financial information and disclosures. For the purpose of uniformity, the IASB has given a concept of general-purpose financial statements and for that it has developed a conceptual framework which needs to be followed by all the entities operating around the globe and in Australia. According to (Board, 2019) the purpose of conceptual framework is to define the objective and the basis of general-purpose financial statements and to help AASB to develop accounting standards that are on consistent concepts and to help developers to develop accounting standards and policies for a particular area where there is no prior accounting policies and to help all stakeholders in understanding and interpreting the financial statements.
Accounting issues
Commonwealth Bank Australia is a multinational bank that has businesses across New Zealand, the US, UK etc. Different financial services are provided by the bank like retail, business as well as insurance, investment, funds management etc. It is one of the largest multinational banks in Australia (De Villiers, Dumay and Maroun, 2019). Thus, different accounting issues are faced by the bank like the bank is facing the problem in creation and funding of more customers for the bank. This is the major issue the bank is facing in this highly competitive environment. This resulted in the loss of customers from the bank. Another issue faced by the bank is high competition. Like banks are facing high competition where the competitors are providing the customers with low-interest loans (Cherry, 2016). The bank has also faced the issue of accuracy issues in accounts.
Environmental issues.
On the other hand, the Commonwealth Bank of Australia also faced environmental issues such as climate change issues, laws regulating environmental pollution, recycling etc. These are the major issues faced by Commonwealth banks. Like the bank facing technical problems due to climate change so the error is faced due to the delay in the transactions of customers. This results in a bad reputation for the bank (Kumarasiri and Jubb, 2017). Recycling issues are like a waste of a lot of paper in the bank. Another issue faced by climate change like financial institutions exposed to market risk due to minimization of security value that is related to transactions due to problems of the environment. For example, Commonwealth bank banking sites become polluted then there is decreased security. This results in a decrease in the customers and shifts to another bank. This is a failure for the company profit and attainment of big loss. It can be identified that it has affected the financial performance of the business.
Conceptual Framework:
Businesses around the world need to record, process, and disclose information regarding their financial performance. The extent of the information to be disclosed depends upon the legal status of the entity and the regulatory environment in which it is operating. The guiding principles to record, present and disclose financial information is provided by the International Accounting Standards Board (IASB) in order to achieve uniformity so that all concerned stakeholders can easily understand and interpret the financial information and disclosures. For the purpose of uniformity, the IASB has given a concept of general-purpose financial statements and for that it has developed a conceptual framework which needs to be followed by all the entities operating around the globe and in Australia. According to (Board, 2019) the purpose of conceptual framework is to define the objective and the basis of general-purpose financial statements and to help AASB to develop accounting standards that are on consistent concepts and to help developers to develop accounting standards and policies for a particular area where there is no prior accounting policies and to help all stakeholders in understanding and interpreting the financial statements.
Accounting Policies of CBA:
The accounting policies of CBA are adopted, revised and approved by its board of directors. CBA financial statements are prepared on historical cost basis except for financial instruments, derivatives, assets and liabilities held for sale, insurance policy liabilities and discounted bills, advances and other receivables due to the group, investment and occupied property, superannuation related defined benefits plans and schemes along with share-based employment compensation which are held at fair value. All the financial statements are prepared under the interpretation issued by the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). All financial statements are also prepared under the requirements of the Corporation Act 2001 (Cth). All financial information is presented in Australian Dollars which is its functional and presentation currency and all figures are reported on a going concern basis.
ACC706 Accounting Theory and Issues
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