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Discuss about the Balance of Accounting Theory and Current Issues.

Purpose of Study and Research Question

The report discusses two article of the accounting review in Australian accounting standards. The articles were the review of the history of the quality in the financial reporting in Australia and New Media along with External Accounting Information. The report consists of proper explanation regarding the reason of choosing the two journals for conducting the research. Further, the research focuses on the purpose and the research question of the two journals and provides a vivid idea.

The first journal is about the balance of academic discourse of accounting.  The second journal is about the impacts of accounting review on decision of accounting. Over the last ten years the literature of accounting enhanced the behavioural research in two forms. One based in psychology of cognitive and another based in economic tradition. It is obvious that both the forms have interest in knowing the features that enhanced judgement and decision of accounting. Researchers could easily gain knowledge about this with the help of second journal. The articles discuss the implications of the accounting standards over the years that have led to the outcome of the improvement in the measures of the standards of accounting (Schaltegger, 2017). The article of the historical review of accounting standard tends to the procurement of the analysis of the qualitative approach of the standards. However, on the other hand, the other article of external information about accounting acquires information about the technical aspects of the standard about the accounting which is meant to ascertain the standards. Utilization of the media and technological aspects that helped in the procurement of the information’s about sensitive data has led top efficiency in operations (Jeanjean, 2008).  

The article of the historical review of the standards of the accounts was adopted because it needed to analyse about the history of the cost accounting strategies that were being adopted for the proper functioning of the accounting systems. The accounting methods that were being adopted stated the purchasing power of the individuals through the level of the price index that is adapted for the system. Original valuation of the standards of the accounting is inoperative for the calculation of the accounts in the worldwide basis. There are majorly four parameters that are widely used for calculating the qualitative approach of the systems of the accounts. According to the standards of the AASB framework it has been mentioned that there are majorly two roles that have been adopted by the authorities that have been broadly defined as the predictive and the role of the conformity (Barth et al., 2012).

Similarity in Study and Difference

These two roles have put more emphasis on the mechanism of the, making of the decision of the standards of the accounting.  The major constituents that affect the quality of the standards of the accounts are the content of the material of the standards of the accounting.

Thus, it has formulated new ways to handle the vast quantity of the data records. It even emphasises on the need for changing the applicability of technological innovation that will uplift the significant factors affecting the quality of the reports (Hope, 2003).  The study regarding discourse on the accounting till now is in the form of small scale. Now the demand increased and their claim was applicable to many companies. The studies is equivalent to the research that focus on the method in which interaction of social helps to reflects and create the particular strategies.

There is a specific purpose that is analysed in the report. The primary purpose of the report is to analyse the standards of the accounting systems that have tried to improve the accounting operations in the economy of Australia (Craig, R, 2007). The research connects the review withe the review to the effects of difference in context. The task environment of accounting separates from the environment of context. The main purpose of the second journal is to give a ways of theory based taxonomy. It is done in such a way that description of context could enhanced the behaviour. Economic and psychological approaches share the objectives of influencing the environment of task. The research that was made was majorly determined by three revolving around questions such as the outcomes that were released after the advent of the technological outbreak and progress towards the simplification of the systems of the accounts. Thus, it makes an effort towards attaining the major section of the individual to the integration of the delivery of operation made at a global scale. The research question is majorly based on the applicability and the wide scope of the online applications and the media in uplifting the operations of the business environment. Taxonomy introduction starts with the principal disparity between the task environment of accounting and environment of context. The research journal provides four types of effects of context.

In the article review of the actual quality for financial reporting is in Australia by Elaine Evans it discussed the evolution of the financial elements that have brought the evolution in the standards of accounting through the advent of AASB (Linnenluecke et al., 2012). Various knowledge levels regarding procedure of accounting and altering purposes in utilising the annual report of company enhanced the accountant to implement different strategies. Different characteristics like reduce the risk of accountant, exhibits of Hendrickson could be found in the first journal. Another significant ground of the research is based on the communication system of the standards of accounting with the element of the coverage of the accountability of the knowledge (Joubert, 2012).

Research question that were followed by the second journals are as follows:

  • What is the role of decision makers of accounting?
  • How the tasks of accounting are described?
  • How the map of context does help the decision maker to become expert?

Research question that were followed by the first journals are as follows:

  • What are the claims made by the accounting discourse?
  • What are the tension between judgements and facts?
  • What are the implication regarding Accounting’s writing skill?

The two articles that are given in the report constitutes of majorly certain similarities of information. The IFRS based accounting standards also claimed for bringing broad coverage of the standards of account that would be able to cover a more significant portion of parameters of the accounting world. AASB and IFRS have been adopted by the government of Australia for the attaining quality enhancement of all reports formulated according to standards of the accounting methodology. With the advent of new media systems in the accounting reporting area, the war of operations have indeed changed by the basic methodology of the report creation has been the same (McClure et al., 2017).

The significant difference that was formulated the where the application of the subsection that was formulated in the AASB standards of accounting. The first journal mainly based on the concept of information impact on the cognitive perspective and economy perspective. While the second journal focuses on the accountings writing skill. There were different sets of information that were adopted during the formulation of the AASB standards such as the liability measure, property rights and the acquisition of other resources. Thus, for the formulation of different standards of the accounting, it was straightforward to calculate the parameters of the calculation of the different parameters enlarge the scope of operation. There was therefore specific limitation in the defilement of the study under IFRS study. The objective of the first journal is to determine the accounting discourse. While, the second journal’ objective is to determine the impacts context of accounting on the accounting decision. There was a lack of proper organisation of records of the accounting parameters (Al Farooque et al., 2017).

The example provides illustration of context could have dispute impacts on behaviour of accounting. Researcher practically wants to evaluate task of accounting clearly, but also wants to avoid influences that are extraneous regarding the objectives of the theory (Higgs et al., 2017). Moreover, when tasks are given in neutral terms of context, researcher must consider the potential arises due to abstraction. If the researchers unable to explain tradeoffs in the mentioned journal, then the issues could come up as a empirical question.

Discourse of academic accounting tilted towards a style with the help of generic patterns, functional headings and increased reliability on evidence that is duplicatable. It also maintains an orientation to professional judgement of individual. Particular characteristics of discourse of academic accounting found in the journal considered for conducting this research. Finding of the journal claims that the students of accounting unable to accumulate the community of academic accounting. Form the above statement it could be concluded that entire students of accounting would end up as practitioner.  The journals mainly focused on three areas. The effects of collaboration are to finish the project of writing. Secondly, the uses of model text in the place of work. Lastly, uses of context in workplace could be used as a part of writing assignment’s design.

Conclusion

 It heavily resulted from the consequences of the reporting of the finance. However, specific changes are made in the accounting standards of Australia. Under the recent formulation of the laws, the AASB framework has established a new standard of the system of the accounts. The report discusses the accounting standards that been adopted by Australia and their implication on the working environment of Australia. Thus, it gives s helpful insight into the workings of the accounts measurement that helps for the proper functioning of the system. Thus, revealing the standards of the account, it can be said that the framework of AASB is more efficient than IFRS.

Reference list

Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.  Retrieved on: 9th August 2018, from : https://parsproje.com/tarjome/hesabdari/h339.pdf

Jeanjean, T., & Stolowy, H. (2008). Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption. Journal of accounting and public policy, 27(6), 480-494. Retrieved on: 10th August 2018, from: https://s3.amazonaws.com/academia.edu.documents/6448717/japp_080525_submitted.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1537336914&Signature=j3fjcAkJUxIGeZehSoj83CFR5kI%3D&response-content-disposition=inline%3B%20filename%3DDo_accounting_standards_matter_An_explor.pdf

Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of accounting research, 46(3), 467-498. Retrieved on: 15th August 2018, from: https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1475-679X.2008.00287.x

Hope, O. K. (2003). Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An international study. Journal of accounting research, 41(2), 235-272. Retrieved on: 8th August 2018, from: https://www.sseuk.org/index.php/ABR/article/download/3693/2241

Craig, R., Smieliauskas, W., & Amernic, J. (2017). Estimation uncertainty and the IASB's proposed conceptual framework. Australian Accounting Review, 27(1), 112-114. Retrieved on: 9th August 2018, from: https://onlinelibrary.wiley.com/doi/pdf/10.1111/auar.12147

Linnenluecke, M. K., Birt, J., Chen, X., Ling, X., & Smith, T. (2017). Accounting research in Abacus, A&F, AAR, and AJM from 2008–2015: A review and Research Agenda. Abacus, 53(2), 159-179. Retrieved on: 9th August 2018, from: https://www.researchgate.net/profile/Martina_Linnenluecke/publication/316022823_Accounting_Research_in_Abacus_AF_AAR_and_AJM_from_2008-2015_A_Review_and_Research_Agenda/links/5a3112b10f7e9bf8

McClure, R., Lanis, R., & Govendir, B. (2017). Analysis of Tax Avoidance Strategies of Top Foreign Multinationals Operating in Australia: An Expose. Retrieved on: 10th August 2018, from: https://cdn.getup.org.au/1507-Aggressive-Tax-Avoidance-By-Top-Foreign-Multinations.pdf

Bello, A. (2017). Accounting for inflation: arguments of recognition in Islamic accounting standards. In SHS Web of Conferences (Vol. 34, p. 09004). EDP Sciences. Retrieved on: 20th August 2018, from: https://www.shs-conferences.org/articles/shsconf/pdf/2017/02/shsconf_four2017_09004.pdf

Joubert, M., Garvie, L., & Parle, G. (2017). Implications of the New Accounting Standard for Leases AASB 16 (IFRS 16) with the Inclusion of Operating Leases in the Balance Sheet. Journal of New Business Ideas & Trends, 15(2). Retrieved on: 30th August 2018, from: https://www.researchgate.net/profile/Fawzi_Laswad/publication/326000400_Professional_skills_required_of_accountants_what_do_job_advertisements_tell_us/links/5b394e324585150d23ee0393/Professional-skills-required-of-accountants-what-do-job-advertisements-tell-us.pdf

Higgs, E., Harris, J., Murphy, S., Bowers, K., Hobbs, R., Jenkins, W., ... & Thompson, A. (2018). On principles and standards in ecological restoration. Restoration Ecology, 26(3), 399-403. Retrieved on: 21th August 2018, from: https://onlinelibrary.wiley.com/doi/pdf/10.1111/rec.12691

Al Farooque, O., & Ahulu, H. (2017). Determinants of social and economic reportings: Evidence from Australia, the UK and South African multinational enterprises. International Journal of Accounting & Information Management, 25(2), 177-200. Retrieved on: 19th August 2018, from: https://www.researchgate.net/profile/Omar_Farooque/publication/295601323_Determinants_of_Social_and_Economic_Reportings_Evidence_from_Australia_UK_and_South_African_Multinational_Enterprises/links/59b0852fa6fdcc3f8889b248/Determinants-of-Social-and-Economic-Reportings-Evidence-from-Australia-UK-and-South-African-Multinational-Enterprises.pdf

New Media and External Accounting Information: A Critical Review Gregory D. Saxton. Retrieved on: 3rd August 2018, from: 10.1111_j.1835-2561.2012.00176.xAAR.pdf

Esther Cheung, Elaine Evans and Sue Wright: An historical review of quality in financial reporting in Australia Retrieved on: 12th August 2018, from: An_historical_review_of_quality_in_financial_repor.pdf

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