It would be relatively difficult to discover any individual who is totally invulnerable to the outcomes of the 2007– 8 worldwide money related emergency. Representatives are especially helpless against such monetary calamities. Corporate falls frequently result in enormous occupation misfortunes and neglected representative privileges. The Australian government has taken activities to ensure worker interests in case of indebtedness. Such measures incorporate particular treatment gave by the Corporations Act 2001 through to organizing worker privileges when indebtedness happens (Clarke, Dean and Oliver 2012).
Two of the biggest corporate collapse that can be taken into account are; firstly, Dick Smith’s the publicly listed electronics giant collapsed despite outstanding sales performance because senior management prioritized revenue expansion ahead of sustainable growth. This was one of the Biggest Collapse listed In Australia (Dignam, and Galanis 2013). The second instance that can be taken into account is the collapse of HIH Insurance which was Australia's second largest insurance company.
The main aim of this project is to analyze the corporate collapse all which has happened in the Australian Continent and moved the roots of the Australian solvency and affected the Australian continent in a negative way. The paper will discuss on how the government safe guarded the citizen from the effect of Corporate Collapse.
The citizen of the Australian continent would had suffered a lot due to the different corporate collapse that happened in Australia but they survived or resisted to these corporate collapse because of the rules and regulation made by the government which had the only purpose to protect the citizen from corporate collapse.
The HIH insurance company affected all the user of their accounting information directly as well as indirectly. The peoples that bought insurance policy from the company also suffered as they did not get the amount that they invested as well as the services that was about to be rendered to them. The government tried on their own way to make rules and regulation to protect the people as well as related internal as well external users of the accounting information (Carnegie and O’Connell 2014).
The Government took various steps to give relief to the people during HIH insurance company collapse some of the steps taken by the government are:
Internal users (Primary Users) of accounting information include the following:
Internal users of accounting information gets the accounting reports in forms of different accounting tool such as accounts, budgets, forecast and lastly the financial statement of the company.
External users those users of accounting information who does not participate in the business itself examples of such external users are:
It can be concluded that the Australian government is concerned with the interest of the public and the problem faced by them. The government has taken immense initiatives to keep the people shock prove from the stiffness of the corporate collapse situation. Sometimes the government has succeeded to help the people to undergo the situation of corporate collapse and sometimes it has succeeded to achieve its goal. But every time the country faced a corporate collapse the government has taken up new steps to fight with such problems. Similar in case of Dick Smith Company and HIH insurance company the government tried its level best to go through the consequences of the corporate collapse faced by the Australian continent.
Carnegie, G.D. and O’Connell, B.T., 2014. A longitudinal study of the interplay of corporate collapse, accounting failure and governance change in Australia: Early 1890s to early 2000s. Critical Perspectives on Accounting, 25(6), pp.446-468.
Clarke, F., Dean, G. and Oliver, K., 2015. Corporate collapse: Accounting, regulatory and ethical failure. Cambridge University Press.
Dignam, A. and Galanis, M., 2013. Australia inside-out: The corporate governance system of the Australian listed market. Melb. UL Rev., 28, p.623.
Du Plessis, J.J., Hargovan, A. and Harris, J., 2018. Principles of contemporary corporate governance. Cambridge University Press.
Khairi, M.S. and Baridwan, Z., 2015. An empirical study on organizational acceptance accounting information systems in Sharia banking. The International Journal of Accounting and Business Society, 23(1), pp.97-122.
Leung, P., Coram, P., Cooper, B.J. and Richardson, P., 2014. Modern Auditing and Assurance Services 6e. Wiley.
Smith, J. and Binti Puasa, S., 2016, February. Critical factors of accounting information systems (AIS) effectiveness: a qualitative study of the Malaysian federal government. In British Accounting & Finance Association Annual Conference 2016.
Yahanpath, N. and Islam, S., 2016. AN ATTEMPT TO RE-BALANCE THE BALANCED SCORECARD TOWARDS A SUSTAINABLE PERFORMANCE MEASUREMENT SYSTEM. Asia-Pacific Management Accounting Journal, 11(2).
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