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Essay / Research Paper Abstract
This 10 page paper considers the way that the financial recovery is impacting the way accounting takes place and the need for transparency and reliability. Looking at the issue of fair value accounting the changes are assessed along with the transparency and reliability of the way this is implemented in Australia. The bibliography cites 9 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEausias.rtf
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Unformatted sample text from the term paper:
by the G20 that as part of the reforms and stimulus to help the world recover is the ability of investors and other stakeholders to trust in the financial reporting
that takes place, as such there is a requirement for there would need to be "enhanced regulation of systemically important entities, and strengthened financial systems" (Deloitte, 2009). The need
to strengthen the financial system has been a repeated message in a number of communications, including the leaders communiqu? from the 2nd April 2008 G20 meeting in London which was
also supported by "Declaration on Strengthening the Financial System" as well as a number of different reports from different working groups within the G20 (Deloitte, 2009). The views
for the need for change are seen on a global basis with no country excluded. The need for transparency and understanding has already driven forward the development of international standards,
which have been adopted by many countries including Australia. Australia may be seen as a strong advocate in the need for international financial reporting standards, even becoming frustrated with other
countries and bodies due to the delays in issuing clarification on the way that the regulations should be interpreted (Getler, 2005). With this it may be expected that Australia may
be ahead on the way that regulation are implemented and the goals that are being espoused. In order to assess this one area of accounting can be assessed and used
as an example of the way Australian accounting standards. Within the current debates there is a general agreement that there will be benefits from pursuing the concept of fair value
in the way that accounts are presented, there was a reaffirmation of this is the communiqu?. A key standard that deal with fair value is that of IAS 39, this
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