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Stage 1 Assessment Requirement

 A major perspective on accounting (financial reporting) regulation views regulation as being required to protect the public interest. However, the regulatory capture and economic (private) interest’s perspectives argue that the public interest objective could be adversely affected by various factors. The assignment question requires you to explain the above three perspectives on accounting regulation. In particular, to what extent do you believe that, within the Australian financial reporting regulatory environment, the issues of regulatory capture and private interests do adversely affect the objective of the provision of useful information for users of public company financial reports? State any recommendations you would make to reduce any potential for adverse impacts, and comment on what the three perspectives mean for the role and power of accountants in society. 

 

Write a research essay addressing the above assignment question. You are required to fully explain your view points and support your decision by academic research papers (at least 3 peer-reviewed academic papers) plus newspaper articles, textbooks and other reliable sources of literature.

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Stage 2 Perspective of Accounting Regulation

The research is done to find the significant global financial reporting issues which tend to be in the interest to the setters of the financial reporting standard. The aim of the International Accounting Standards Board (IASB) is to create a single form of the standards set up by the financial reporting which are established the worldwide. The role of Financial Accounting Standards Board (FASB) is dedicated towards the union of the standards established with that of the IASB. This shows that the issues related with the global financial reporting is set out to be particular to the topics over the agendas followed by the IASB as well as the FASB. Both the organization relates to the perspective of the globalization of the financial reporting done by it.  

Stage 3 ISSUE OF REGULATORY CAPTURE

The research addresses those issues which are of the extent to parent the entity of the financial information. It is required by the users of the general purpose financial reports (GPFRs). It also provides the objective to the confirmation that is expected at providing the support to the Australian Accounting Standards Board (AASB) in order to determine if there shall be the recommendation for the changes altered in the legislative aspect which is created with respect of the form, presentation as well as the content. It is done with respect to the parent entity information. The broad research difficulty investigates in this paper. 

Stage 4 PRIVATE INTEREST AFFECTING THE OBJECTIVES

The research results indicate with the intention of a decrease in the parent entity into the reporting requirements that shall need to be compact by the additional disclosures made in the annual report. These forms of the disclosures shall offer the details of the audited parent entity reports that have been wedged with the ASIC. A statement shall be passed indicating so as to that of the exception criteria which is outlined beyond have been satisfied; 

Stage 5 RECOMMENDATION

There is the partial form of the potential in order to offer the decrease in the parent entity experience into the necessities to a reduced quantity of a full set up based of the financial reports connecting the financial statements along with the notes. The obligation of the user of the examination of the financial report needs the requirements for the parent entity of the financial reports. It is later on obligatory to be audited. It is also stuck with the Australian Securities and Investments Commission (ASIC). It requires being available into the annual report. It may be in print with the information required in the relation to the requisite types of the parent entities. It tends to make known the potential requisite for the decline in the reporting documents in addition to other forms of the requirements. 

Stage 6 ROLE & POWER OF ACCOUNTANTS

The role of Financial Accounting Standards Board (FASB) is enthusiastic towards the amalgamation of the standards recognized with that of the International Accounting Standards Board (IASB). This shows that the issues connected with the global financial reporting is set out to be exacting to the topics over the agendas followed by the IASB in addition to the FASB. Both the organization relates to the standpoint of the globalization of the financial reporting done by it. There are issues apprehensive with the standard setters that tend to perform resolving the global financial reporting issues at a distance from the academic literature. The potential that are faced by the standard setters of the global financial reporting are produced to be wide, difficult in addition to complex.