Accounting Theory (Australia) Essay Example | Topics and Well Written Essays - 500 words

Accounting Theory (Australia) - Essay Example Presently, the Japanese Generally Accepted Accounting Principles are recognized by the European Union. The Financial Services Agency of Japan is also working to have common regulations with the International Financial Reporting Standards. The Business Accounting Council has come up with deliberations about the treatment of consolidated financial statement based upon International Financial Reporting Standards within the purview of Japanese Security Exchange Law. This measure has been presumed as the regulatory response of Japan as it involves the treatment of IFRS based consolidated financial statement prepared by issuers of both, Japan as well as foreigners, to be listed in the Japanese market. Japan and other Asian countries should participate more into the regulatory authorities for their own benefit. Their valuable presence in the committees would voice their needs and requirements. Presently, the Accounting Standard Board of Japan is trying to build up consensus over various financial regulatory issues among the Asian economies. Among the various regulatory issues, BASEL reforms have been very crucial for the transformation of the banking sector. It has been observed that there have been certain issues in terms of compliance of BASEL norms in Japan. The financial disorder prevalent in the last decade and the continuous postponement of resolution of non – performing loan (NPL) hindered compliance with the BASEL standards in Japan along with propagating political intervention in the economy of Japan that considerably hampered bank regulations. Today, it is almost certain in the periphery of the financial regulations that IFRS would make way for GAAP in due course of time as it has already adopted by European Union. Japan should focus more on accounting standards of IFRS rather than that of GAAP to be in line with the

Select a Code of Conduct to Revise Assignment Example | Topics and Well Written Essays - 500 words

Select a Code of Conduct to Revise - Assignment Example In addition, the communication language in which the code of business conduct should convey the message should be understood by the employees (Waldmann, 2006). Corporate companies like Diageo and Coca-Cola prohibit their employees from taking for themselves or directing business opportunity to other people that business opportunity that the organization has turned down. This code of business conduct needs to be revised. This is because of the fact that if organizations like Coca -Cola are not interested with the business opportunity they should therefore provide the employees with the chance of taking up the challenge and provide the services needed. This should be allowed to provide the employees the chance to grow themselves. If an organization is not interested in a business opportunity, then it means that it is giving other people that opportunity. Therefore, why not give the same opportunity to the employees to empower them and make them have better income and advance their careers (Barth, 2003). However, this opportunity should not be discovered using corporate property or information. Diageo should ensure that employees should not use the organization’s resources, information or position for personal gain or competing with the firm. It may be hard to sometimes determine the line between personal and firm benefits. The best action to do is ask for permission for the use of any firm property or services that is not solely for the benefit of the organization. In addition, in order to protect the interests of an organization, it is important for companies to monitor and review all data and information contained on an employee’s company issued property. This is for the sole purpose of protecting the organization’s information from outsiders. Moreover, strict measures and discipline should be instilled to those violating the rules. In conclusion, it is important for organizations to have the code of business conduct as it serves as a