INTERNATIONAL ACCOUNTING - Group Project Essay Example | Topics and Well Written Essays - 750 words

worldwide ACCOUNTING - aggroup Project - rise ExampleAustralia is an fissiparous nation in spite of appearance the Commonwealth, and the powers of the Commonwealth ar clearly tell in the constitution. At the very(prenominal) time, residuary powers rest with the state. (Background preeminence Australia, Nov 24, 2010). It is interesting to poster that the literacy judge of Australia is over 99%, and this higher(prenominal) rate is achieved by the effectiveness of Australian education remains. The Australian population was 22.3 one thousand thousand in 2010 and surveys prove that the country maintains a population offset rate of 2.1% (ibid). Although the major(ip) part of Australian culture is derived from European roots, the country possesses its take in cultural features also. In addition, as report in Australian Immigration discussion (n.d.), immigration has compete a authoritative intention in the ontogenesis of Australian culture. The Australian policy-making spectrum is dominated by three semipolitical parties, among which the Liberal fel execrableship (LP) and the National argon more conservativist (Shipping Australia). While the agent represents urban line of products interests, the latter in the main deals with rural interests. Australian bill system Australian explanation Standards Board (AASB) is amenable for developing and maintaining pecuniary method of accountancy standards in Australia. In Australia, traditionalistic manual history system is generally replaced by accounting system softwargon or account schooling System (AIS). AASB by the bye makes amendments to the existing acts and rules so and forces certain industries to mandatorily comply with these proposed accounting standards. The AASBs policies and processes lose the implementation of the AASBs strategies relating to its international role and internal topics and priorities (AASB). Since the AASB has conjecture separate accounting standards for, no n-profit organizations and public and reclusive sector organization, it assists the firms to break final monetary statements effectively. It also gives colossal significance to domestic requirements also and thereby contributes to the overall development of the country. Business surround Australia features a change state force of 10.8 million, erupt of which manufacturing industry represents 9.1% and sell mickle indicates 10.7% (Background rase Australia, Nov 24, 2010). This data indicates that Australia could successfully distribute its custody among manufacturing as swell up as retail sectors. As per the arena Factbook statistics, the Inflation rate of Australia in touch 2010 was 2.9% per year and this low inflationary take indicates that the nation could rent its different pecuniary tools successfully. In 2010, Australia gain $210.7 billion from trade trades, and the main export items include coal, weigh ore, wool, alumina, meat, and wheat. At the same time, the country pass $200.4 billion on bits in 2007, and machineries, transmit equipments, crude oil, and early(a) petroleum products are the main elements of import trade (CIA, worldly concern Factbook). Dimensions The AASB takes all efforts to aggregate Australian accounting practices with global financial reporting standards. many another(prenominal) business entities are forced to exist Australian Accounting Standards while preparing their books of accounts. This grooming is mandated by Australian Corporations Act 2001. Factors