MAA363: CorporateAccounting Trimester 1


Write the answer in a new word document.Pleasesubmityouranswerdocumenttotherelevantdropboxintheunitsite. You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlike lyeventthatone of your assignment sismisplaced, you will need to submit your backup copy.

Explain, discuss and integrate the technical and theoretical knowledge about the regulatory environment relating to Australian corporateac countingan dreporting; an dapply there levant conceptsto “real” situations.

Identify, discuss, evaluate and apply the relevant accounting standards relating to definition, recognition, measurement and disclosure requirement sofarepor tingentity’ sassets, liabilities, equity, incomeand expenses.

Critically reflect on professional issues related to the reporting of corporate performance.

The underpayment at Target involves 1600 workers and dates back seven years.

Office works is still trying to ascertain the extent of its problem.

ThefreshrevelationscomejustonedayaftersupermarketgiantColeswasoutedforunderpayingits workers by a collective $20 million.

Industrial Relations Minister Christian Porter, who is finalising legislation to crack down on wage theft, said underpayments had become “endemic” in corporate Australia and new punishments,

Including “naming and shaming” notices and director disqualification, would make penalties unavoidable.

“With organisations like Colesor Wool worthsor Qantas,when this process is complete,penalties will beine scapable,whether

the yare civil,criminalorofthetypethatwearenowproposingwithrespect to directorships: banning and publicity,” he said. “These organisations,large sophisticated Australianor ganisations, where wageun derpayment seems to have been endemic”. “I don’t think it’s intentional but it’s hopeless, it’s not good enough!”

Required: Conduct an extensive research on the wages scandal discussed above and answer following questions.


1.Discuss the impact of the above issue on the financial report ing quality and the earnings quality of respective companies. Discuss the implications of repayment requirement of past wages to those companies.

2.Discuss the mechanisms that may discipline the accuracy of financial reporting in Australian companies in the future.

3.Critically reflect on the above wage scandal. (Hint:broadly ban alyse the factso fthe subject matter, explore multiple perspectives, and form a judgement, or conclude).

4.Students are strongly recommended to regular access to the online discussion forum and clarify issues, ifany.


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