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PACE 2ND YEAR Business Elective Topic 1-5

Business Admnistration (Western Philippines University)

Studocu is not sponsored or endorsed by any college or university

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2.1

Information that provides details and instructions on financial compliance relevant to international
business activity can be found through the Australian Government regulatory authorities, international
organizations and bodies, and regulatory authorities in overseas countries. Some of them are the
Australian Prudential Regulation Authority, The Australian Securities and Investment Commission, The
Australian Takeover Panel, and Australian Transaction Reports and Analysis Centre. These are the
international finance regulations to be considered because they are the ones who maintain the integrity
of the financial system for all participants. It protects investors, helps to maintain well-ordered markets
and promotes financial stability.

2.2

1st step. Compliance with the requirements of the IFRS. The IFRS are responsible for developing a better
accounting standards globally.

2nd step. Using home standards only if it’s approved by the Australian Stock Exchange

3rd step. Search for help from the veterans or seniors in business and finance.

2.3 A

Yes it is necessary because these can allow the management to integrated financial considerations into
everyday business activity. The examples are cash received, invoices, debit notes, sales proceeds, bills,
and countertrade documentation.

The statutory and regulatory requirements that apply are corporation law, employment law, legislative
protection for consumers, privacy legislation, and taxation legislation. If an organization complies with
legal requirements, it demonstrates high degree of maturity and confidence in their business. This helps
organization to portray confidence during external audits. Some example are regulatory audits, customer
audits, etc.

2.4 A

The Australian legislation that I need to access and understand in order to calculate liabilities for tax at
an Australian Commonwealth and state level is the Australian tax system. The Australian tax system is a
mix of direct and indirect taxes levied by both the commonwealth and state governments, depending on
the type of tax.

B.

1. Classified revenue
2. Classified expense
3. Separate the apportion able items
4. Calculating taxable income

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C.

International financial reporting standards foundation is to non-profit organization established at

Delaware. Its roles and relevance I to bring consistency to accounting language, practices and
statements, and to help businesses and investors make educated financial analyses and decisions. The
IFRS foundation sets the standards to bring transparency, accountability, and efficiency to financial
markets around the world, fostering trust, growth, and long-term financial stability in the global
economy. On the other hand, the mission of the AASB is to develop and maintain high-quality financial
reporting standards for all sectors of the Australian economy and to contribute to the development of
global financial reporting standards.

2.5

Revenue system documentation differs by company and must include all the policies and procedures for
handling revenues. This may include the titles of positions that handle the specific functions, internal
controls and more. It is necessary because it is the system an organization develops to record the way in
which the organization generates income and how it is tracked through the organization’s accounting
system.

2.6 A

The impact that corporation law have on individuals who are preparing general purpose financial report
users that it requires them to present an accurate and fair view of the business. The obligation includes
the preparation of annual financial statements and reports that need to represent the known view of
those preparing the statements at that time. Report preparers who knowingly falsify reports for GPFRU’s
face penalties and imprisonment.

The allowances and benefits given by the employment law and benefits from the consumer law. An
example of these are the awards which it specify the obligations of employers by specifying minimum
conditions for employees including length of shifts and wage rates. Another is the rights and obligation
of business and consumers that covers consumers from injury where the business supplying the goods
was knowingly responsibly for injury to the consumers.

These are important to do so because it will give a drive for the employees to give their best in
everything they do and as for the employers, they will have the right to expect a satisfactory
performance of work duties from their employees. On the other hand, the benefits from consumer law
is important because this enables consumers to make the best choices based on their interests and
prevents them for being mistreated by the businesses. Consumers protection policies, laws and
regulations help increase consumer welfare by ensuring that businesses can be held accountable.

2.7 a

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Reports need to be submitted to authorities:

1. Business Activity Statement

2. Financial Reporting System
3. Australian Stock Exchange reporting requirements

Authorities where reports need to submitted:

1. Australian Taxation Office

2. Australian Securities and Investment Commission
3. Australian Securities Exchange

The possible consequences if reports are not submitted according to the stated deadlines with the ATO,
ASIC, and AASB are either warning through email which states the amount needs to be paid and due
date of the penalty

3.1

Recommendation is a suggestion or a proposal that describes what is believed to be the best course of
action based upon the information that is available at that point in time. It might be contained in a
financial report and are derived from the data and data analysis that informs financial reports. We can
ensure that recommendations are accepted as logical and credible if it is able to explain the benefits of it
as well as the costs, risks analysis results, and the cost and risks associated with not undertaking the
recommendations. It must provide all of the financial data, the specific requirements of organization and
relevant information about the international market in which the organization is operating.

3.2

If the organization is operating from another country, recommendation might relate to social justice. The
report will indicate what amount of money can be allocated. It will also detail the benefits of providing
support. Taxation benefits might also accrue as a result of this type of activity.

3.3

I can ensure that my recommendation are concise and will facilitate direction and control of the
organization’s international operations if I will provide information that are easy to find and written in a
manner that is easily understood by those who are expected to read it. Information overload is one of
the issues that is associated with management where vast amounts of detail is available through internal
reports. Managers do not want to spend time trying to decipher what is being said but instead they want
that information to be stated cleanly.

3.4

Comparative financial statements are the complete set of financial statements that an entity issues,
revealing information for more than one reporting period. This involves identification of important issues
and prioritization to make sure they are addressed in a timely manner. It is important because by

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comparing company’s financial statements in different time period. It is possible to identify growth or
decline in revenues, expenses, changes in capital structure, or other financial trends that will impact on
operation of the business.

3.5

Financial reporting may be describe as a company’s transmission of publicly available financial

statements and related information to third parties such as shareholders, creditors, consumers,
government agencies, and the general public. It outlines how much money an organization has made.
Serving the two primary purpose of financial reporting which is to help the management engage in
effective decision-making concerning the company to its external users, I can be able to ensure the
structure and format of reports are clear and conform to both organizational and statutory requirements
that apply to financial reports whether the organization is trading on the domestic or international front.
The main requirements are that all companies must keep appropriate financial records that record and
explain all financial transaction.

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