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Essay / Research Paper Abstract
This 10 page paper considers the way in which different annual accounts users are perceived and how this is reflected in the accounting standards. The paper concentrates on the AASB 1023 which states that general insurance companies must include unrealised gains and losses in financial assets in the annual reports how this may be seen as reflecting a wider approach to the accounting that is seen in countries such as the US, where the primary user group are those with a direct financial interest. The bibliography cites 6 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEinsura.rtf
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Unformatted sample text from the term paper:
in Australia recognises three different users of accounts. The first group from this definition are the shareholders as investors as well as other primary stakeholders such as suppliers and creditors
;enders and employees. All individual that have a direct relationship with the company and are directly influenced by its financial operations (Deegan, 2000). The second group identified are those
how use the goods and service of the company, such as the customers, and the third group are more remote, these include those with regulatory authorities, such as government bodies,
inland revenue services and other social bodies such as trade union, the media and also special interest groups (Deegan, 2000). May of these users may have some level of
financial interest in the company, either as an investor, as a creditor, and even with the government revenue service, the needs to assess levels of taxes due. However the view
of SAC2 appears to follow the idea that there are many other valid stakeholders who have a legitimate interest in the financial performance of a company. This has a closer
affinity with the "The Corporate Report" a report in the 19700s that did not gain the support of the accounting professions. In this the purpose of the accounts and
rights to information were seen as wider, with the report stating that; "The publics right to information arises not from a direct financial or human relationship with the reporting entity
but from the general role played in society by economic entities. Such organisations, which exist with the generals consent of the community, are afforded special legal and operational privileges; they
compete for resources of manpower, materials and energy and they make use of community owned assets such as roads and harbours" (Paragraph 25 quoted in Deegan, 2000).
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