Business persons like to understand accounting principles so they can ensure that, their finance and material are properly tracked and managed. Alike cost principle, matching principle, monetary assumption and materiality. That principles and Accounting standards are used for tackling business problems and provide their solutions. For more understanding here accounting defines as.
"Accounting is the artwork of documenting, classifying and summarizing resources and expenditures and incentives in gigantic words, which, in at least one part, have an economic essence and which decodes the final outcome thereof" (Riahi-Belkaoui, 2004 p.38).
As politics and ethnicity affect accounting professionals and their customers, marked gaps in regulations around the world are expected to intensify in 2020. The stress of complex and ever-changing legislation released at regional and international levels can indeed be felt by many companies with global interests. But in 2020, In Australia, calls for even more legislation of finance and tax "equality" are the, particularly in regards to regulating digital companies.
There is a significant political momentum in Australia to counter transnational corporations' alleged tax evasion by new legislation, improved reporting and enhanced accountability initiatives.
Australia also begun to introduce, in lieu of other OECD nations, new BEPS based tax initiatives. It is extremely possible that in the next 12 months, unique tax initiatives for organizations working in the digital space would be imposed in Australia by new regulations. “Nurunnabi, M. (2014). ‘Does accounting regulation matter?”
A money laundering crackdown is also ongoing and could be convenient to enforce. By 10 January 2020, the latest EU Money Laundering Directive must also be transcribed into national legislation by the member countries, but it is already considered legally effective throughout the EU. In order to improve openness in Europe, step is also being taken. By 10 March 2021, state accountability registers are to be networked Europe-wide through a single European portal.
The legislation of specific accounting professionals is undertaken mainly at the national scale, with accounting professional associations having an essential role in collaborating with authorities to ensure that such legislation is efficient, effective and even in the interest of the public. Accounting practitioners are also expected to keep up-to - date with notifications from appropriate regulatory authorities, including the Securities and Exchange Commission in Australia, the Financial Reporting Council in Australia and their adherents.
“Rahman, A., Perera, H., & Ganesh, S. (2002).”
At the worldwide platform, analysts expect that in the coming years, enhanced regulation will impact all accounting profession. The Association of Chartered Professional Accountants (ACCA) reports that enhanced regulation and better governance would have the strongest effect on the profession in the years to 2025 in a study on the future of accountancy entitled 'Drivers of Change and Future Skills'.
Researcher Muhammed Azizul Islam, Associate Professor at the QUT School of Accounting in Brisbane , Australia, says in an article issued by the international Federation of Accountants ( IFAC) back in 2017 that "excessive regulation is inevitable due to major tax evasion, transfer pricing, and money laundering as revealed through the Panama papers."
As per the Global Regulation Report, an IFAC study of 313 accounting, finance, and business practitioners on 6 continents, legislation is becoming extremely complicated and affects the prospects of organizations to grow and develop.
For the equality, efficiency, and effectiveness of economic systems, good regulation is important, so making things happen as well as it can is a never-ending task. Growth continues to be a global concern, but these outcomes should really be a wake-up call for us to analyze the regulatory effect, including the regulatory and reform initiatives implemented in result of the global financial crisis.
“Parker, R. H., & Morris, R. D. (2001)”
In a study said legislation have a major or very important effect on the opportunities for their entities to expand and innovate.
It is more commonly noted that regulations impacting the organization in complex or very complex way.
It is also noticed that Cooperation among regulators is unsuccessful, and a third said they noticed that the regulatory approach in various regions was contradictory or quite inconsistent.
Over the next five years, the effect of legislation will begin to become even more or much more important.
This has shown that in reaction to a variety of variables, regulation evolves. Most of the other critical ones have been discussed here, such as sustainable growth, 'borrowed' law, colonization and imperialism, and economic supremacy. As a result, accounting laws in different countries have grown differently.
Riahi-Belkaoui, A. (2004). Accounting theory. Cengage Learning EMEA.
Nurunnabi, M. (2014). ‘Does accounting regulation matter?’: An experience of international financial reporting standards implementation in an emerging country. Research in Accounting Regulation, 26(2), 230-238.
Rahman, A., Perera, H., & Ganesh, S. (2002). Accounting practice harmony, accounting regulation and firm characteristics. Abacus, 38(1), 46-77.
Parker, R. H., & Morris, R. D. (2001). The influence of US GAAP on the harmony of accounting measurement policies of large companies in the UK and Australia. Abacus, 37(3), 297-328.
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