Corporate Reporting Under The Corporations Act 2001

Publicly traded companies are subject to the reporting and disclosure requirements of the Securities Exchange Commission (SEC). The laws that govern the securities industry were established to provide transparency to investors, creditors and shareholders alike. According to Hoyle, Schaefer & Doupnik, (2015) there are seven major disclosure requirements, the first being a five-year summary of operations to encompass sales, assets, income from continuing operations. Followed by a description of business activities, a three year summary of industry segments to include foreign and domestic operations, a list of company directors and executives, quarterly market price of common stock for the last two years, restrictions on the company’s ability to continue paying dividends, and finally, an analysis of the company’s financial condition, changes in the conditions and results of operation.

Based on the above problems of JB Hi-Fi, the company should make some adjustments to the board composition. In many situations, non-executive directors serves mainly the managers to increase their power. People that sit on a board do necessarilyhave some kind of personal or professional ties, since they are part of the same rather small social group, the business elite. Hence, the challenge is hence to create organisational structures that allow an efficient control despite these social ties. The only solution to solve the problem is transparency, for example, each director has to openly declare his or her ties. However this is not legally enforced or controlled, it depends entirely on the integrity and business ethics of the director. Despite of that, the efficiency of control mechanisms can still be enhanced by the existence of a self-imposed “ethical code” among the business elite, and a social control among these elite guaranteeing the observation of this code. As a result, JB Hi-Fi should fully acknowledge the need for directors and executives to observe the highest ethical standards of corporate behaviour and assist them in applying the Code of Conduct in

This report is looking into the organization JB Hi-Fi the vision, mission, values and challenges facing the organization, while identifying and analyzing the business. It will also feature a SWOT report followed by and over view of the organizations issues. Lastly the report will look into current and ongoing HR issues within the organization.

When organizations present financial statements for review, the information contained in the statements should be appropriate and clear enough as to enable evaluators or auditors of the information to make accurate estimations of the presenting organization’s financial status.

The main goal of this report is to providing a marketing analysis of JB HI FI. The core of the report contains detailed analysis of marketing mix. These factors show how a company developed their brand value in the market and environment. This report also highlights the segmenting, targeting and positioning strategies. Lastly, report includes recommendations for the improvement of marketing.

The obligation of a company’s officers to show how well they have been managing the company

Excello Telecommunications was presented with a dilemma on how the company should report earnings so that they would appear to have met earning estimates for the 2010 financial year. The CFO, Terry Reed, was concerned with how failure to meet earning estimates would affect bonuses, stock options, and the share price of Excello stock. On December 201, 2010, the company sold $1.2 million of equipment to Data Equipment Systems. However, Data Equipment Systems requested that Excello hold on to the product until January 11, 2011, because they do not have the

Few pieces of legislation have had an impact on corporations, accounting firms, and investors like Sarbanes-Oxley. Sarbanes-Oxley was passed by Congress in 2002 as direct result of the accounting scandals that plagued the public equity markets during the late 1990s and early 2000s. Sarbanes-Oxley was developed to be a series of measures, safeguards, guidelines, and criminal punishments in order to prevent future accounting scandals on the scale of Enron and Worldcom. Sarbanes-Oxley has profoundly impacted both management and accountants albeit in mostly similar ways. The following exploration will compare and contrast these views held by management and accountants regarding Sarbanes-Oxley.

JB Hi-Fi is a well-known and successful cooperation that majors in house hold appliances, technological goods and the stock shares, the JB Hi-Fi Cooperation was established in 1974 by Mr. John Barbuto (JB), trading from a single store in East Keilor, Victoria. Since then JB Hi-Fi was sold independently in 1983 from there on the business grew. In 1999 another nine stores were opened nationwide. Shortly thereafter In July 2000 JB Hi-Fi was purchased yet again by private equity bankers and senior managements in the opinion of expanding the current growth.

The Australian Taxation Office (Henceforth known as the ATO) released an inaugural corporate tax transparency report, showing the 579 local and foreign-based companies that paid no company tax in 2013-14 had combined turnover of $405.9 billion and taxable income of $4 billion. The report, which forms part of a global push for improved corporate transparency, provides a positive outlook into corporate transparency, although the critical issue of the minimal tax paid by large corporation’s remains. This paper aims to analyse the ATO corporate tax transparency report for the 2013-14 income year to uncover and critique the appallingly low, or inexistent, tax paid by large corporations, especially those with international transactions. Initially, the ATO’s corporate transparency report shall be outlined to corroborate the argument corporate tax paid is minimal. Furthermore, the amount of corporate tax paid outlined in the report shall be critiqued, with a focus on corporations with international transactions. As a final point, a number of recommendations shall be outlined concerning corporations paying their ‘fair share’ of tax. It shall be argued that corporate transparency is transitioning in the correct direction and should continue doing so, although reforms are necessary to ensure large corporations pay their ‘fair share’ of tax. The starting point for this argument is the aforementioned report.

In any business operations, full financial disclosure refers to the provision of the necessary information about a company for better decision making by the people accustomed. It is the financial revelation of a given company. There are some financial disclosures in any business that ensure proper understanding of financial statements to the financial readers, or potential auditors. Examples are the annual financial reports and the financial declarations of the company. The annual financial reports of the enterprise are very useful since they discloses the revenues recognized in the business, and the accountability of the inventories plus the income taxes accounted for during that period of operation. Second, is the disclosure of this financial statements which gives the actual revelation of the company 's stock options, liabilities and the effects of foreign currencies?! This disclosure includes the company 's balance sheet of the year, income statements and also the cash statements flows of that year. This information gives a proper understanding of the financial status users about the effects of inflation and price change on property and inventories (Berger, 2011).

The primary emphases of the SOX are to enhance the quality and transparency of corporate disclosure and force changes in the auditing of publicly traded companies. The first thing that SOX has an improvement is on the responsibility of company’s financial reports and disclosure which is connected with the section 302. The act requires the manager to certify the accuracy of the financial statement personally. If the chief executive CEO, chief financial officer CFO or other top manager knowing or willfully makes a false certification, he would be face 10 or 20 years in the prison. Also, if the company had the accounting restatement due to the manager’s misconduct, he still has to give up the bonuses or profits made from selling the company’s stock.

Accounting treatment for income taxes for for-profit entities is subject to Australian Accounting Standard Board (AASB) 112 Income Taxes. In accounting for income tax, complying with tax-effect method involves the occurrence of tax consequences due to different treatments are applied for transactions and other events happened inside an entity for accounting and taxation purposes, namely current tax consequences and future tax consequences.

The Financial Reporting Council (FRC) has recently released four new standards: FRS 100 Application of Financial Reporting Requirements; FRS 101 Reduced Disclosure Framework; FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and FRS 103 Insurance Contacts. FRS 100 basically describes who does what with the new UK GAAP. It describes which principles apply to which type of business; when a business can apply the reduced disclosure framework; and when a business should follow a statement of recommended practices, or SORP. FRS 101 lays out a reduced disclosure framework for entities. Certain entities can choose to use this reduced disclosure framework while creating their financial statements. FRS 102

Material changes to a company’s financial condition or operations must be disclosed to the public in a timely manner under the provisions of Section 409. Rapid disclosure applies to all types of company information – i.e. product recalls, personnel changes, or loss of a major customer (Hoffman, 2005, p. 4).