Corporate Social Responsibility Research Enterprises †Free Samples

Question: Discuss about the Corporate Social Responsibility Research Enterprises. Answer: Introduction NSW Sydney Transportation Company is involved in the business of developing safe, integrated along with effective transport systems for the people residing in Sydney. The companys consumers are the main focus of the company in developing strategies related with transport planning, policy and procurement along with non-service delivery options. Delivery functions of the company include all modes of transport such as rail, roads, ferries, light rail and point to point (Transport.nsw.gov.au. 2018). The objective of this report is to analyse the accounting concerns faced by NSW Sydney Transportation Company that is listed in ASX Top 100 Companies. Moreover, a critical and detailed evaluation of the companys effectiveness to address the obligations of the Australian accounting framework will be analysed. The accounting issues faced by the NSW Sydney Transportation Company are observed to be in the areas of offering efficient support to the companies in order to develop the financial statements (Barth 2015). The issues dealt by the company is also regarding necessary regulations, outlines along with standards that are offered to the business companies for developing the financial statements. Other than that, certain other business accounting issues is deemed to be associated with financial reporting that can be addressed in case the regulations and norms of conceptual framework is implemented. This is the reason for which it is gathered that maintenance of conceptual framework and General Purpose Financial Reporting guideline is necessary in playing several roles in the financial aspects of the company (Bruce and Martnez 2016). Considering such concerns it has been gathered that the accounting conceptual framework serves as a vital aspect for this transportation company in considerati on to the financial reporting. It can also be recognised that NSW Sydney Transportation Company deals with the issues existing within their conceptual framework in IFRS for financial reporting. In such context, it might also be recognised that the company faces issues related to abiding by the conceptual accounting framework. This is considers by the company in order to offer meaningful information to its stakeholders that can assist them in taking necessary financial decisions regarding the firm. Conceptual Framework Application in the Company The annual report of NSW Sydney Transportation Company includes certain vital information regarding compliance with several aspects of accounting conceptual framework (Bryce, Ali and Mather 2015). Based on the annual report of 2017, it is gathered that the company has followed policies and accounting guidelines of Corporations Act 2001 and Australian Accounting Standard Board (AASB) for financial reporting. One of the major applications of this conceptual framework in NSW Sydney Transportation Company indicates the responsibility of the company in offering meaningful and valuable financial information to its stakeholders. This can assist them in making effective financial decisions (Camfferman and Zeff 2015). The second application of this accounting conceptual framework in the company is focussed on explaining the financial information represented. This is in order to be helpful in anticipating timing, amount along with uncertainties related with cash flows of the firm. Considering the same, cash flow statement of NSW Sydney Transportation Company facilitates users in gathering information regarding organizational cash inflows and outflows (Carson, Farther and Zhang 2016). The third application of this conceptual framework is deemed to be necessary for NSW Sydney Transportation Company in gathering required information related to its resources that is helpful to users in their financial decision making process. The companys statement of financial position complies with AASB regulations (Henderson et al. 2015). Recognition Criteria for a Conceptual Framework There are distinct asset categories for NSW Sydney Transportation Company. In case of property, plant and equipment, this is measured at cost after deducting the accumulated depreciation and impairment losses (Perera and Chand 2015). In consideration to the intangible assets, goodwill is measured at expenses less than impairment loss. The self-constructed assets take into consideration the direct labour, part of overhead and material cost (Loyeung et al. 2016). Certain other intangible assets are measured at expense less accumulated impairment loss and amortization of any type. NSW Sydney Transportation Company encompasses several liability types as gathered from the annual report. In consideration to deferred tax liabilities, the company follows the method of balance sheet. This provides for the temporary variations between the carrying amounts for taxation liabilities along with purposes of financial reporting (Watty et al. 2014). For contingent liabilities, the vital aspects are guarantee that is developed in normal business course set out in sale of properties and development applications. NSW Sydney Transportation Company did not make any provision of $2.9 million in self-insured risks. NSW Sydney Transportation Company segments ordinary shares as a part of equity. This serves as incremental costs attribution to the issued shares within the organization. These costs are subtracted from overall equity of the company (Watson 2015). In NSW Sydney Transportation Company, realization of revenue is done at the time considerable risks and rewards of ownership are transferred at the time it is deemed that revenue can be attained and can e reliably measured. The service revenue recognition is conducted relied on completion stage of customer contract. In case of NSW Sydney Transportation Company, recognition of expenditures is relied on some categories. Among such expenses includes commitment for expenditure that encompass the payable company contracts. Qualitative Characteristics of the Conceptual Framework The characteristics of the conceptual framework indicate the compliance degree of the vital qualitative aspects of NSW Sydney Transportation Companys accounting framework. This aspect of the conceptual framework indicates that NSW Sydney Transportation Companys financial information must be proper for better stakeholder understanding (Watty et al. 2014). This can facilitate its users in gaining overview of the similarities and differences amongst several financial statements. Based on the annual report of the company it can be gathered that its financial statements are represented in simple charts, graphs and tables. Considering the same, it can be simpler for the creditors and investors to analyse NSW Sydney Transportation Companys financial position in comparison to other types of organizations in Australian market. This qualitative characteristic of the accounting framework necessitates that NSW Sydney Transportation Company must consider publishing its financial information within a predefined time (Perera and Chand 2015). NSW Sydney Transportation Company publishes its financial information in an easy format and publishes both the interim and annual reports that results in adherence to timeliness. This aspect of the conceptual framework indicates the capability of the NSW Sydney Transportation Companys financial information users in verifying the provided financial position provided in the companys financial position (Bryce, Ali and Mather 2015). In order to address this qualitative characteristic, NSW Sydney Transportation Company has represented notes to all accounting estimates indicated in annual report. In adherence to this characteristic of the accounting conceptual framework, it is vital for NSW Sydney Transportation Company to represent the financial information in a manner that can facilitate its users to understand the same in a better manner (Perera and Chand 2015). NSW Sydney Transportation Company reports its financial information in an easy format in order to attain a proper insight for its users. It is vital for NSW Sydney Transportation Company to report their financial information relied on true and fair values. Based on the audit report of KMPG, NSW Sydney Transportation Company is deemed to comply with the necessary accounting standards. This indicates faithful representation of the companys financial information (Bryce, Ali and Mather 2015). The financial information provided by NSW Sydney Transportation Company is needed to be important that can support financial decision making. The company is observed to abide by the regulations and standards presented by AASB, Corporations Act 2001 and IFRS. In addition to same, it also takes into consideration the recent tax and depreciation rate (Perera and Chand 2015). This further indicates the financial information importance of NSW Sydney Transportation Company annual report. Conclusion The objective of this report is to analyse the accounting concerns faced by NSW Sydney Transportation Company that is listed in ASX Top 100 Companies. It was gathered from the paper that the accounting issues faced by the NSW Sydney Transportation Company is observed to be in the areas of offering efficient support to the companies in order to develop the financial statements. Moreover, based on the annual report of the company it can be gathered that its financial statements are represented in simple charts, graphs and tables. In order to address this qualitative characteristic, NSW Sydney Transportation Company has represented notes to all accounting estimates indicated in annual report. Based on the accounting issues faced by NSW Sydney Transportation Company recommendations are provided. This includes in order for the reported financial information to be represented in clarified manner for users the company must make sure that financial statements are limited to information from previous and recent conditions along with transactions. Moreover, NSW Sydney Transportation Company must also determine whether a recognised item within the expense or income is presented in the profit or loss. Certain conceptual principles must also be followed by the company such as offsetting, cohesiveness, classification, aggregation along with scope of information. This includes notes within financial statements such as disclosure. References Barth, M.E., 2015. Financial accounting research, practice, and financial accountability.Abacus,51(4), pp.499-510. Brusca, I. and Martnez, J.C., 2016. Adopting International Public Sector Accounting Standards: a challenge for modernizing and harmonizing public sector accounting.International Review of Administrative Sciences,82(4), pp.724-744. Bryce, M., Ali, M.J. and Mather, P.R., 2015. Accounting quality in the pre-/post-IFRS adoption periods and the impact on audit committee effectivenessEvidence from Australia.Pacific-Basin Finance Journal,35, pp.163-181. 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