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Below is an example to give you an idea how we can help you with your accounting assignments.
Accounting standards refer to guidelines or principles that guide business firms to prepare their financial statements with true and fair treatment of transactions. Generally Accepted Accounting Principles (GAAP) and Australian Accounting Standards Board (AASB) principles are some of the examples of accounting standards. This paper is prepared to explore duties of directors in ensuring that financial statements of the company are prepared according to international accounting standards and corporate law (Godfrey & Chalmers, 2010).
For this paper, three companies such as Hastie Group, Centro Properties Ltd and ABC Learning Centres Ltd are selected. Each of these companies faces corporate collapse because of failing to implement accounting standards effectively by directors.
Hastie Group is an Australian based company that offers technical business solutions related to mechanical, electrical, commercial, plumbing (MEP), building design, refrigeration and maintenance services (Annual Report, 2011). Centro Properties Ltd is a real estate company that mainly operates in three business segments such as property management, leasing and funds management. It is also an Australian based company that generates revenue from Investment activities and Service Business Activities (Google Finance, 2013). ABC Learning Center Ltd is world’s one of the leading child care provider that runs child care centers in different states of Australia (Kruger, 2009). This paper will discuss causes of corporate collapse for each of these companies.
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