Assignment

Table of Content

Table of Content
Part A 3 1. Introduction 3 2. Literature review 3 3. Analysis 7 3.1 Professionalism 7 3.2 Flexibility 8 3.3 Optimism 9 3.4 Transparency 9 4. Conclusion 10
Part B 12
Part C 14
References
Appendix 1

Part A

1. Introduction

In recent decades, Australia accounting regulatory system becomes increasingly stronger. Corporation law, the professional accounting bodies as well as the Australia Securities and investment commissions (ASIC), as representatives of Australia’s accounting regulatory system, are pretty hefty reforms in Australia. To date, people recognise that the Australia’s accounting regulatory system that applies to companies is an increasingly important factor than before. In 1988, Gray developed four accounting values (that is Professionalism versus statutory control, uniformity versus flexibility, conservatism versus optimism and secrecy versus transparency) deemed to relate to the accounting subcultures (Deegan, 2009). And these four accounting values were based on Hofstede’s societal dimensions. Furthermore, these four accounting values are associated with different countries’ accounting systems. In order to have a better understanding of Australia’s accounting regulatory system for public companies, the Gray’s four accounting values can be used as a facility.
This paper will concentrate on the how the accounting regulatory system of Australia reflects Gray’s four accounting values. Furthermore, diversities of views will he presented in the literature review part and comparing and contrasting will be made following in the analysis part.

2. Literature review

The accounting regulatory system of Australia that applies to companies plays a crucial part of the whole accounting regulations. In order to have a better understanding of the accounting regulation system for companies, Gray’s four accounting values can be used as a facility. The purpose of the literature

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