Identify and discuss the current regulatory framework or regulations encompassing the preparation… 1 answer below »

1. Identify and discuss the current regulatory framework or regulations encompassing the

preparation of financial statements by reporting entities in Australia. (5 marks)

2. In your opinion, is the Australian financial reporting environment over regulated? Justify your

answer. [Hint: Cite relevant literature source(s) to back up your answer]. (5 marks)

3. Identify one (1) real-life ‘financial reporting accounting fraud’ that occurred post 1990 (i.e. in

the last 30 years), in any country, and answer the following questions:

a) Summarise the key facts about your chosen ‘financial reporting accounting fraud’ (5

marks)

b) Explain which of Positive Accounting Theory’s (PAT’s) hypotheses predicted the practice(s)

of the parties involved in your chosen accounting fraud. (5 marks)

c) Discuss what specific accounting regulations were violated? (5 marks)

d) What valuable lessons can the accounting community (incl. reporting entities and

regulators), learn from the outcomes of your chosen accounting fraud? (5 marks)

e) Provide two (2) recommendations to the Australian financial reporting regulators, to

prevent accounting frauds from happening in the future. (5 marks)

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