The main aim of this research study is to address the issues in corporate accounting statements from leading supermarket and food processing companies listed in Australian Stock Exchange. BY GetAssignment.com.au

1. ACCOUNTING RESEARCH REPORT
STUDENT ID
UNIVERSITY NAME

2. CONTENTS
 Aim and Objectives
 Literature Review
 Methodology
 Findings
 Discussion
 References

3. AIM AND OBJECTIVES
Aim
The main aim of this research study is to address the issues in corporate accounting statements from
leading supermarket and food processing companies listed in Australian Stock Exchange.
Research objectives
 The key research objectives include
 To gather the corporate account statements during financial year 2019-2020 of ASX listed supermarket
companies from ASX and company websites.
 To analyse whether the financial statements adhered the current accounting standards of corporate
financial reporting
 To address the key issues in financial statements based on the accounting theories.

4. RESEARCH QUESTIONS
 The research questions addressed in this study includes:
 What are the contemporary accounting issues or problems in the current accounting practices of
companies?
 What are the theories on accounting these issues?
 Are the theories compatible to outwit the probable contemporary accounting issues?

5. LITERATURE REVIEW
 Materiality issue is one important contemporary accounting issue because often in the financial
statement there can be a material omission present which can affect the decision making by the
accounting in information users (Green & Cheng, 2019, p.1-14). This makes it compulsory for the
management board of ASX companies like A2B, Accent and other to review the financial statements.
For instance the Auditors of ASX companies like Ascent Group in Australia, Deloitte has reported about
the material clarity and the critical accounting figures like carrying amounts of assets, inventories, fair
value measurements etc to establish the fact that the accounting estimates are free from material errors.

6. LITERATURE REVIEW
 The other ethical accounting issue is the treatment of income tax expenses of the Corporations which
were found to be uncertain for companies like Adairs Retail Company in Australia (Clark et al., 2019).
The accounting treatment of the income tax expenses as reported in the financial statement for the ASX
companies like Adairs Retail. According to its annual report, the AASB interpretation has defined
uncertainty upon the tax treatments.

7. LITERATURE REVIEW
 Asset impairment measurement was another accounting issue found in the financial statement of most
ASX companies. In the financial statements of ASX Company’s goodwill impairment and the write-
downs of the assets have reduced the overall value of the asset that is often not recognised (Gray,
Hellman & Ivanova, 2019, pp. 42-91).

8. METHODOLOGY
 Method – Qualitative
 Research paradigm – Positivism
 Data collection – Secondary data collection
 Instrument – Online sources, company websites, ASX websites

9. THEORIES INVOLVED
 Financial accounting theory
 Normative theory
 Theory of capital budgeting
 AASB standards 112, 11 and 16

10. FINDINGS
 AASB 112 will help to organizations like Adaire to embrace appropriate representing charge vulnerability
issue (Adairs, 2020)
 According to AASB 16, the major changes in the significant liabilities should be addressed which is
absent in the current report as, EBITA has significant effect on tax depreciation which is not addressed
by Huoan group, Foodland, Harris Farm group, Aldi, Pure Food Australia, Forbidden foods Ltd and Food
revolution group ltd.
 Reports of (Coles group, 2020) also reveals that reduced gains from liquor chain stores whereas
revenue from the supermarket chain stores are 15.3% gain. According to AASB 16, the major changes
in the significant liabilities should be addressed which is absent in the current report as, EBITA has
significant effect on tax depreciation which is not addressed by Huoan group, Foodland, Harris Farm
group, Aldi, Pure Food Australia, Forbidden foods Ltd and Food revolution group ltd.

11. CONCLUSION
 This analysis has found that all toplisted supermarket and food chain industries listed in the ASX have
mostly followed the IASB and AASB standards of corporate financial reporting. However, Woolies and
Coles have not amended AASB 11 and AASB 16 was not followed by Coles, Huoan group, Foodland,
Harris Farm group, Aldi, Pure Food Australia, Forbidden foods Ltd and Food revolution group ltd. This
study recommends the assurance of reporting the company data to all its stakeholders in transparent
manner following AASB standards.