The role of the accountant should be emphasised in order to gain competitive advantage.
Another unique and contributing factor of accounting in shape of improved planning, controlling, co-ordinating and evaluation of firm's performance. In addition, both industry and regulatory bodies should work together to promote the fair accounting practices in the industry. While keeping in view the case of Australian hospitality industry in competition with the international hospitality industry, Australia should use fairness as an approach to compete with the global competition.
I would like to express my gratitude to all the people who have been instrumental in the completion of this paper. First, my mentor, who has been very patient in guiding me throughout this undertaking. I would also like to thank the Australian hospitality industry managers who have dedicated their time and thoughts. I would also like to thank my friends and loved ones that have supported me until the completion of the paper. Lastly, I would like to thank our Lord Almighty for giving me the fortitude to accomplish this feat. To you be all the glory!
Perhaps the foremost social and ethical responsibility levied upon private and public organisation in recent decades is the adoption of fair and just accounting practices. This responsibility is being increasingly codified in laws and various accounting standards. Its influence is becoming increasingly pervasive through a constant series of new and improved standards as well as steady enlargement in the size and scope of administering agencies.
The improvement in public scrutiny and controlled market discipline is largely dependent upon the meaningful and accurate disclosure of information. This not only helps the shareholders but also helps the organisation to conduct business in a safe and efficient manner by achieving their targets through improving their risk management processes. The researchers find many gaps in the appropriate disclosure of risk by the organisations. Many surveys have been conducted, a wide variety of studies and interviews from the information users and shareholders have pointed out towards gaps in the currently disclosed information. The demand of provision of accurate and timely information is increasing.
(AICPA, 2005) describes the following uses of the business reports.
Promote a common understanding of terms and alternatives that facilitate negotiations between users and companies about the (Murphy, 1999) sees Financial reporting and financial statements in particular can be thought of as a less through which one can view a business. Financial reporti