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Individual Report 1st Submission
ACCT3563 - Issues in Financial Reporting and Financial Analysis
8 Pages • Essays / Projects • Year: Pre-2021
WorleyParsons Ltd is one of Australia’s largest providers of project delivery and engineering consulting services to the resource and energy sectors. The financial information and data that is conveyed through their annual reports are predominantly aimed at their shareholders and stakeholders. Hofstede’s theory on cultural dimensions gives an idea of the cultural differences between the US and Australia. Broadly speaking the power distance in Australia is quite small. This results in a flatter interface between lower and higher levels of management. This has seen a direction translation to increased transparency in all facets of corporate reporting, particularly financial for WorleyParson. AASB principle based approach method also affects the way WorleyParson has chosen to present their financial information. Looking at their financial statement it is clear that the AASB requirements for disclosing financial performance measures and guidelines on asset revaluation has resulted in a particular form of reporting that prioritises net profit over other financial information. This can also be seen as keeping in line with the Australian investor’s preference for dividend returns over capital gains due to the tax benefits of dividend payments (franking credits). America index strongly correlates with Australia. The main point to note is that America has a decreased inclination for indulgence and uncertainty avoidance. This can be seen as a reflection of their corporate culture and demand for shareholder returns. The power-distance reflects a larger separation between the lower and higher levels of management. The Hofstede index illustrates that America’s cultural effect on financial reporting would be similar to Australia but skewed towards a more extreme focus on shareholder return and less on individual motivation.
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