I need to put together a 10 slide power point from the attached two papers, in which I need to summarize what was learned regarding the international accounting standards of Austrailia and Foster’s co

I need to put together a 10 slide power point from the attached two papers, in which I need to summarize what was learned regarding the international accounting standards of Austrailia and Foster’s company. I started it with the title slide but not sure really what to use or put on it.

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Austrailian Accounting 
Standards
Foster’s Group LTD

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Austrailian Accounting 
Standards Overview

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Running head: FOSTER’S GROUP LTD
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Foster’s Group LTD
Dianne Moser
Rasmussen College
Author Note
This research is being submitted on September 15, 2013 for Christopher Zapalski’s
A430 / ACG 4250 Section 03 International Accounting course at Rasmussen College by Dianne
Moser

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FOSTER’S GROUP LTD
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Foster’s Group LTD
The purpose of this paper is to look at and analyze the company Foster’s Group LTD. To
start with, I will be looking at the background information of the company, followed by taking a
look and analyzing the quality of Foster’s annual report.
More specifically, I will look at the
information provided by
Foster’s Group LTD from the perspective of a potential investor and
the quality of it.
In
order to do this, I will continue on by talking about the strengths and weaknesses of the annual
report disclosures in terms of as to if the company provides relevant and reliable information to
investors.
As mentioned above, in addition to looking at Foster’s background information, I will
also discuss strategies for raising international capital, as well as analyzing the company’s
compliance of Australia GAAP.
Also being discussed , I will be taking a look into both the
similarities and differences between Australia GAAP and U.S. GAAP.
Foster’s was created by William and Ralph Foster in 1887 and is available in more than
150 countries.
Foster’s Beer is the largest-selling Australian beer brand in the world (Oil Can
Breweries, 2013). Foster’s Group is a premium beverage provider of beer, spirits, ciders and non-
alcohol drinks. More recently, In May 2011, Foster’s demerged from Treasury Wine Estates,
which has taken away the wine selections of Foster’s.
The Commonwealth Department of Treasury of Australia (CDTA), in 2002 , suggested
that Australia replace using national GAAP with International Accounting Standards.
Upon
reviewing their annual report, Foster’s financial report appears to comply with Australian

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Running head: AUSTRALIA ACCOUNTING STANDARDS
1
1
Australia Accounting Standards
Dianne Moser
Rasmussen College
Author Note
This research is being submitted on August 18th, 2013 for Christopher Zapalski’s A430 /
ACG 4250 Section 03 International Accounting course at Rasmussen College by Dianne Moser

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AUSTRALIA ACCOUNTING STANDARDS
2
2
Australia Accounting Standards
The accounting system of Australia is what I will be discussing in this paper.
I will
explore how accounting standards are set, as well as the history of all those standards
I addition,
I will also discuss the influences of economic, political, financial and cultural factors in the
standard setting process, as well as what 0the future of the standard setting process.
The Australian Government agency that is responsible for development of, issuing and
maintaining accounting standards that apply under Australian company law is known as the
AASB, which is short for Australian Accounting Standards Board (AASB, 2013). Their
functions and powers are set out in the Australian Securities and Investments Commission Act
2001. AASB’s mission is to develop and maintain high-quality financial reporting standards for
all sectors of the Australian economy and to contribute to the development of global financial
reporting standards (AASB, 2013).
Professional accounting bodies were the first to initially develop the accounting standards
in Australia, which were enforceable under the codes of ethics of the professional accounting
bodies. Starting in 1966, the professional bodies jointly operated the Australian Accounting
Research Foundation (AARF), which consisted of both the Accounting Standards Board (AcSB)
and the Public Sector Accounting Standards Board (PSASB). Both boards worked together in
preparing standards for the private sector, as well as the public sector organizations (AASB,
2013). Over the years, there were a number of changes that occurred with various name changes.
The name changed to Australian Accounting Standards Board (AASB) in 1991 and in 2002, the

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