Problem:
You work for the Sydney office of an international firm of public accountants. You have been asked to prepare a report for the partners on the topic of non-statutory (underlying) profit, as reported by many of the firm's corporate clients. The partners are concerned that these profit figures depart from those disclosed in the financial statements, which are prepared under AASB standards. The partners want to know relevant background information, current practice in the area and the reasons for the proliferation of the practice, and its implications. The partners require that the report is presented in simple language and in an interesting, easy-to-read format.
The report will consist of a cover page, which shows the title of the report and the authors, a table of contents, an executive summary, the report itself, a page of references and any appendices. It is required to be prepared in 1.5 line spacing, using a Times New Roman 12 point font, with 2 cm margins on all sides. You are required to cite at least ten (10) current sources which may include academic literature, media, and websites. Since the firm wants to maintain its high reputation, it is vital that sources are reliable, reputable and relevant, cited in an accurate manner and properly referenced using the Harvard method.
This is based on Australian accounting standards, not US GAAP.
Here are some helpful resources
o Websites of accounting firms, e.g. Deloitte, Ernst & Young, KPMG, PWC.
o Financial Media, e.g. Business Review Weekly, The Financial Review
o Media Releases by Australian corporations, e.g. corporate websites.
o Regulators, e.g. ASIC, ASX, AASB, AICD, CPA Australia, FINSIA.