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Answer the following questions online based on the news article: ASIC review to examine who has control, Retail,Neil Chenoweth, Australian Financial Review, 24 th March 2017,www.afr.com What...

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Answer the following questions online based on the news article:

ASIC review to examine who has control, Retail,Neil Chenoweth, Australian Financial Review, 24th March 2017,www.afr.com

  1. What accounting issues have been addressed in the article? Briefly,summarise the issues in 2-3 sentences.

  2. In terms of the accounting issue being discussed, what did you agree/disagree with in the article? Provide support for your argument. 2-3 paragraphs

  3. How does this article relate to theory/theories discussed in the Advanced Accounting unit? Demonstrate the connection to a theory. 3-4 paragraphs

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Answered Same Day Dec 26, 2021

Solution

Robert answered on Dec 26 2021
129 Votes
Running Head: ARTICLE ANALYSIS 1
Assignment Title
Student Name
Course Name
Instructor Name
Date
ARTICLE ANALYSIS 2
Issue Presented in Article
The tactical support given by Harvey Norman to their subsidiaries amounting $943
million not disclosed (Chenoweth, 2017). There is a requirement for consolidation when Harvey
Norman is providing huge support to run the franchisee operations, and it was not done. Harvey
Norman assets overvalued and their financial report is violating the accounting standards.
Accounting Issue
Yes, the presented article ca
ies accounting issue. The franchising concept as per the
AASB is that it is an agreement that is made between the franchisor and franchisee in which the
franchisor has the right to protect their
and name (AASB, 2011). The franchisees agreement
need not necessarily provide any right to the franchisor in controlling the activities and to make
all decisions of the franchisees. The franchisor has only the protective rights over the franchisee,
and they provide an only lower level of financial support to the franchisees.
In the given article it is clear that the company has provided a tremendous amount of
financial support to their franchisees that are falling beyond the requirement of the franchisee
(Chenoweth, 2017). There is no disclosure of...
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