subject-corporate accountingdirectors duties and the notion of true and fair.you need to use...

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subject-corporate accountingdirectors duties and the notion of true and fair.you need to use Austalian accounting standered board and corporation law( 2001)BackgroundRecently, there have been a number of high profile company collapses which have had a significant effect on employess, customers,government,creditors,and other stakeholders.the companies are ABC learning centres LTD,centro properities LTD and Hastie Group LTD in each of these cases there were questions raised as to the culpability of directors.Question- Assess whether there are any similarities between the events in each case and what has been done to prevent such collapes in future . in your answer ,please make reference to any relevent australian accounting standard and australian corporations law section (s).Reserch question- to what extent is it the directors' duty toensure that the financial statement of a company provide a true and fair view?write in 600 words and put hardward styles references.please use australian accountingstandered board.

David · Accepted Answer

CORPORATE ACCOUNTING
ABC Learning Centres LTD 
It was once the world's largest provider of early childhood education service i.e; it used to 
provide formal education to young children before their normal schooling age. 
The company faced a downfall caused due to failure of debt repayments. The auditors refused to 
sign off its financial reports and demanded for recasting of its disclosed profits. Thus, this led to 
ABC Learning’s liquidation in the year 2008. 
Centro Properties LTD 
It provides retail property ownership and management services. The directors and executives had 
violated the Corporation law by signing on the window dressed financial reports. 
Hastie Group Ltd 
It is one of the Sydney’s largest installer, designer and maintainer of technical services.
In all the above mentioned companies, one thing was common which the ‘COLLAPSE’ is. This 
was mainly because of the directors of the company who were culpable. 
So, to prevent such collapses in future, The Australian Corporation Act 2001 required many 
corporate entities to apply Australian Accounting Standards when preparing their financial 
statements. 
The Australian Accounting Standards that incorporate IASB (International Accounting Standards 
Board) Standards include: 
 AASB 1 First-time Adoption of Australian Accounting Standards, AASB 2 Share-based 
Payment 
 AASB 101 Presentation of Financial Statements,

subject-corporate accounting directors duties and the notion of true and fair. you need to use Austalian accounting standered board and corporation law( 2001) Background Recently, there have been a...

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