Accounting Financial Analysis Report Legislations and Regulations

Question: Discuss about theAccounting Financial Analysis Reportfor Legislations and Regulations. Answer: Legislations, Regulations and Codes of Practice that Affect the Organization Westpac Bank There are several regulatory reforms, regulations and codes of practice affects the operations of the Westpac Bank. The financial statement of Westpac Group is essentially arranged and presented according to the terms conditioned under Australian Accounting Standards (AAS), Interpretations asserted by AASB Corporation Act 2001. The financial reports also conforms to the standards of IFRS as well as ISB. According to the announcements of the auditor independence postulated under the section 307c of the Corporation Act, no violation of the obligation of independence exists for the auditors under the directives of Corporation Act 2001 related to audit. Moreover, there occurs no violation of any professional conduct code related to audit. Financial Markets Conduct Act (FMCA): The FMCA essentially fixes the securities law regime of the New Zealand and affects a variety of factors of the business of Westpac Bank[1]. Credit Law reform: The Credit Contracts and Consumer Finance Amendment Act 2014 accepted Royal Assent during the period June 2014 that came into full effect during the period June 2015. The Act also restructured the overall group of legislation that administers consumer credit agreements[2]. Consumer Law Reform: Another regulation that affects the operations of the Westpac Bank include the Consumer Law Reform Bill that modified six different Acts counting the Fair Trading Act[3]. The corporation Westpac Bank also presents the disclosures as regards the forward-looking statement as per regulations conditioned under the Section 21E of the US Securities Exchange Act enacted during the year 1934[4]. Codes of practice: The administration of Westpac complies with Corporate Governance Norms along with Recommendations of ASX announced by Corporate Governance Council of ASX Limited. The codes of practice tactics helps in maintenance of commitment of corporation towards attainment of superiority in governance conditions. The management of the Westpac Bank follows certain codes of practice that is essentially realistic guides for attainment of criterion of health, safety as well as welfare. The bank provides operational sustenance to the Westpac Bicentennial Foundation that offers scholarships. The management also declared a Human Rights Position Statement and Action plan that supports the guiding principles for business as well as human rights. In addition to this, the administration of the firm also introduced a Social Impact Framework that can make certain investment in different societal based products. Furthermore, the management of the corporation also introduced All in Flex and Carers@work to uphold the process of generation of inclusive place of work. Company Values, Philosophies, Procedures and EthicalStandards Company Values The company intends to be one of the great service corporations in the world and help the consumers, communities as well as people to prosper and grow[5]. Organisations Internal Philosophies The internal philosophies that drive the business operations of the Westpac Bank include the following: -Maintenance of integrity: -Courage -Achievement -Teamwork -Delighting Target Consumers Policies and Procedures The company Westpac maintains the sustainability policy that are framed to handle the address different social issues and to drive the overall business value[6]. The sustainability policy essentially anticipates the shifts in the demographic and at the same time cultural alterations and its influence on the day to day operations of the corporation. In addition to this, the management of the firm creates economic conditions that can meet different environmental challenges. The company also follows the strategy of maintenance of portfolio of financial service brands that can lure a wide array of consumers. In addition to this, the management of the firm also maintains a customer centric policy and offers flexible solutions that can fulfil the needs of the target consumers better[7]. The Director report suggests that Westpac proposes to fascinate as well as maintain talented employees. The corporation also assumes inventive recruitment policies, superior working situations for uniting v arying anticipations of the members of the staff and creating right people for accurate job. Again, compliance with regulations such as Employer of choice for Gender equality delivered by particular Workplace Gender equality agencies. This helps in acquisition as well as retention of talented employees in the firm. In addition to this, the company also complies with different legislative liabilities such as Workers Rehabilitation and Compensation Act 1986, Workplace Injury Management and Workers Compensation Act 1998 as well as Accident Compensation Act (1985) among many others. This legislative requirements helps in proper functioning of the business concern and increase in productivity of the firm. Ethical Standards Westpac Bank introduced the BTFGs Changing the Face of Advice program and integrated the Adviser View register with different planner qualifications as well as customer ratings. This particular program essentially covers superior minimum educational as well as ethical standards. The company Westpac bank also introduced exclusive products in collaboration with the World Bank to launch the green bond to the specific Australian market. The company invests in Clean tech and maintains carbon neutral position. In order to ensure that the workforce reflect the entire community the company maintains 46% women leadership, 20.8% matured as well as aged workers among many others. References 'Our Strategy And Vision | Westpac' (Westpac.com.au, 2016) https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-strategy-vision/ accessed 3 November 2016 Robinson T,International Financial Statement Analysis(John Wiley Sons 2009) Westpac.com.au,(2016)https://www.westpac.com.au/docs/pdf/aw/ic/Westpac_FY15_financial_results.pdf accessed 3 November 2016