1. With the current laws in place, is based on the parties who have promoted enterprise bargaining agreements that are propose in nature between them or go on for a voting pattern. When it comes to Fair Work Australia, it evaluates them for providing approval ahead. Based under the Fair Work Act of 2009, the agreements now termed as enterprise agreements, registered with Fair Work Australia to monitor entitlements in contrast to the modern award, and assessed if the Act is not breach. When it comes to Australian labor law, the industrial reform that happened in 2006, referred as "Work Choices.” State industrial legislation can play a vital role in prescribing agreements that are collective in nature, but the implementation of the Work Choices reform will prevent the happening of such an event (Alan, 2014).
It needs to be considering that the time from when the Fair Work Act was enact; parties that are related to Australian agreements can move to Fair Work Australia for lodging the agreement to have approval. Before a member of the tribunal approves an enterprise the requirement is that the employees those are employed agreement context will positioned in a better stage if the employment is under a valid award (Alan, 2014). Many of those involved in research of corporate governance applies to Australia and have the tendency to grab huge data that is empirical in nature and pertains to topic that are of interest. However, since the 1990s, there is concentration of shareholders that concerns listed market although a major chunk of the economic activity happens outside the niche of the market. (Dignam, 2014). Hence as indicated by the senior Accountant, the change in treating the expenses is highly relevant to the cause of maintaining ethics and fairness in the organizational practice. However, the biased based on the priority as referenced through seniority is not the sole contributor to assign the memorandum for change but a collective reform suits the organizational perspective as indicated in the context referred to the Employee Bargaining Agreement but forward by the senior management and staff of the organization. As based on the recommendations of the ASX Corporate Governance Council Principles and Recommendations, the statement of corporate governance of entities that are Listed focus on their governance and infrastructure not as document of compliance and but should view opportunity to project that the management are tuned to deliver the utility of having corporate governance arrangements that is effective in nature with proper communication to holders of security and even pertains to other businesses that discloses community investment and portrays the approach in terms of corporate governance and operation.
2. Laying solid foundations for management and oversight, it is evident that the organizations can alter and represent their business operations and practices as with the need of the business. A listed entity in any market should structure and reveal the concerned roles, as well as responsibilities of its operation to deliver sustainable profits for an organization. Hence, delivering a more accurate and responsive mode of recording the flow of money in and out of the organization is justified under the context of providing more transparency in the business operations and also enabling the records that could be dynamically monitored, since there are substantial numbers of the retailers that have entered into radical and long-term agreement with the organization (Leo, 2007). As with the compliance of the corporate laws in place, the members, and the inclusive staff of the organization has the complete responsibly to enact the inclusive business process of an organization with the consent of the other party involved in the terms of the business. However, getting the bias based on the net sales of the records for the organization does not completely reflect on the actual monitoring needs of the business that may be dependent on the secondary attributes such as Geographical aspects, and other market influences (Yoshiro et. al, 2006). However, since the organization has agreed on building a class of reforms based on the Net sales, the corporate act has a complete reference to agreeing with the terms and conditions that form the internal process of the organization (Maines & Wahlen, 2006).
3. Taking securities law and practice as it put to argument that the change is influence by economic liberalization, fragmentation of political and the highlights of growth of legal services and influences (Muchlinski, 1999). Mark Ramseyer, a professor of Harvard had structured a strong vivid argument when he referred that the Japanese law, as well as economy has always been Americanized. With the highlights to his view, rather than an inclusive corporate governance system that is characterize by unique banks, as well as industrial policy that has been floated by the government, (Dharmapala & Hines, 2009). The example hence reveals that there is a vital role for the link that exists between shareholder and manager relationships that has been long familiar in liberal countries like the US (Miwa and Ramseyer 2006). However, being in Australia, the laws tend to be more refined and accustomed to delivering a high consistency in corporate governance.
The country of Australia is bound by international obligations and has tax treaties with more than 40 countries worldwide. Tax treaties are often referred conventions of tax or double tax agreements (Muchlinski, 1999). They do not allow double taxation and evasion of fiscal and leads to cooperation between Australia, as well as other tax authorities of international stature by enforcement of the valid tax laws. The tax treaty can affect only a resident of Australia or the other treaty country (Koffman & MacDonald, 2007). The same stands for domestic trade and business, hence keeping off an accountant in the vision of reduction of taxes could only result in more complications, but managing with a single employee as referred by the organizations seems to be more appropriate term as versioned with the performance of the business (Moffett et. al, 2011). Taking off an accountant is in complete accordance with the corporate law that allows complete access to the organization, which also features total responsibility to retain employees as with the need of the organization.
Alan D, 2014, Company Law, Oxford University Press.
Dharmapala, D. & Hines, J 2009, ‘Which countries become tax havens?’, Journal of Public Economics, vol. 93, no. 2, pp. 1058–1068
Koffman L & MacDonald E 2007, The Law of Contract, Oxford University Press.
Leo, K.J 2011, Company Accounting, Boston:McGraw Hill
Maines, L. & Wahlen, J 2006, ‘The Nature of Accounting Information Reliability: Inferences from Archival and Experimental Research’, Accounting Horizons, vol. 20, no.4, pp. 389-425.
Moffett, M. Stonehill, A. and Eiteman, D 2011, Fundamentals of Multinational Finance, Cambridge USA
Muchlinski, P 1999, Multinational Enterprises and the Law, Cambridge USA.
Yoshiro M, Ramseyer, J. Mark 2006, Japanese industrial finance at the close of the 19th century: Trade credit and financial intermediation, Science Direct