Question

In your opinion, is the Australian financial reporting environment over regulated? Justify your answer. Cite relevant literature source(s) to back up your answer.

Answer 1

I would suggest that many banks and folks in the finance business would say that we are grossly over-regulated but that over regulation and supervision has led to a significantly more stable financial industry than many other countries have.

Australia was nowwhere near as badly affected by the GFC as other countries were as a result of that regulation and conservative approach to lending and business

Australia aims to promote investor confidence and integrity in the economy, corporations and capital markets.a proponent of this clear and consistent financial reports are prepared in accordance with the legislative requirements.

The same reporting standards are apply in all Australian states and territories