Essay About Accounting Theory And Accounting Policies Of Medibank Insurance

Accounting Theory and Current Issue
ACCOUNTING THEORY AND CURRENT ISSUEAuthor NameName of Class (Course)Professor NameName of UniversityLocationDue DateExecutive SummaryIn the following report, the accounting policies of Medibank Insurance and NIB Insurance is discussed. There are two parts of this report. The first part consists of the evaluation of the accounting policies and estimates applied by the selected organisation. These policies are critically evaluated further so that the quality of their applicability can be identified in the company. The second part consists of the investigative report which is based on the accounting and reporting strategy choices of the managers. In this section, the key accounting policies of the selected company are discussed, accounting flexibility is highlighted, the evaluation of accounting strategy is done, the quality of disclosures are prompted and the potential threats are identified.Table of ContentsExecutive Summary        2Introduction        4Accounting policies and estimates        4Medibank Insurance        4Impairment of assets accounting policy        4Financial assets and financial liabilities accounting policy        5Goods and Services Tax (GST) accounting policy        5NIB Insurance        5a) Basis of preparation        6b) New and amended standards adopted by the Group        6Investigative report on the Managers’ Accounting Strategy and Reporting Strategy choices        7Identify Key Accounting Policies        7Impairment of assets accounting policy        7Financial assets and financial liabilities accounting policy        7Goods and Services Tax (GST) accounting policy        8Evaluate Accounting Strategy        8Remuneration strategy        8Evaluate the Quality of Disclosure        10Identify Potential Red Flags        12Conclusion        12References        13IntroductionIn the following report, the accounting policies of Medibank Insurance and NIB Insurance is discussed. There are two parts of this report. The first part consists of the evaluation of the accounting policies and estimates applied by the selected organisation. These policies are critically evaluated further so that the quality of their applicability can be identified in the company. The second part consists of the investigative report which is based on the accounting and reporting strategy choices of the managers. In this section, the key accounting policies of the selected company are discussed, accounting flexibility is highlighted, the evaluation of accounting strategy is done, the quality of disclosures are prompted and the potential threats are identified.