Answer :

Introduction:

The corporate accounting is a special division of accounting, which deals with the accounting of individual or a specific company or the corporation. It comprises the final accounts, statements of cash flow, for the definite events such as absorption, consolidated balance sheets, and the amalgamation. The accounting of corporation chiefly focuses on interpreting and analysing the final outputs of the corporation. The corporate accounting not only benefits the corporation, but also enables the executives of the corporation in making the decisions of finance. The corporate accountants dealing with the works are often referred to as accountants of management. (Schaltegger, Etxeberria, & Ortas, 2017) Instead of the works of finance, the corporate accounting also comprises the auditing, which specifies clearly, weather the goals of the organization are met every year or not. Hance, the accounting of corporate comprises the elements of transactions, classification, book-keeping and the reports analysis in kind of way that, these reports can be further used for the decision-making. For this purpose, “National Australia Bank” has been selected here to understand the financial information.

PART – A

Personal Attributes of Corporate Accountant mentioned in the Advertisement of Job:

As per the description of job, the corporate accountants drive few of significant activities, which are highly required to operate the business in regards of finance and the accounting with more effectiveness. They work with high qualification and the desired experience for the future thinking for the operational activities of corporation to attain the desired growth. The accounting of corporate is more than just keeping a larger by subtracting and adding the numbers as the corporate accountants help the corporation to find the areas for the financial improvement, which was never existed by the corporation. (Bjornsen, 2019) Also, they help in Planning of tax, services of tax support, preparation and filling of income tax for the corporation. Hance, the personal attributes of corporate account are detailed below:

• Outstanding knowledge of accounting guidelines and practices.
• Detailed experience in analysis of risk, forecasting and budgeting.
• Proven experience in the desired field as a corporate accountant.
• Propose the consistency of staffing instead of revolving the door of consultant.
• Instead of running up the corporation’s bill, the accountant shows, how to save the money with the firm of accounting.
• Offer the services which grow with the corporation, with the range of price tiers, that take into account diverse size business at several stages of development.
• Team work ability.
• Leadership and organizational skill.
• Planning of tax, services of tax support, preparation and filling of income tax.
• Excellent skill of verbal and written communication.
• An analytical mind with problem-solving aptitude.

Desired Roles and Accountabilities of Corporate Accountant:

Accountants of the corporate can have several diverse responsibilities, but are commonly involve in for the preparation and monitoring of the financial records and the associated subsidiaries of the corporation, analysis and the financial planning, providing management information and ensuring the compliance with laws, (Akinleye, & Alaran-Ajewole, 2018) regulation and the policies of organization. The accountant of corporate plays and essential character in driving a business as they support companies to trail the desired income, expenditure and ensure the obedience of statutory. They must make sure that all the information of finance is organized and visible, and also, they provide the investors and the management with the information of finance, which can be used in the strategic planning and the required decisions of the business. The significant roles and responsibilities of a corporate accountant are detailed below:

• Preparing budget and monitoring the expenditures.
• Analysing finance to determine the risks and creating the forecasts.
• Preparing the annual statutory accounts and managing annual audits.
• Analysing the data to assist with decision-making.
• Maintains the controls of accounting with the help of making and indorsing the procedures and the policies.
• Prepares the entries of liability, asset and the capital account by analysing and compiling the information of account.
• Delivers the information of finance to the administration with the help of analysing and researching the data of accounting and making the reports.
• Observes with the legal requirements of federal, state and local financial by studding the previous and the upcoming legislation, adherence of enforcing to the requirements, and the management of advising on required actions.
• Makes the reports of special financial with the help of summarizing, analysing, and collecting the information of account and the trends.
• Secures the information of finance by completing the backup of database.
• Reviews the status of present finance with the help of gathering the information, (Pardamean Sinaga, Adji Samekto, & Emirzon, 2019) making the statements of profit and loss, the balance sheet, and the additional reports for the corporation.
• Reconciles the discrepancies of finance with the help of analysing and collecting the information of account.
• Handle the monthly, quarterly and annual closings of the corporation.
• Advise the administration on how to operate the plans of business and solve out the problems related to cost.
• Consolidate and analyse the statement of finance and the results.

As per the described description of job a corporate accountant is essentially enhanced for pointing the required talent and the skill, that can be suitable for the effective management in regards of the doings of corporate level with more profession. Essentially, the accountant of corporate play a significant role in the company, which can increase the constancy of finance and the brand value in the competitive market place. Also, it can be possible that they can select to work for person and get the extra charges related to the particular issue, which is associated with the capital, return sorting, and the tax-filling. The accountant of corporate is highly responsible to review the finance of the corporation regularly and make the reports of finance at the closing of accounting period. Regarding to the earlier situation, a corporate accountant, who holds its own rights, which support to attain the expectations and the goals of the organization wisely.

Analysis of Roles and Responsibilities of the Corporate Accountant:

As per the described responsibilities of corporate accountant mentioned in the advertisement of job, has inspected that the accountant of corporate work under various responsibilities, but the core profession of corporate accountant is to making the records of finance in the corporation. As per accountability, (Plane, Redmiles, Mazurek, & Tschantz, 2017) an accountant provides the finance planning, information regarding the internal management and also assure a methodical compliance as well as the instruction to drive the process of management, that usually followed by the corporation. Hance, they are highly responsible to increasing a constant finance report, that can be function by the management team for decision-making. It is highly required to get the desired information from the diverse divisions, departments and the units of operations to provide the reliable illustration of the position of financial or economic regarding the corporation. 

Moreover, to get their profession to the desired job, accountants must have a qualified degree along with the certified credential of public accountant. As per the thinking of the corporate account, the profession is highly stressful, however if they pay extra attention towards to their work or profession, it can be easy to manage the desired responsibilities of the corporation. Furthermore, a certified accountant, who is employed with the organization is aimed on giving the surety regarding the activities of the corporations, and also desired to preserve the significant information take the desired decision of the corporation. (Jaijairam, 2017) The MPA units in regards of corporate accounting is tends to provide the similar facts and the essential data for the desired responsibility of the corporate accountant such as interpersonal skill, operative communication skill, desired analytical capability and handling the tasks on preferred timeline, which is available in the large corporations. It will help out them to show the operative operational process to achieve the aims and goals to their career.

Additional Attributes, Topics or the Learning Outcomes, Missing from the MPA Units:

As per the identified job advertisement, it has inspected that some of the additional attributes, which are inappropriate, is interconnected with the job description of corporate accountant, and also embraces the several components and the impressions of the roles and the accountabilities. In addition to that, the skills, qualification and the knowledge of a desired manager of corporate accountant has not being disclosed, (Latan, Jabbour, de Sousa Jabbour, Wamba, & Shahbaz, 2018) which has a partiality to make several types of complications for the corporate accountant, to operatively manage the internal activities of operation efficiently. 

Same as the service-oriented mindset is substantial activity of a corporate accountant which covers the informational accounting in the company. The dependability and the trust are the chief concern to the accountant, which can make an opportunity for the company to manage the internal tasks of operations efficiently. Moreover, an accountant needs to go through with multiple phases of hiring process, which usually defines the knowledge, skills and the ability along with the desired accountability of operational works of him. There are few of desired skills of corporate accountant, which are misplaced from the job advertisement of corporate accountant are self-motivation, financial decisions, integrity and ability to expose its individual strength. So as per the outputs, (Usenko, Bogataya, Bukhov, Kuvaldina, & Pavlyuk, 2018) the desired accountability of a corporate accountant is way forward to attain the desired goals and aims of the company in the competitive market.

Critical Examination of Attributes, Experiences and the Skills Required for a Corporate Accountant:

As per the described financial skills, which are interconnected with the management of the final reports to the company is highly required to be managed by the corporate accountant. Because, the corporate accountant is move forward to analyse and make the financial reports for the company, along with the desired clients, which distributes the desired contribution within the success of the corporation with more profession. Moreover, the accountants of the corporate, which gets the additional advantage with their knowledge and skills together with the extra knowledge are interconnected with the professional niche. (Blasi, Caporin, & Fontini, 2018) Also, in the demand ability for a corporate accountant is reformed by a precise accountability of job. For example, it may have the understanding of the corporation in regards to overall expenses and the corporate finance, wherein the government accountant will realize the sharp federal point and the local laws for the financial technique’s taxation and the reporting’s.

PART – B

The description regarding the financial statement is described for “National Australia Bank”. It is the largest Australia based company at the capitalization of the market. It is positioning under ten in the highest companies of the London. “National Australia Bank” is the utmost employers of the private sectors company in “Australia” and over the globe along with the largest listed employers among the companies of “Australia” such as Woolworths, Telstra, CSL, and Wesfarmers. The complete number of workers or employees of “National Australia Bank” are 35000, who are providing their services to around “10 Million Customers”. The overall market capitalization of the company was “52.1 Billion” (National Australian Bank, 2020).

Financial Statement of the Company, and the Changes in Every Item of Equity for the Corporation:

It can be observed that “National Australia Bank” has changes in the issue of ordinary shares regarding the contributed equity was increased from previous year by $1621 in the year 2019 as it was recognized as $1182 in the year 2018. The other comprehensive income for the year from continuing operations regarding reserves were being decreased by 1.79 times in comparison to year 2018. As per the financial statement of the company, and the changes in every item of equity for the company, it has inspected that transfer from retained profits were being increased by $78 million in the year 2019 as it was reported $21 in the year 2018 (National Australian Bank, 2020).

Source-(National Australian Bank, 2020).

List of Every Liability Reported and Evaluates the Changes:

As per the available description of annual report of “National Australia Bank”, it has seen that the liquidity and the liquid assets of the company have been increased in the year of 2019. It was increased by $5273 Million in comparison to year 2018. Also, it has inspected that the other financial assets of the company have been decreased in comparison to year 2018. ((Hansen, & Tummers, 2020) It was decreased by 29.19% in the year 2019. Also, the other financial liabilities of “National Australia Bank” were being increased in the year 2019 in comparison to year 2018. It was increased $2846 Million in the year 2019 as the other financial liabilities value of the company in the year 2018 was $30437 Million, which was increased in the year 2019 and reported as $33282 Million (National Australian Bank, 2020). The other debt issues of the company were being increased by $324 Million in the year 2019. Hance it has been inspected that the total liabilities of “National Australia Bank” have been increased in the year 2019 in comparison to year 2018. It was increase by $37722 Million in the year 2019

Source:- (National Australian Bank, 2020).

Item Include in Additional Comprehensive Statement of Income:

It can be observed from the given annual report of the “National Australia Bank”, the net profit for the year from the continuing operations of the company has been decreased from the previous year 2018. It has decreased by $ 1940 million in 2019 as it was $ 5219 million in year 2018. It has been determined under the statement of company, that the fair value changes on the financial liabilities designated at the fair value attributable to the own risk of groups have been increased in the year 2019 in comparison to year 2018. It has increased by $ 139 million in 2019 as it was $ 10 million in year 2018. As per the statement it has been inspected that the overall comprehensive income for the year from continuing operation for the company has been decreased in the year 2019 in comparison to year 2018. It has decreased by $1638 million as it was reported in the year $5172 million in the year 2018 (National Australian Bank, 2020).

Source:- (National Australian Bank, 2020).

Why This Item is not Been Reported in the Statement of Income: 

It has been inspected that the annual report of “National Australia Bank” is comprise of followings in the cash flow. The cash flow from the operating affairs is being categorised as its income and the additional cost routine, which is being sustained for the precise time. But the part has offered a decline along with the comparation to the last year and the definite reason behind this could be ascribed to fact, (Iriyadi, Maulana, & Nurjanah, 2018, December) which have been massive payment to the workers of the company and the suppliers in the present year. The preliminary reason behind, can point to the higher purchase, less return from the sales of items or the products (National Australian Bank, 2020).

Comparative Analysis of Item for Two Years:

As per the provided statement of finance, it has been inspected that the statement of finance of the “National Australia Bank” is screening a variation in the values. The received dividend for the “National Australia Bank” has been decreased from the previous year 2018. It was decreased by $1340 million in 2019 as comparison to 2018. (Būmane, 2018) As it was reported as $2710 million in the year 2018. Also, the addition financial assets of the “National Australia Bank” have been increased by $64 Million for the year 2019 in comparison to year 2018 as it was reported as $2448 million in the year 2018. Also, as per the statement of cash flow, it has inspected that the cash and the cash equivalents at beginning of period have been decreased by $463 million for the year 2019 in comparison to year 2018 as it was reported as $36831 million in the year 2018. Hence, variations in inclusive income could outputs in disturbing the profit of shareholders in the current period (National Australian Bank, 2020).

Additional Comprehensive Income Include in Analysing the Administrator’s Accounting: 

Under the business financing, the extra income generally includes the profit, loss and the revenue, which yet to be understand and excluded from the net income in the profit and loss statement. It is proposed to distribute a person, who reads the financial report of organization along with an additional inclusive view of current position of finance, though in the repetition, it is possible that it can present too much effort to the statements. (Abad-Segura, & González-Zamar, 2020) There is a different item, which has been detailed by the “National Australia Bank” in its inclusive financial statement and also, measure in the equity reserves, conversion of global currency and the fair value of income taxes. Based on the GAAP analysis, the complete values are independently revealed to explain the feasibilities of income, which can be experienced in future. (Guo, 2019).

Conclusion:

As per the description of assignment, it has been concluded that job a corporate accountant is essentially enhanced for pointing the required talent and the skill, that can be suitable for the effective management in regards of the doings of corporate level with more profession. Also, the accountant of corporate is highly responsible to review the finance of the corporation regularly and make the reports of finance at the closing of accounting period. They must make sure that all the information of finance is organized and visible, and also, they provide the investors and the management with the information of finance, which can be used in the strategic planning and the required decisions of the business.