ACCT10001 Lecture Notes - Lecture 2: Faithful Representation, Ibm General Parallel File System, Sole Proprietorship
27 Jul 2018
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Document Summary
Common to all the entity and owners are seperate reporting entities. Corporations act 2001 identifies two types of companies. Liability extends to an amount guaranteed by members. No liability even if unpaid amounts on shares. Personal assets can be used to cover company debts. One that is registered as a propriety company. Restrictions on raising capital from public and transfer of ownership. Large if meets or exceeds two or more. Ca 2001 imposes annual reporting burdens according to the type of entity. Full financial report (which must be audited) for all public and large propriety companies. Small propriety companies generally have reduced reporting requirements. Financial statements (which are those required by accounting standards) Ca 2001 also requires that fs and notes must: Show a true and fair view of financial position and performance. Provide rules and guidance to preparers about how to disclose the effect of transactions and events in financial statements.
