MAA363 Lecture Notes - Lecture 4: Earnings Management, Unlimited Company, Stock Exchange
Document Summary
Week 1: corporate reporting requirements, financial reporting quality and earnings. Any entity regulated by corporations act is required to prepare one. E. g: all disclosing entities, all public companies, all large propriety companies, all managed investment schemes, some small propriety companies. Contents of annual report include: financial report, reports by directors, auditors and other documents. Principal sources of authority and guidance: legislative requirements, accounting standards requirements, stock exchange requirements. Corporations act specifies: reports must be produced, timing of reports, minimum content of reports, reports must be lodged with asic. Timing: in sum the maximum amount of reporting lag is 4 months. A co(cid:373)pa(cid:374)y"s fi(cid:374)a(cid:374)cial year begins on the day that it is registered and will end a year after that or as determined by the directors (but no longer than 18 months) Content: what annual report contains is detailed in the accounting standards. Statement of profit or loss and other comprehensive income.
