ACCT2542 Lecture Notes - Lecture 1: Trial Balance, Corporations Act 2001, General Ledger
Document Summary
Chapter 1: sections 1. 1-1. 4 (page 1 to middle page 19) and section 1. 10 (page 32 to 33) Chapter 18: sections 18. 1 to 18. 2 (page 677 to 687) Chapter 18: section 18. 6 (page 692 to 694) Australian financial reporting regulation & general-purpose financial reports. Lo1: key sources of regulation of financial reporting in australia. Financial reporting is heavily regulated, given that existing and potential investors, lenders and other creditors rely on financial reports for much of the financial information they need to make informed decisions. They key sources of financial reporting regulating in australia include: The conceptual framework for financial reporting (conceptual framework) All australian companies must comply with the corporations act 2001: S292(1) of the corporations act requires that: Prepare a financial report and directors" report each financial year. Focus on financial reporting requirements for a disclosing, aka. It is an australian government agency under asic. Aasbs are equivalent to international financial reporting standards (ifrss).
