FINS3626 Lecture Notes - Lecture 3: One.Tel, Lodgement, Weighted Arithmetic Mean
Document Summary
Lecture 3: role of financial reporting in international corporate governance. It is critical that financial reporting becomes more relevant and understandable to the various users. Financial reporting standard setters should simplify their standards. The application of financial reporting standards should be more principles based. Professional behaviour and a minimum level of qualification should be required for preparers of financial statements. Regulations regarding financial reporting: ways to measure performance of management and management needs to report back to shareholders on their strategies/achievements. Conceptual framework for financial reporting (ifrs 2018) Equivalent aasb (2019) version - applicable 1 jan 2020. Conceptual framework covers the qualitative characteristics of financial information that we should produce to our stakeholders. Gfpr are for those who are unable to access private information of companies. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.
