ACCT10001 Chapter Notes - Chapter 6: Corporations Act 2001, Accrual, Intangible Asset

• School: University of Melbourne
• Department: Accounting
• Course: ACCT10001
• Professor: Noel Boys

Document Summary

Chapter 6 reading: income statement and changes in equity. Income and expenses are flows during the period, and stocks at the end of the period. Have to be reported annually under corporations act 2001 (or if public listed: half yearly) Triple bottom line reporting/ environmental, social and governance (esg) reporting: reporting on environmental, social and financial performance. Always remember not all entities for profit. Profit or loss: income less expenses for a reporting period. Revenue: arising in the ordinary course of activities (e. g: sales, fees, dividends) Gains: gains on disposal of non-current assets, and unrealised gains on revaluating assets. Largest companies subject to annual and semi annual statements, but income statement for management anytime. Income statement produced at end of reporting period (accounting period) Public listed report on semi annual basis but public hospitals and health services are required to provide monthly data on an accrual basis to state govt of victoria,