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1 Found helpful • 115 Pages • Complete Study Notes • Year: Pre-2021
1. 3 main sources of regulation, government accounting policies and financial reporting practices in Australia 1) Government legislation 2) The ASX Listing Rules 3) Accounting standards and other pronouncements issued by the AASB 2. Government legislations: The Corporations Act 2001 The Corporations Act applies to companies and other types of entities, such as listed trusts, that are identified in the legislation. The financial reporting and audit provisions of the Corporations Act require that: 1) Proper financial records must be kept 2) A financial report must be prepared each half-year and at the end of the financial year 3) The financial report consists of i. ii. iii. iv. The financial statements Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows The notes to the financial statements 4) The financial statements must give a ‘true and fair view’ of the financial position and The directors’ declaration about the financial statements and notes performance of the entity 5) The financial statements must comply with accounting standards 6) If the financial statements and notes prepared in compliance with accounting standards would not give a true and fair view, then additional information necessary to give a true and fair view must be included in notes to the financial statements a) This means that entities MUST comply with accounting standards in the preparation of the financial statements EVEN IF, in the opinion of the government board, it does not result in a true and fair view. 7) The financial statements must include an auditor’s report.
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