Corporations Law :: corporations law short anwers any entity considered reporting required prepare accordance requirements briefly explain you agree disagree above statement defined users rely financial statements generated information major source used decision making process both internal external therefore must accurate appropriate detail order general standard established across accounting industry important set standards essays research papers Corporations Law

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Corporations Law

Short Anwers

a) Any entity which is considered a reporting entity is required to prepare a report in accordance with the requirements of the Corporations Law.

Briefly explain why you agree or disagree with the above statement.

A reporting entity is defined as an entity for which there are users who rely on the financial statements, generated from its financial information, as their major source of financial information . These financial statements are used in the decision making process of both internal and external users, and therefore this information must be both accurate and of appropriate detail. In order for a general standard to be established across the accounting industry, it is important for a set of standards to be upheld by all. Therefore I agree with the statement.

Under section 298 of the Corporations Law, it is stated that all companies which are reporting entities must adhere to the accounting standards issued by the Australian Accounting Standards Board (AASB) . The generation of statements of financial position, financial performance and cash flow are all required under the section and they assist in giving an unbiased picture of the company?s current position. With the use of the International Accounting Standards Board?s conceptual framework, these reporting entities prepare reports using underlying principles in order to clearly articulate relevant information to those with a vested interest in the bu... [to view the full essay now, purchase below]

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