Explain the nature of a reporting entity
Who is the main objective of financial reporting to provide information to?
Investors, creditors, shareholders
A reporting entity is typically required to prepare what type of statements?
Financial statements
What financial statement shows a company’s financial position at a specific date?
Balance Sheet
Name one organisation that monitors regulates the Corporations Act.
ASIC, AASB, ASX
Accounting standards provide rules for what?
Financial reporting
Financial reporting provides information useful for making decisions about what?
financial position/performance
A reporting entity must be clearly defined to ensure that its financial information is distinct and separate from whom?
Other entities
Name one inclusion from an annual report
Directors' report, Financial report, Shareholder information, Financial calender
What is the role of ASIC?
Ensures companies adhere to Accounting Standards and the Corporations Act.
The conceptual framework guides the development of what?
Accounting standards