Exam 1: An Overview of the Australian External Reporting Environment

To determine whether or not information is material, paragraph 9 of AASB 1031 indicates that it is material if its omission, misstatement or non-disclosure has the potential, individually or collectively to:

The Corporations Act is very specific about what must, and must not, be included in the Directors' Report attached to a company's financial statements:

What are two key ways management accounting is different from financial accounting?

A company may be exempted from the requirements of s 296 of The Corporations Act if:

The role of the Financial Reporting Council is to provide broad oversight of the process for setting standards in Australia, including the authority to direct the AASB to develop, amend or revoke a particular standard:

Directors could elect not to comply with an accounting standard on the grounds that applying the particular accounting standard would cause the accounts not to present a true and view.

In adopting International Financial Reporting Standards (IFRSs), the Australian Accounting Standards Board (AASB) has:

Pursuant to sections 298-300AA of the Corporations Act, the Directors' Report must include:

The AASB Standards 1-99 Series includes those standards:

Until recently standards issued by the IASB (formerly IASC) were:

The main benefits of international harmonisation are said to include:

In accordance with Corporations Act, which of the following companies will be required to conform to the Australian Accounting Standards in the preparation of their financial reports? Proprietary Company with revenues of $12 million, total assets of $4 million and number of employees totalling 80. Proprietary Company with revenues of $6 million, total assets of $4 million and number of employees totalling 60. Company listed on the stock exchange. Company that issued a public debt Reporting entities

The Corporations Act requires which of the following to be included in a Directors' Declaration?

Which of the following statements was not identified as a benefit of international harmonisation?

Financial accounting can be considered a process involving the collection and processing of financial information to assist the decision-making needs of parties internal to an organisation:

In accordance with AASB 101 'Presentation of Financial Statements a financial report comprises of......?

Accounting cannot be considered to be "culture free". Arguably, value systems of accountants are expected to be related to the values of the society within which they operate. Ans to such values will have an impact on accounting systems:

Under the Corporations Act, which of the following types of companies must comply with Australian accounting standards? I. Disclosing entities II. Publicly listed companies III. Large proprietary companies IV. Small proprietary companies

A recent noteworthy development in relation to Australian Stock Exchange (ASX)-required disclosures is the establishment of the ASX Corporate Governance Council, and the issue of Principles of Good Corporate Governance and Best Practice Recommendations. In relation to these principles:

Pursuant to Corporate Law Economic Reform Program (CLERP) issued in October 2003, which of the following is/are required to provide a written declaration to the board of directors that the annual financial statements are in accordance with the Corporations Act and Australian Accounting Standards and that the financial statements present a true and fair view of the entity's financial position and performance?