Give an Overview of the Present Institutional Arrangements for Standard

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The Answer is In the private sector,the most important legislation specifying financial reporting requirements isthe Corporations Act 2001,which replaced the Corporations Act 1989.This legislation may be foundat <www.legislation.gov.au>.The Corporate Law Economic Reform Program (CLERP)wascommenced in 1998 as part of the Commonwealth Government's ongoing program to modernisebusiness regulation in Australia.As part of this program,the Corporations Act was simplifiedthrough substantial amendments made in 1998,some of which affected financial reporting.Section292 of the Corporations Act requires the preparation of financial statements for each financialyear by all disclosing entities,all public companies,all large proprietary companies and allregistered schemes

Give an Overview of the Present Institutional Arrangements for Standard

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Give an Overview of the Present Institutional Arrangements for Standard

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Correct Answer:
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