西澳大学中级会计学笔记.ppt
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西澳大学中级会计学笔记.ppt
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Chapter1NatureandregulationofcompaniesPreparedbyEmmaHolmesNatureofacompanyAcompanyisalegalentityIncorporatedviaregistrationbyAustralianSecuritiesandInvestmentsCommission(ASIC)SubjecttorequirementsofCorporationsAct2001Acompany:
haslimitedliability(Note1)hasitsownseparatelegalexistencehasthelegalpowersofanaturalpersonhasfinancingadvantageshastherighttoownassetsandentercontractshastherighttosueandbesuedTypesofcompaniesProprietary(Pty)companiesMinimumof1member,maximumof50Minimumof1directorCannotraisefundsfromthepublicClassifiedaslargeorsmall(seenextslideforfurtherdiscussion)Publiccompanies(Note1)CaninvitepublictosubscribeforsecuritiesCanlistonAustralianSecuritiesExchange(ASX)Minimum1member,nomaximumMinimumof3directorsMustpreparepublishedfinancialstatementsandbeauditedTypesofcompaniesLargevssmallproprietarycompaniesSmallproprietarycompaniesmustsatisfyatleasttwoofthefollowingcriteria:
Annualgrossoperatingrevenue:
$25millionGrossassets:
$12.5millionNumberofemployees:
AASB2Share-BasedPaymentAASB101-199equivalenttoIASstandardsissuedbytheIASC(predecessortotheIASB)havesamenumber(+100)astheIASstandardsonwhichtheyarebasedIAS16AASB116Property,Plant&EquipmentAASBAccountingStandardsAASB1001-1099AustralianstandardswithnointernationalequivalentsHavesamenumberasinpreviousAASBstandardAASB1031MaterialityInternationalAccountingStandardsBoard(IASB)Independent,privatelyfundedaccountingstandardsetterOverseenbytheIFRSFoundationEstablishedin2001,replacingtheInternationalAccountingStandardsCommittee(IASC)Committedtothedevelopmentofasinglesetofhighquality,enforceableglobalaccountingstandardsFinancialAccountingStandardsBoard(FASB)USAccountingStandardsbodyCurrentlyinvolvedinajointprojectwiththeIASBworkingtowardsasinglesetofcompatibleglobalaccountingstandardsProjectcommencedin2002andthecommitmentreaffirmedin2010LongtermprojectastherearemanydifferencesbetweenUSandinternationalaccountingstandardsIFRSInterpretationsCommitteeSub-committeeoftheIASBConsidersissuesofwidespreadimportancenotcoveredinIFRSstandardsIFRSInterpretationsareadaptedbytheAASBtosuittheAustralianenvironmentCorporateregulatorsAustralianSecuritiesandInvestmentsCommission(ASIC)AdministersCorporationsActMonitorsimplementationoftheActandinvestigatesandprosecutesforbreachesoftheActPromotesconfidencewiththefinancialsystemAustralianSecuritiesExchange(ASX)AdministersListingRulesPlayedamajorroleininfluencingthemovetowardstheAASBsadoptionofIASBstandardsCorporateregulatorsFinancialReportingPanel(FRP)Establishedin2006underCLERP9FunctionistoresolvedisputesbetweenASICandcompaniesconcerningaccountingtreatmentsinfinancialreportsGPFRsandthereportingentityconceptGeneralPurposeFinancialReports(GPFRs)aredefinedinSAC1DefinitionoftheReportingEntityAfinancialreportintendedtomeettheinformationneedscommontouserswhoareunabletocommandthepreparationofreportstailoredsoastosatisfy,specifically,alloftheirinformationneedsi.e.dependentusersGPFRsarepreparedinaccordancewithallAASBaccountingstandardsAreportthatisnotaGPFRisreferredtoasaSpecialPurposeFinancialreport(SPFR)GPFRsandthereportingentityconceptAreportingentityisanentityinrespectofwhichitisreasonabletoexpecttheexistenceofusersdependentongeneral-purposefinancialreportsforinformationusefulformakingandevaluatingdecisionsabouttheallocationofscarceresourcesAllreportingentitiesmustprepareGPFRsPubliccompaniesandlargeproprietarycompaniesaredeemedtobereportingentitiesNon-reportingentitiesarenotrequiredtoprepareGPFRsClassesofusersaresetoutinTheFramework(Note1)GPFRsandthereportingentityconceptCurrentlyAustraliaisuniqueinitsapplicationoftheGPFR/reportingentityconceptIASB/FASBissuedajointExposureDraftonthetopicin2008proposingtheintroductionofaverysimilarconceptReduceddisclosureregime(RDR)In2010AASB1053ApplicationofTiersofAustralianAccountingStandardswasissued.Introducestwotiersofreporting:
Tier1publiclyaccountableentities;andTier2allotherpreparersofGPFRsIntroducesareducedisclosureregimeforTier2entities.Tier2entitieswillberequiredtoapplyrecognition,measurementandpresentationrequirementswithsubstantiallyreduceddisclosures.Reduceddisclosureregime(RDR)Applicationdateisforfinancialreportingperiodscommencingonorafter1July2013,althoughearlyadoptionispermitted.NonreportingentitieswillcontinuetobeexcludedfromtherequirementstoprepareaGPFR,butmaystillneedtoprepareaSPFR.
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