Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

32) The Corporations Act specifically prohibits companies from sending a concise financial report to shareholders rather than the complete annual report 33) Relevance refers to

image text in transcribed
32) The Corporations Act specifically prohibits companies from sending a concise financial report to shareholders rather than the complete annual report 33) Relevance refers to the requirement that the financial report information must be relevant to the information needs of users. 4) Qualitative characteristics are the attributes that make information provided in financial reports useful to users 35) Comparability implies that the information provided in financial reports is readily understandable by users. 36) Pursuant to the Corporations Act, directors must ensure that the company's financial reports are made out in accordance with applicable accounting standards approved by the Australian Accounting Standards Board 37) A consolidated group comprises a parent entity and the entities it controls. 38) The directors' decdaration is a declaration by directors whether, in their opinion, there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable. 39) Conceptual frameworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting. 40) A small proprietary company will be required to prepare financial reports if shareholders holding at least 5% of votes in the company request. 41) SAC2considers that general purpose financial reports should provide information useful to users for the identification of instances of fraud within a company 42) The financial report, directors' report and auditor's report are usually presented as an integral part of the company's annual report. 32) The Corporations Act specifically prohibits companies from sending a concise financial report to shareholders rather than the complete annual report 33) Relevance refers to the requirement that the financial report information must be relevant to the information needs of users. 4) Qualitative characteristics are the attributes that make information provided in financial reports useful to users 35) Comparability implies that the information provided in financial reports is readily understandable by users. 36) Pursuant to the Corporations Act, directors must ensure that the company's financial reports are made out in accordance with applicable accounting standards approved by the Australian Accounting Standards Board 37) A consolidated group comprises a parent entity and the entities it controls. 38) The directors' decdaration is a declaration by directors whether, in their opinion, there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable. 39) Conceptual frameworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting. 40) A small proprietary company will be required to prepare financial reports if shareholders holding at least 5% of votes in the company request. 41) SAC2considers that general purpose financial reports should provide information useful to users for the identification of instances of fraud within a company 42) The financial report, directors' report and auditor's report are usually presented as an integral part of the company's annual report

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Weygandt Kimmel Kieso

10th Edition

0470646462, 978-0470646465

More Books

Students also viewed these Accounting questions

Question

=+d) What components would you now say are in this series?

Answered: 1 week ago

Question

Explain the employee benefits that are required by law.

Answered: 1 week ago

Question

List the types of incentive plans.

Answered: 1 week ago