Describe issues relating to organisational policies and procedures regarding preparing financial reports for corporate entities. Include in your answer a description of the key requirements of organisational policy and procedures relating to the preparation of financial reports.

Consider, for example, when management may use their own judgement to adopt, in accordance with organisational policy, accounting policies different to those prescribed by Australian Accounting Standard(s), and that would in their opinion produce information that is more reliable and relevant than if Australian Accounting Standard(s) had been used.

What guidelines are there for factors which might be considered when exercising this judgement?

Need to mention the key AASB standards of AASB101 and AASB 108 while explaining