Describe issues relating to organisational policies and procedures regarding preparing financial reports for corporate entities.

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.

a) describe a range of methods and formats for presenting financial data

b) identify and describe the key requirements of organisational policy and procedures relating tot he presentation of financial reports.

c) provide guidelines for factors to be considered when management adopts accounting policies other than those prescribed by Australian Accounting Standards.