In Australia, Accounting standards are principles and guidelines aiming to ensure consistency and comparability in financial reporting. Legislation, on the other hand, are Acts of Parliament that mandate specific accounting practices and reporting requirements.

Question:

1. Name six (6) pieces of legislation that affect the work of bookkeepers and accountants. For each piece of legislation, briefly describe the impact on your work as a bookkeeper or accountant. (Hint: in the Australian accounting and bookkeeping industry )