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Corporate and Financial Accounting
Corporate and Financial Accounting    
Table of Contents Page No
Corporate regulation………………………………………………3-4
Accounting Standard setting………………………………….4-7
Owners Equity………………………………………………………..7-10
References…………………………………………………………………11
1. Corporate regulations
IAS 1 statements of financial position presentation reflect the overall requirements of the financial statements, including how they should be structured, the minimum requirements of the content and over-riding concepts like going-concern, the accounting accrual basis and the distinction of the current/non-current assets. A complete set of financial statements is required by the standard for compromising the financial statement position, statement of profit or loss and other comprehensive income, changes in statement of equity and statement of cash flows.
Summary of IAS 1
IAS 1 Objective
The IAS 1 objective is to help the preparation basis of financial statements which is based on general purpose, for ensuring the comparability both with the statements of financial position of the entity’s of previous periods and with the other entities statement of financial position. Overall requirements is setup by the IAS 1 for the financial statements preparation, structure guidelines and requirements that are minimum for their content, standards for recognition, measuring and transactions which are specific are disclosed and addressed in interpretations and other standards.
To financial statements which are prepared for general purpose IAS 1 applies that are prepared and in accordance to it, it is presented with Financial Reporting Standards which is international.
General purpose financial statements are those which help the users who are not in a position to require the financial reporting tailored to their needs of information which is particular.
The general purpose financial statements objective helps in showing the information about the financial position, the finance performance and the cash-flows of the entity, the performance of the company and the entity cash-flows that is useful to the users of wide range in taking decisions of the economic. To meet the financial statements objective about the entities provide information: assets, liabilities, equity, income and expenses, cash flows and the owner’s distribution contribution. That information, in the notes along with other information, assists the financial statement users in predicting the future cash-flows of the entity and in particular their certainty and timing.
Financial statements Components
A financial statements complete set includes:
a financial position statement, a profit or loss statement and other comprehensive income for the period, or by showing the profit or loss section in profit or loss statement which is separate, immediately followed by comprehensive income which is presented followed by profit or loss, a changes in statement of equity for the period, a statement of cash-flows for the period, comparative information by the standard prescribed. Titles may be used by the entity for the statements other than those above stated. All statements of finance are required to be presented with the prominence that is equal. When a policy of accounting is applied by the entity retrospectively or make a retrospective restatement of items in its financial statements, or when the items are reclassified in its financial statements, a statement of financial position must be presented as at the comparative period which is at the earliest beginning period. Reports which are outside presented to the statement of finance-including financial review by the management, reports of environment and statements of value added-are outside the scope of IFRs.
Fair presentation and IFRs compliance
The financial position must be presented fairly by the financial statements, the performance of the finance and the entity cash-flows. The presentation which is a fair required the representation which is faithful of the transactions effects, or other conditions and events as per the definition and criteria for recognition of assets.
2. Accounting Standard Setting
Financial reporting framework in Australia
The concept of reporting entity
With the Australian Accounting Standards and interpretations must be complied with the entities that are reporting, by the Standards Board of Australian Accounting it is issued, and where applicable, with the 2001 corporations Act requirements. An entity which is reporting is an entity in respect of which it is reasonable to expect the existence of the user’s that...