西澳大学中级会计学笔记.ppt

西澳大学中级会计学笔记.ppt

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Chapter1NatureandregulationofcompaniesPreparedbyEmmaHolmesNatureofacompanyAcompanyisalegalentityIncorporatedviaregistrationbyAustralianSecuritiesandInvestmentsCommission（ASIC）SubjecttorequirementsofCorporationsAct2001Acompany:

haslimitedliability（Note1）hasitsownseparatelegalexistencehasthelegalpowersofanaturalpersonhasfinancingadvantageshastherighttoownassetsandentercontractshastherighttosueandbesuedTypesofcompaniesProprietary（Pty）companiesMinimumof1member,maximumof50Minimumof1directorCannotraisefundsfromthepublicClassifiedaslargeorsmall（seenextslideforfurtherdiscussion）Publiccompanies（Note1）CaninvitepublictosubscribeforsecuritiesCanlistonAustralianSecuritiesExchange（ASX）Minimum1member,nomaximumMinimumof3directorsMustpreparepublishedfinancialstatementsandbeauditedTypesofcompaniesLargevssmallproprietarycompaniesSmallproprietarycompaniesmustsatisfyatleasttwoofthefollowingcriteria:

Annualgrossoperatingrevenue:

$25millionGrossassets:

$12.5millionNumberofemployees:

AASB2Share-BasedPaymentAASB101-199equivalenttoIASstandardsissuedbytheIASC（predecessortotheIASB）havesamenumber（+100）astheIASstandardsonwhichtheyarebasedIAS16AASB116Property,Plant&EquipmentAASBAccountingStandardsAASB1001-1099AustralianstandardswithnointernationalequivalentsHavesamenumberasinpreviousAASBstandardAASB1031MaterialityInternationalAccountingStandardsBoard（IASB）Independent,privatelyfundedaccountingstandardsetterOverseenbytheIFRSFoundationEstablishedin2001,replacingtheInternationalAccountingStandardsCommittee（IASC）Committedtothedevelopmentofasinglesetofhighquality,enforceableglobalaccountingstandardsFinancialAccountingStandardsBoard（FASB）USAccountingStandardsbodyCurrentlyinvolvedinajointprojectwiththeIASBworkingtowardsasinglesetofcompatibleglobalaccountingstandardsProjectcommencedin2002andthecommitmentreaffirmedin2010LongtermprojectastherearemanydifferencesbetweenUSandinternationalaccountingstandardsIFRSInterpretationsCommitteeSub-committeeoftheIASBConsidersissuesofwidespreadimportancenotcoveredinIFRSstandardsIFRSInterpretationsareadaptedbytheAASBtosuittheAustralianenvironmentCorporateregulatorsAustralianSecuritiesandInvestmentsCommission（ASIC）AdministersCorporationsActMonitorsimplementationoftheActandinvestigatesandprosecutesforbreachesoftheActPromotesconfidencewiththefinancialsystemAustralianSecuritiesExchange（ASX）AdministersListingRulesPlayedamajorroleininfluencingthemovetowardstheAASBsadoptionofIASBstandardsCorporateregulatorsFinancialReportingPanel（FRP）Establishedin2006underCLERP9FunctionistoresolvedisputesbetweenASICandcompaniesconcerningaccountingtreatmentsinfinancialreportsGPFRsandthereportingentityconceptGeneralPurposeFinancialReports（GPFRs）aredefinedinSAC1DefinitionoftheReportingEntityAfinancialreportintendedtomeettheinformationneedscommontouserswhoareunabletocommandthepreparationofreportstailoredsoastosatisfy,specifically,alloftheirinformationneedsi.e.dependentusersGPFRsarepreparedinaccordancewithallAASBaccountingstandardsAreportthatisnotaGPFRisreferredtoasaSpecialPurposeFinancialreport（SPFR）GPFRsandthereportingentityconceptAreportingentityisanentityinrespectofwhichitisreasonabletoexpecttheexistenceofusersdependentongeneral-purposefinancialreportsforinformationusefulformakingandevaluatingdecisionsabouttheallocationofscarceresourcesAllreportingentitiesmustprepareGPFRsPubliccompaniesandlargeproprietarycompaniesaredeemedtobereportingentitiesNon-reportingentitiesarenotrequiredtoprepareGPFRsClassesofusersaresetoutinTheFramework（Note1）GPFRsandthereportingentityconceptCurrentlyAustraliaisuniqueinitsapplicationoftheGPFR/reportingentityconceptIASB/FASBissuedajointExposureDraftonthetopicin2008proposingtheintroductionofaverysimilarconceptReduceddisclosureregime（RDR）In2010AASB1053ApplicationofTiersofAustralianAccountingStandardswasissued.Introducestwotiersofreporting:

Tier1publiclyaccountableentities;andTier2allotherpreparersofGPFRsIntroducesareducedisclosureregimeforTier2entities.Tier2entitieswillberequiredtoapplyrecognition,measurementandpresentationrequirementswithsubstantiallyreduceddisclosures.Reduceddisclosureregime（RDR）Applicationdateisforfinancialreportingperiodscommencingonorafter1July2013,althoughearlyadoptionispermitted.NonreportingentitieswillcontinuetobeexcludedfromtherequirementstoprepareaGPFR,butmaystillneedtoprepareaSPFR.