You will be required to comply with the Australian accounting standards if you are an entity that must prepare financial reports under company law. An accounting standard is a technical pronouncement that sets out the required accounting for particular types of transactions and events. General purpose financial statements that comply with accounting standards should present fairly the:
- financial position
- financial performance
- cash flows of an organisation.
This information will be useful to owners, investors, creditors, analysts, employees, regulators and others in making and evaluating decisions about the allocation of economic resources.
Please consult the Contact Officer for more information and to ascertain the level of compliance that may be required.