accounting

Synopsis The Corporations Law which came into effect in January 1991, has made substantial changes to the way business is conducted in Australia. Previously some illegal practices are now legal, and some legal practices are now deemed to be illegal. Under the Corporations Law finical statements have to be made out in accordance to the various accounting standards. AASB 1024 and AASB 1013 are two such standards. Both these standards have been through a reform process over the …

…in the two fields. There is enough evidence for both standards to suggest that there is compliance with section 298(1) of the Corporations Law, yet in some cases this compliance is limited to the situation and the reporting entity. AASB 1013 has proven to be (prior to its introduction) a relatively large unknown quantity, now having all but changed, and with regard to AASB 1024, a more informed and detailed reports of corporate groups provide more meaningful information.