Prepare Financial Statements For Non Reporting Entities
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Prepare Financial Statements for Non-reporting Entities
"The key to operating a successful business is making the right decisions about the allocation of scarce resources. No business has an infinite amount of money and making wise investments is what separates success from failure. Accounting and the preparation of financial statements allow business owners, managers and key stakeholders to make operational, financial and strategic decisions, by collating transactional data and presenting it in a format that is easy to understand and can be used as the basis for making educated business decisions. The most common financial statements are the Income Statement, the Balance Sheet and the Statement of Cash Flows. 'Reporting entities' must produce General Purpose Financial Reports, which are prepared in accordance with accounting standards and are designed to meet the diverse needs of their users. 'Non-reporting entities' don't need to prepare General Purpose Financial Reports, but must still meet legislative requirements to keep adequate books and records, meet their taxation obligations and to meet any other specific reporting requirements dictated by the organisation structure or activities." -- overview.
Financial Reporting, 4th Edition
The most authoritative financial reporting text for second and third-year courses, Loftus’ Financial Reporting is back in a new fourth edition with updates to the Australian Accounting Standards (up to May 2022), making it the most current book on the market. New to this edition is an entire chapter on ethics, a completely reworked sustainability chapter and an expanded integration of New Zealand standards and examples. The new edition encourages students to not only develop a conceptual understanding of the content, but to also apply it in a variety of practical contexts. Supported by a variety of digital resources like interactive worked problems and questions with immediate feedback, Financial Reporting is a textbook designed for an engaging, interactive learning experience.
Financial Reporting, 3rd Edition
The third edition of Loftus’ Financial Reporting has been updated for recent developments in the Australian Accounting Standards, including the release of the new Conceptual Framework. This text is designed to be used across the 2nd and 3rd year financial accounting units. A hallmark feature of the text is that it provides both a conceptual understanding and a practical application of the accounting standards. For students, an understanding of the conceptual basis of accounting and the rationale behind the principles is crucial to the consistent application of standards in a variety of practical contexts. The Financial Reporting interactive e-text features a range of instructional media content designed to provide students with an engaging learning experience. This includes practitioner videos (from Ernst & Young), interactive worked problems and questions with immediate feedback. Loftus’ unique resource can also form the basis of a blended learning solution for lecturers.