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Are you worried on how to complete your assignment on Australian accounting? No need to worry as we have a team which consists of professional and experienced accountants who can help you with best Australian accounting assignment help online. They’ll get your job done. In order to understand any subject, the concept of that subject should be clear. We’ll not only help you with the Australian accounting assignment but will also make it simple for you to understand it. Our online service for Australian accounting assignment help is available for every student who is willing to save his time and do the assignment effectively without any error. Let’s first know what Australian accounting means.
Australian government agency called ‘The Australian Accounting Standards Board’ (AASB) maintains financial reporting standards applicable specifically to entities of private and public sectors of the Australian economy. Australian accounting standard board (AASB) facilitates the participation of the Australian community in global standard setting.
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Role of Business Accounting in Business
Before we further tell you about our Australian accounting assignment help, let us know, role of business accounting in business
- Effective financial reporting
maintaining books of account in business helps to understand about the financial status. Stakeholders, managers, investors or analyst can utilize this information to understand and manage the business. It helps to know where exactly the money is spent and from where the money has come. A financial report further helps a company for tax return or lodge on a public register such as bank, stock exchange.
- Accountability in business
clear, visible and honest reporting of accounts allows stakeholders to take informed decisions ensuring business are meeting legal and regulatory standards.
Australian accounting standards and financial reporting requirements:
Australian financial reporting requirements are set according to the type of entity and on the basis of level of public interest in the entity.
Classification of types of entity is
- Small proprietary companies
Large proprietary companies and unlisted public companies. Large proprietary companies are the one whose gross operating revenue is $10 million or more, has 50 employees or more and gross asset is $5 million or more.
Disclosing entities that have issued shares or other securities, as a result of the circulation of a prospectus.
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