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WEEK 13 - Week 13 Business reporting analysis overview We...

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1 Week 13 Business reporting & analysis overview We shall not cease from exploration And the end of all our exploring Will be to arrive where we started And know the place for the first time. T S Eliot, Four Quartets, Little Gidding Business reporting Forms of business entities – Sole proprietor – Partnership – Company Users – Resource providers – Recipients of goods and services – Regulators Framework of accounting information Elements (definition & recognition criteria) – Asset, Liability, Income, Expense, Equity Characteristics – Relevance, reliability, understandability, comparability, etc. Uses – External and internal Limitations Regulation of accounting information Accounting standards/Generally accepted accounting principles (GAAP) – AASBs and IASs Companies act – Reporting entities Australian stock exchange (ASX) – Listed companies Financial statements Transaction analysis leads to: Balance sheet (financial position)
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