Lecture 1 Chapter 1
Transcript of Lecture 1 Chapter 1
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Chapter 1
Nature and regulation of
companies
Prepared by
Mark Vallely
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1. Summarise the nature and attributes of a company (p. 2)
2. Discuss the different types of companies which may be formed under the Corporations Act 2001(p. 3)
3. Describe the necessary documentation for forming a company (p. 7)
4. Describe the types of records needed to manage a company (p. 9)
5. Compare and contrast shares and debentures, and discuss the reasons for issuing disclosure
documents (p. 9)
6. Discuss the background and purpose of the Corporations Act 2001 by which companies are formed,administered and dissolved (p. 12)
7. Evaluate the reasons for the development of accounting standards and describe the current
arrangements for establishing accounting standards in Australia, subject to global influences in the
standard-setting process (p. 14)
8. Discuss the roles played by the Australian Securities and Investments Commission (ASIC) and the
Australian Securities Exchange Limited (ASX) (p. 25)
9. Analyse the concepts of general purpose financial reporting and the reporting entity (p. 26)
10. Describe the current differential reporting requirements (p. 28).
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A
I A I C (AIC)
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A : (1)
2 million
companies inAustralia
(ASIC 2012)
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(2001)
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B A
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2000 AAB F C(FC)
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AIC A 2001
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2002 FC AAB IAB
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AAB IF
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AAB 1049
AAB 1054
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2014 2010 FAB IAB 2011
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2012 C
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GPF AC1
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AC1 GPF AAB I GPF, P F (PF)
Over28 000 companies
in Australia providefinancial reports
(ASIC 2012)
Not all of these companies comply withaccounting standards should they?
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AC1 (. 40)
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