Question

What is your organisational requirement regarding the structure and format of reports and how does it meet legislative requirements?

for this question, you need to briefly explain the requirements at an organisation in Australia for the structure and format of financial reports. Then explain three of the requirements for financial statements.

Answer 1

Organisational requirements are:

Financial Reporting should be in accordance with to promote investor security and confidence, market integrity.

Financial Reporting shall comply all the accounting standards applies in Australia and also all the legislative requirement.

some of the requirement of Financial statement is:

1. Companies Operating in the Australia shall comply all the requirement of Australian Securities and Investments Commission (ASIC) is Australia’s corporate, financial markets and financial services regulator.

2. Businesses operating in Australia are required to lodge a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) to record all payments and report their tax obligations.

3. Companies listed on the Australian Securities Exchange (ASX) are required to follow continuous and periodic disclosure rules.