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P ractical P roblems I n T he R eporting E ntity C oncept
Author(s) -
Picker Ruth
Publication year - 1992
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.1992.tb00131.x
Subject(s) - audit , accounting , business , interpretation (philosophy) , computer science , programming language
The concept of a reporting entity has been introduced into financial reporting in Australia through a number of statements and standards. These documents require reporting entities to prepare so‐called general‐purpose financial reports which comply with all statements of accounting concepts and accounting standards, whereas non‐reporting entities are not bound to the same level of compliance. Unfortunately, little authoritative guidance on interpretation and application of the reporting entity concept has come from either the Australian Accounting Standards Board or the Auditing Standards Board, despite the fact that the reporting entity concept has applied since 30 June 1992. The solutions proposed here may be temporary, given that the Corporations Law could be amended. It would be in readers' interests to consider any further authoritative guidance which might become available.