Public divide

Article Abstract:

The public sector reporting entities now prepare general financial reports in accordance with Australian accounting standards (AAS). The Australian Loan Council requires all governments to present budgets and prepare outcomes reports in accordance with the uniform presentation framework (UPF) to facilitate comparison between jurisdictions and formation of national aggregates.

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Thought required before the IFRS plunge

Article Abstract:

IFRS is a universally accepted language, which helps the investors and other stakeholders to communicate and engage more effectively. Australia opted for IFRS to apply across all reporting entities whereas the EU opted for only listed entities.

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International Financial Reporting Standards

Article Abstract:

Details about the division 11 of the GST Act are given that creates an entitlement to input tax credit. The entitlement only exists where there is an acquisition as defined in section 11-5.

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