(Answered) Many entities in australia are required to follow

Accounting

Many entities in Australia are required to follow Australian accounting standard in preparing their financial statement as per Corporation Act 2001. Conceptual framework is used by Australian Accounting Standard Board to develop and evaluate accounting standard. Many Australian accounting standard requirements are specific in nature that is they are applicable only to few specific Australian entities. Such requirement may require additional disclosure or may require reporting on regulatory or other issues. Australian accounting standards are applicable to all the entities that are required to prepare financial reports under Corporations Act 2001.

Write a report on "Australian Renewable Fuel Limited& ADX Limited, Accounting Standard

Compliance Requirement in Annual Report

Contents

Introduction 2
Compliance with Conceptual Framework And AASB 2
Comparison of annual report of the Australian Renewable Fuel Ltd and ADX Ltd with regard to the disclosures and standards 10
Inclusion of Prudence in Conceptual Framework 11
Conclusion 12
Reference 12

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