1. Chapter 13 Reports and Disclosures I: Overview

2. Lecture Topics Legislative requirements Content of annual financial reports

3. Lecture References Text- Chapter 13 AASBs- 1034 - 1018 - 1004 - 1026 Corporations Act (part 2M)

4. Key Concepts Disclosure Annual report Presentation Disclosure

5. Legislative Requirements Corporations Act (part 2M) – Reports produced – Timing of reports – Minimum content

6. Legislative Requirements Applies to: – Disclosing entities – Public companies – Large proprietary companies – Managed investment schemes – Some small proprietary companies

7. Legislative Requirements Regulation of financial reporting Reports Required – Financial statements – Director’s declaration – Auditor’s report – Director’s report Lodgement with ASIC

8. Legislative Requirements Classification of entities – Disclosing entity – Public company – Large proprietary company – Small proprietary company – Managed investment schemes – Reporting entity

9. Legislative Requirements Timing of reports – Reporting lag – Length of reporting period – Reporting frequency

10. Legislative Requirements Reporting to regulators – Lodgement with ASIC – Stock Exchange requirements Record-keeping requirements – “True and fair”

11. Content of Annual Financial Reports Core disclosure standards – AASBs 1034, 1018, 1040 and 1026 scope recognised vs disclosed role of notes presentation vs disclosure

12. Content of Annual Financial Reports AASB 1034: The disclosure framework – General requirements consistency of presentation notes to financial statements specific non-financial disclosures other note disclosures comparative information

13. Content of Annual Financial Reports Directors’ declaration – Part of annual financial report – Financial statements and notes comply with stds – Give a ‘true and fair’ view – Entity able to pay debts – Comply with the law

14. Content of Annual Financial Reports Other standards controlling general disclosure – AASB 1031: Materiality separate vs aggregate disclosure policy disclosure assessment criteria definition user needs focus

15. Content of Annual Financial Reports Other standards controlling general disclosure – AASB 1001: Accounting policies policy choice general disclosures changes in accounting policy

16. Content of Annual Financial Reports Other standards controlling general disclosure – AASB 1002: events occurring after reporting date required disclosures type 1 and 2 events applying AASB 1002 and cut-off issues setting-off prohibited

17. Other Reports Annual directors’ report – General information – Specific information – Special rules public companies listed companies and schemes registered schemes

18. Other Reports Auditor’s report – Audit and the annual report – Form an opinion in accordance with the Act and AASBs true and fair view received all necessary information financial records properly kept records required by the Act kept

19. Reporting Obligations of Non-reporting Entities – Preparation of annual report (other than small proprietary companies) financial report directors’ report and declaration – Copies of annual report sent to members – AGM for public companies – Annual report lodged with ASIC

20. Where to get more information Other courses List books, articles, electronic sources