Give reasons for the preparation of concise financial reports. 

1.Give reasons for the preparation of concise financial reports.  2.‘Concise financial reports are no longer demanded by users of financial statements, so the requirement to produce concise financial reports ought to be removed from the Corporations Act 2001.’ Discuss.

 

3.(a) What are the major reporting requirements of AASB 1039 ‘Concise Financial Reports’?

(b) Why does AASB 1039 ‘Concise Financial Reports’ require the inclusion of management discussion and analysis in a concise financial report?

(c) Are any reporting entities exempt from this requirement? If so, why are they exempt?

4.What are the major reporting requirements of AASB 1054 ‘Australian Additional

Disclosures’?

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