1. Financial reporting

Question 1

1. What is the difference between Financial Statements and Financial Report?

Answer 1

Statements make up the complete set of financial statement as defined in AASB 101 (6 statements)
Reports are made up of the statements and Notes under the Corp Act and Directors’ Declaration

Question 2

1. What are the 5 fundamental principles from the IESBA Code of Ethics?

Answer 2

Integrity
Objectivity
Confidentiality
Professional competence and due care
Professional behaviour

Question 3

1. What are 5 common threats to ethical accounting identified in the IESBA?

Answer 3

Self-interest
Self-review
Advocacy
Familiarity
Intimidation