[其它]西澳大学中级会计学笔记.pptVIP

* Note 1: Limited liability refers to the fact that the shareholders of the company are liable only to the extent of any amounts unpaid on their shares in the event of the winding up of the company. Contrast this to a partnership, where the partners are jointly and severally liable for all partnership debts. * Note 1: A public company is not required to have chare capital and my be limited by guarantee. This means that members agree/guarantee to contribute a certain amount in the event of liquidation * Note 1: Small proprietary companies are not required to prepare formal financial statements or have them audited, must maintain sufficient records to allow financial statements to be prepared and audited if required. Large proprietary companies must prepare formal financial statements, have them audited and provide a copy to shareholders and ASIC * Note 1: An entity which has its shares listed on the ASX, is issuing securities pursuant to a disclosure document, or is a borrower who has issued debentures * * * * * * * * Treasurer of Australian Government – Appoints the chairman of the FRC and either chooses FRC members or chooses organisational bodies to choose a member to represent them FRC – acts as overseer and advisory body to the AASB, and sets it broad strategic direction and funding budget, but it cannot direct the AASB in relation to the development or making of a particular standard. It also does not have the power to veto a standard recommended by the AASB (although the Parliament can do this) AASB – Its function is to develop mandatory Australian AASB accounting standards suitable for the Australian business environment in a global market. The AASB standards are to be applicable to relevant companies under the corporations Act and for other reporting entities in other sectors (public sector, not-for-profit sector) Lobby Groups – have some influence on the FRC and their members (representatives of professional, business and government organisati