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FACULTY OF LAW AND BUSINESS - ACCOUNTING 207 - FINANCIAL ACCOUNTING ASSESSMENT TASK
Research case study - Lotus Limited
Lotus limited is an Australian company. Directors have formed a view that compliance with a specific Australian accounting standard will mean that the company financial statements will not provide a true and fair view, which is contrary to the corporations act.
Additionally, the following information has been made available to you to assist in the preparation of the financial statements of lotus limited for the year ended 30 June 2016.
Required-
1. Prepare the accounting policy note for inclusion in the financial statements of lotus limited as 30 June 2016. You will need to research the accounting policy disclosure requirements of applicable accounting standards and the corporation's act 2001. As an example AASB 101 and AASB 119 are relevant.
2. Prepare the necessary notes or general journal entries to comply with the applicable accounting standards.
3. Critically analyse the relationship between the corporate citizenship report and financial statements. Is lotus limited required to prepare the report? Some companies have reports titled: environmental and social responsibility.
3000 words.
15 HARVARD REFERENCE.
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