Australia Financial Reports

[Shaznae77]

Hi there,
I am currently in my second year of studying Accounting. I have a really large assignment on preparing a company's financial reports and writing all of the notes to go with them that apply to the Australian Accounting Standards.

Is there anyone who would have time to be able to give me specific advice in relation to helping me understand my topics and therefore complete my assignment to a better quality?

Thanks,
Sharaya

 

[Nora]

Financial reports are not too difficult to prepare. Just follow the format of each report, entering the amounts from the ledgers. As for the notes, you'll need to study notes to financial statements to know what they contain, what questions they answer, etc.

If you don't understand the assignment, ask your instructor. Also ask a classmate to go over it with you.

 

[Fidget]

Might be a bit late in the day now, but, notes to the accounts are fairly standard, so look at the website of a real company that is in a similar line of business to the one given in your assignment. Look at its latest annual accounts and you'll see all the notes to the accounts. Use that as guide to producing your own for your assignment company.

As for producing the financial statements, the format is standard, but what goes in them can be a bit tricky. If you know your stuff, then you shouldn't have any problem.