Year End Accounts – Financials Reporting

Australian Accounting Standards are set by the Australian Accounting Standards Board (AASB), an independent Australian Government agency. The standards are legislative requirements for corporations. They must also be applied to all other general purpose financial reports of public and private sector reporting entities.
The Australian Accounting Standards meet the requirements of the International Financial Reporting Standards (IFRS). Whilst much of the standard-setting is the responsibility of the International Accounting Standards Board (IASB), the AASB maintains standard-setting power over matters specifically relating to Australia.
If you are running your business as an unincorporated entity – such as a sole proprietor, a partnership, or as a family trust – these accounts will not need to be lodged with a third party regulator in Australia, but they will form the basis of the tax return which is submitted to the Australian Taxation Office.
It includes following features:
  • Preparing the financial accounts of the business for discussion and approval
  • Preparing the tax return of the business for submission to the Australian Taxation Office
  • Advising on steps that can be taken to improve the after tax and financial position of the business along with guidance to its share holders and/or directors, management reporting during the year, etc
  • Business advice and guidance regarding asset purchases
For more information please click- http://www.cygnusaccountants.com.au/year-end-accounts-financials-reporting/





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