Financial Reporting Accounting, Finance, SPSS Coursework (Coursework Sample)

The Reporting Entity Concept provided by Statement of Accounting Concept 1(SAC 1)
It’s Impact to users of financial statement
Abstract
On this paper, I will focus on reporting entity concept as provided by the Statement of Accounting Concept 1and its impact to the users of financial report. I will begin on mentioning previous specific concept used on preparing general purpose financial report, compare them with the current one (SAC 1).
Secondly, I will identify the requirement of reporting entities and their characteristics. Finally, to identify those who are required to report and the impact of the financial report to the users.
Introduction
According to Australian Accounting Research Foundation, the purpose of this statement is to give guidelines on quality financial reporting, define the requirements of a reporting entity, and establish the minimum requirement for quality financial report as well as determining the criteria for identifying such reporting entities.
The statement requires reporting entities to comply with Statements of Accounting Concept and Accounting Standards when reporting on general purpose financial statement as explained below.