ACCT 001 Lecture Notes - Lecture 10: International Financial Reporting Standards, Promissory Note, Legal Personality

• School: College of The Sequoias
• Department: Accounting (ACCT)
• Course: ACCT 001
• Professor: williams

Document Summary

Sole proprietorship: owned by one person: bears all risk of failure and reap rewards of success, income from business lodged on owner"s personal tax return. Partnership: formed by two or more proprietors: established via a written or oral agreement, considered a separate accounting entity, partner"s share of profits is reported on individual personal tax return. Corporation: a separate legal entity that is established by registering the company with. Asic: once formed, sell shares to individuals, either privately or publically, depending if the business wishes to be a private or public company, tax separately, so income generated on company"s tax return, individuals don"t get taxed for dividends. The accounting standards, rules, principles and procedures that comprise authoritative practice of financial accounting. Developed by australian accounting standards board (aasb) and enforced by asic. Aasb under australia securities and investment commission act 2011 produces accounting standards under s334 under corporations act 2001.