Student: Business and Milton Friedman

2896 Words Aug 11th, 2013 12 Pages
Accounting for managers BSMAN3009
ASSESSMENT 1: Report

Lecturer:
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Table of contents I. Executive summary…………………………………………….

II. Introduction…………………………………………………….

III. From a perspective accounting, what are the “rules of game” that businesses must follow?.........................................

1. Company legislation………………………………………... 2. Accounting standard……………………………………….. 3. Stock exchange………………………………………………

IV. In the current environment, is Milton Friedman’s statement as relevant in 2013 as it may have been in 1970?.....................

V. Conclusion………………………………………………………

VI. Reference………………………………………………………..

I. Executive summary

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(Source from Australian Accounting Standards Board 2013) 2. Accounting standard
Accounting standard are the accounting rules that accounting entity need to follow in reporting the financial statement.Accounting standard concerns with how assets and liabilities should be measureed in identified in the statements. Traditionally each country develop it own standard. In Australia, every business entity need to follow the Australia accounting standard which is set by Austrailia Accounting Standard Board (AASB). Here are the two accounting standard set by AASB:
Statement of Cash Flows (AASB 107)
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 for for-profit entities. It takes into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board (AASB).
Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilize those cash flows. The economic decisions that are taken by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing
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