This unit addresses many financial reporting issues pertaining to Australian companies. It examines a number of accounting standards for eternal reporting requirements. Topics examine include: analysis of the Australian corporate reporting environment inclusive of the conceptual framework; positive accounting theory and the economic implications of accounting numbers; accounting implications of particular accounting for assets which include inventory valuation, acquisition and depreciation non-current assets, impairment and evaluation of non-current assets, impairment testing and amortization of intangible assets; company income taxes, statement of cash flow; accounting for leases; accounting for liabilities such as provision, contingent liabilities and debentures; income statement and events after balance sheet date, accounting for share capital and reserve and earning per share, and accounting for heritage assets, biological assets and extractive industries.