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Errors must therefore be discovered and corrected on a timely basis to ensure that users can rely on the information contained in the financial statements.Prior Period Errors must be corrected Retrospectively in the financial statements.Although all companies should keep financial records to ensure they understand how their operations are faring, some types of companies need to keep these records for the purposes of preparing and lodging financial reports with us.Generally, companies must lodge reports where: Financial reports prepared in accordance with the Corporations Act generally must comply with accounting standards (see s296).(Adapted from IAS 8) Errors must be distinguished from changes made to prior period estimates that had been based on information that best reflected the conditions and circumstances that existed at the reporting date.Errors in financial statements reduce the reliability of information presented.For information on using these forms, see AFS licensees: Lodging your annual accounts and audit report using Form FS70 and FS71.A disclosing entity’s half-year financial report is lodged with ASIC using Form 7051 Directors' declaration that the financial statements comply with accounting standards, give a true and fair view, there are reasonable grounds to believe the company/scheme/entity will be able to pay its debts, the financial statements have been made in accordance with the Corporations Act Section 319 of the Corporations Act requires a disclosing entity or registered managed investment scheme to lodge the complete financial reports within three months after the end of the financial year.
If the company has not made a profit or traded during the financial year, financial reports are still required – even if it is necessary to show figures as ‘zero’ (e.g. You can lodge your company's financial reports online using Form 388 .
Australian Accounting Standards meet the requirements of International Financial Reporting Standards (IFRS), which Australia adopted in 2005.
Section 601CK of the Corporations Act requires registered foreign companies to lodge balance sheets, profit and loss statements, cash flow statements and other documents with ASIC.
The Electronic Data received from ASIC, after lodging the RA71 - Data Download can be imported into or compared with the CAS 360 data.
Once the lodgement is complete, users will receive a notification to confirm the lodgement.