From the following clues involving topic matters covered that relate to accounting standards, concepts and the Framework, complete the crossword in figure 1.6.

Across 2 Since January 2000 the AASB has been empowered to develop accounting standards in the private and . . . . . . . . . . sectors.

5 AASB 101 is titled Presentation of . . . . . . . . . . . . . . . . . . . . (2 words).

7 General purpose financial statements are provided to external . . . . . . . . . .

8 An overall consideration by an entity in presenting financial reports is that the . . . . . . . . . . basis of accounting is used.

10 The AASB exercises its statutory powers under the . . . . . . . . . . Act.

11 Standards have legal . . . . . . . . . . and are to be complied with by reporting entities.

14 The Framework for the Preparation and Presentation of Financial Statements may be abbreviated to the . . . . . . . . . .

15 This type of user includes individuals and other businesses.

16 The Statement of Financial Position is referred to in this book as a . . . . . . . . . . . . . . . . . . . . (2 words).

17 Initially the AASB’s primary responsibility for general purpose financial statements was for reporting entities that were . . . . . . . . . .

19 According to the AASB 101 standard, one of the considerations that an entity must take into account when presenting financial reports is the . . . . . . . . . . basis of accounting.

20 The Framework sets out the objectives, . . . . . . . . . . , quality, elements and criteria for the recognition of general purpose financial statements.

Down 1 Australian Accounting Standards Board, its abbreviation.
3 An overall consideration by an entity in presenting financial reports is that each year there should be . . . . . . . . . of presentation.
4 An overall consideration by an entity in presenting financial reports is that the presentation and compliance with Australian accounting standards should be . . . . . . . . . .
6 The Statement of profit or loss and other comprehensive income is referred to in this book as an . . . . . . . . . . . . . . . . . . . . (2 words).
9 An overall consideration by an entity in presenting financial reports is that the business is continuing into the future or that it is a . . . . . . . . . . . . . . . . . . . . (2 words).
12 From 1 January 2005, the AASB has adapted the accounting standards of the . . . . . . . . . . Accounting Standards Board.
13 SAC1 is titled ‘Definition of the Reporting . . . . . . . . . .’.
14 The Conceptual Framework refers to the Preparation and Presentation of . . . . . . . . . . . . . . . . Statements.
18 Standards applicable before 1 January 2005 have been replaced with Australian Standards equivalent to those of the . . . . . . . . . . , its abbreviation.

Transcribed Image Text:

5 6 8 19 11 15 13 14 10 16 12 20 18 17 7