What are the differences between water-reporting entities and (financial) reporting entities?
Both water-reporting entities and (financial) reporting entities are entities whose users rely on general-purpose reports for decision-making. However, these entities may not be consistent, as the users and their information needs may differ. The definition of water-reporting entities is set out in the WACF. The definition of (financial) reporting entities is set out in International Accounting Standards Committee (IASC) Framework for the Preparation and Presentation of Financial Statements (paragraph 8). The Corporations Act (2001) prescribes specific financial reporting obligations for Australian companies.
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