Answer to Question #79886 in Finance for Like Heron

Question #79886
1)What are a BAS and IAS? Explain what taxes a BAS may report

2)Describe the information which will be contained in typical financial reports. The information referred to in this question is not the financial data but auxiliary notes and information
Expert's answer
1) The business activity statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered business entities to report their tax obligations, including GST, PAYGW, PAYGI, FBT, WET and LCT.
International Accounting Standards (IAS) are older accounting standards which were replaced in 2001 by International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), an independent international standard setting body based in London.
2) Notes to financial statements (notes) are additional information added to the end of financial statements that help explain specific items in the statements as well as provide a more comprehensive assessment of a company's financial condition. Notes to financial statements can include information on debt, going concern criteria, accounts, contingent liabilities or contextual information explaining the financial numbers (e.g. to indicate a lawsuit).

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