... useful manner, allowing users to act upon it and to use it to aid effective decision-making. The financial accounts prepared by a company can be classified into two primary categories. i.e. * Internal Statements (Management Accounts) Management Accounts are detailed financial statements intended for use by the company's management. It includes a large volume of information regarding a company's activities and itemizes all meaningful classes of expenditure, revenue, assets and liabilities. Management accounts often use a wide variety of valuation bases, dependent upon the nature of the relevant assets and liabilities. Management accounts are usually prepared monthly, are not necessarily compliant with any of the accepted accounting standards and conventions and are not normally widely circulated. * Published Statements (Annual Financial Statements) These statements are normally prepared annually and presented to shareholders. The preparation thereof is governed by the Section 285 of the Corporations Act 2001, as amended, and by Australian Accounting Standard Board's Standards ...

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