The unit explores accounting standards used by corporations in Australia in preparation of company annual reports and financial statements for shareholders and other users of financial information. This unit is an introduction to the Australian legislative and financial standards required to be adhered to in the preparation of such financial statements and reports and their associated disclosure requirements for corporations and their associated entities falling within Australia Corporations legislation.  The unit covers, but is not limited to, accounting issues relating to groups of companies consolidated financial statements, the evaluation and alignment of accounting regulations with the objectives of financial reporting, as articulated in the Conceptual Framework.