Which of the following statements is incorrect?
A)the Corporations Act provides very detailed rules as to the required form and content of the accounts
B)major ASX listing rule requirements are for the continuous disclosure of price- sensitive financial information and half- yearly reporting
C)companies listed on the ASX must comply with the securities exchange listing rules
D)the ASX listing rules specify certain disclosure requirements for financial reports additional to those required by the Corporations Act and accounting standards

Question

Quizplus · Accepted Answer

This statement is incorrect because while the Corporations Act provides guidelines for accounting practices, including the preparation and presentation of financial reports, it does not provide very detailed rules as to the required form and content of the accounts. The specific requirements for form and content are typically set out in accounting standards, which are enforced by regulatory bodies such as the Australian Securities and Investments Commission (ASIC).

Which of the Following Statements Is Incorrect