In Accordance with Corporations Act,which of the Following Companies Will

question 38

Multiple Choice

In accordance with Corporations Act,which of the following companies will be required to conform to the Australian Accounting Standards in the preparation of their financial reports? Proprietary Company with revenues of $12 million,total assets of $4 million and number of employees totalling 80.
Proprietary Company with revenues of $6 million,total assets of $4 million and number of employees totalling 60.
Company listed on the stock exchange.
Company that issued a public debt
Reporting entities

• A) All of the given answers.
• B) I, II, III, and IV only.
• C) I, III, IV and V only.
• D) I, III and IV only.
• E) III, IV and V only.

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Definitions:

Illusory Promise

A statement that appears to be a promise but does not actually bind the party to any commitment or obligation.

Promissory Estoppel

A legal principle that prevents a party from going back on a promise, even if the promise was not formally agreed upon, if the other party has relied on that promise to their detriment.

Adequate Consideration

Sufficient value or compensation exchanged between parties in a contract, making the agreement legally binding.

Detriment

A state of being harmed or damaged, often used in legal contexts to describe loss or injury.