Sample Essay

Thus we can gather that the decision usefulness of the accounts, which is ensured through a variety of measures in the financial statements are an important measure for users as well as the clause to make them give a true and fair representation.

Both are related in terms of ensuring that the preparation of accounts is something that actually benefits the whole process of business. The two concepts further complement each other as ultimately, only those financial statements help users make more informed decisions that provide a true and fair representation of the company’s financial position and its performance. They are also related in that the standards still gets precedence on most occasions relative to them, at least according to Australian corporate law.

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