Nippon Sounds Pty Ltd

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Part A:
According to the Company’s Act 2001, Nippon Sounds Pty Ltd is a proprietary company that is limited by shares. Since it is registered and operates in Australia, the law has given it legal entity. It thus has to file its reports according to Australian standards as espoused in Australian Accounting Standards Board (AASB) Standard 101 (AASB, 2010). Similarly according to the Company’s Act 2001 section 285, Nippon Sounds Pty Ltd being a reporting entity must keep and prepare financial reports.
Accordingly, it must prepare them annually. Moreover according to section 298 it must prepare a directors report, have the financial report audited and obtain an auditors report according to sections 301, 307 and 308 (Corporations Act 2001).
According to AASB Standard 118, revenue by Nippon sounds will be recognized and financial statement prepared. It states that this revenue will have to have arisen from the sale of goods and rendering of services. This is inline with the operations of Nippon Sounds Pty Ltd which imports goods for sale in Australia both on wholesale or retail.
According to the Corporations Act 2001 Section 305, the reports internal, management and internal must give a true and fair view of the financial position and performance of Nippon Sounds Pty Ltd. However is should be clear that this does not affect the obligation under section 304 for reports to comply with accounting standards. When the reports do not give a true and fair vies, additional information must be included in the notes to the financial statements.
According to AASB 1039, Nippon Sounds Pty Ltd is allowed to prepare concise financial reports which have to also comply with the Paragraph 314 section 2a of the Corporations Act 2001. This is to mean that the information capture in the concise report must be relevant to evaluating the business without giving them fully detailed accounting disclosures.
Part B:
According to the Australia Council of Arts (2010), the land that is given by Queensland non profit organization on which to build a new refuge center for the homeless does quality as a gift. However for the Queensland non profit organizations to confer such title to the piece of land, it must be dully registered and endorsed as a deductable gift recipient. This will give the donor the right to claim tax deduction on the gift. It would also be advisable that the Queensland n...