1. PREPARE THE ACCOUNTING POLICY NOTE FOR INCLUSION IN THE FINANCIAL STATEMENTS OF LOTUS LIMITED AS 30 JUNE 2016. YOU WILL NEED TO RESEARCH THE ACCOUNTING POLICY DISCLOSURE REQUIREMENTS OF APPLICABLE ACCOUNTING STANDARDS AND THE CORPORATIONS ACT 2001. AS AN EXAMPLE AASB 101 AND AASB 119 ARE RELEVANT.
2. PREPARE THE NECESSARY NOTES OR GENERAL JOURNAL ENTRIES TO COMPLY WITH THE APPLICABLE ACCOUNTING STANDARDS.
3. CRITICALLY ANALYSE THE RELATIONSHIP BETWEEN THE CORPORATE CITIZENSHIP REPORT AND FINANCIAL STATEMENTS. IS LOTUS LIMITED REQUIRED TO PREPARE THE REPORT? SOME COMPANIES HAVE REPORTS TITLED: ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
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