Introduction Taxation is the one of the domain ton which business firms give due importance in their business. In the current report detail discussion is carried out on the true and fair concept of the accounting and in this regard the reason due to which it is prepared is discussed in detail in the report. Along with this, mentioned concept in respect to Australia is discussed in the report. In the report, extent to which Australia regulatory system support financial reporting is also discussed in detail. At end of the report, conclusion section is prepared.
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