Corporate accounting in Australia can be said to have passed through four phases. The initial phase involved the introduction of minimum standards of statutory disclosure. The second phase was largely an extension of these statutory requirements to include income statements and consolidated statements. This was followed by the activities of the accounting profession, stock exchanges and others to improve the details of disclosure.
Gibson, Robert William
"Development of corporate accounting in Australia,"
Accounting Historians Journal: Vol. 6
, Article 2.
Available at: https://egrove.olemiss.edu/aah_journal/vol6/iss2/2