Answer: Part A Introduction This report has carried out an evaluation of the given case study of ‘the Fall of Enron’. This has been done to highlight the major accounting issues that lead to the downfall of corporation. I this context, the report has examined the contribution of accounting methods such as mark-to-market, special purpose entities and the stock options compensation scheme to cause the occurrence of unethical ...Read More >>
Answer: Assessment Task Part A Answer to Question i The annual report of Computershare Limited for the financial year of 2017 has been chosen for the purpose of this report. The assets that have been tested for impairment are the intangible assets of the firm namely goodwill and mortgage servicing rights and trade receivables (Kabir and Rahman 2016). Answer to Question ii The firm had conducted the impairment testing by groupin...Read More >>
Answer: Part A Based on the application of the conceptual framework usefulness of the financial information is considered with the application of factors such as “comparable, verifiable, timely and understandable” nature of the financial reporting. The relevance factor is associated to the making a difference in the decisions which relate to the economic theories. It has been further seen that the financial information is needs to...Read More >>
Answer: Part A ARB Corporation is the largest distributor and manufacture for 4x4 accessories in Australia. The company has wide presence in international aspects in addition to the office in USA and the export network extended over more than 100 countries all over the world. The company is mainly focussed on practicality, reliability and quality. Answer to (i) Assets tested for impairment are as follows – Loans and the receivables...Read More >>
Part A: This report points out various assumptions that Decmil Group Limited has used to conduct their impairment test. The group has also used different impairment criteria to do this test. Therefore, this report will discuss the methods of impairment test and the subjectivity related to these methods. Moreover, this report has considered the annual report of the year 2017 of this company to evaluate these processes. The firm is a public list...Read More >>
Answers: 1. This paper focuses on qualitative characteristics financial reporting and also has a view on the commercial, economic information with an abstract structure, the other perception on the theories such as public interest, capture and economic interest theory of regulation. There is also standard scrutiny of significance and figurative authenticity of US corporate financial statements. A grand break down of assets, plant and equipmen...Read More >>
Answers:- Assessment Task Part A As per the conceptual framework, the qualitative characteristics of financial reporting are understandability, relevance, reliability and comparability (Bragg, 2018). These qualitative characteristics help in analysis of financial statements. As per the text of the quoted individuals, the characteristic of understandability seems to be missing from the current reporting practices as the text talks about com...Read More >>
Answer: Part A: Indicating whether the views of corporate financial report satisfies the central objective of the conceptual framework: The article ‘Unwieldy rules useless for investors’, relatively indicates the overall problems and failures of the International Financial Reporting Standards which is being implemented in the Australian organisation. The article instigated the problems that was faced by Australian companies durin...Read More >>
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