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HA2032-Corporate and Financial Accounting

Question

Answered

Assignment

Purpose 

This assignment aims to develop students’ understanding of corporate reporting, disclosure, reporting entity concept and the implication of being classified as a reporting entity. The students will also analyse the disclosure on business combination made by two selected companies.

Assessment Task

Part 

Accounting Standard Setting

1.Do your own research and critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?

Reporting Entity

(ii) Do your own research and critically examine the concepts of small proprietary company, large proprietary company and reporting entity. What are the implications of being classified as either one of these three types of companies in terms of compliance and reporting requirements? 

Part B

Business Combination / Acquisition analysis 

Collect the latest annual reports of two ASX listed companies. Each of the two companies must have reported Business Combination as per AASB 3 (Many of the ASX 300 Companies report business combinations). Carefully read the note disclosure relating to the Business Combination AASB 3. Answer the following:

(i) How many business combinations did the company report?

(ii) What was the fair value of consideration paid?

(iii) What are the components of acquisition costs, e.g. cash consideration and noncash consideration?

(iv) What was the fair value of net identifiable assets acquired?

(v) Recognised value of each class of assets, liabilities and contingent liabilities

(vi) Carrying value of each class of assets, liabilities and contingent liabilities

(vii) How much goodwill or gain on bargain purchase has been recorded?

(viii) Factors that contributed to the recognition of goodwill or gain on bargain purchase (if disclosed)

(ix) What was the amount of goodwill as percentage of total consideration paid?  

HA2032-Corporate and Financial Accounting

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1. Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards. 2. Work individually and in groups to identify and apply appropriate accounting standards to a range of authentic accounting scenarios. ...

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Bibek Chimoriya Part A:1000 word short essay about the following: When to undertake an Impairment test Part B: "Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows: " Account Carrying Amount Land 101000 Equipment 23000 Buil ...

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