Answer: Introduction In this report, the performance of the company Oil Search will be evaluated in terms of several assets, liabilities, leases and revenues. The company oil search is associated with the business of oil exploration and production in Australia and had recorded a total production of 30.3 million barrels of oil. This company had also managed to increase its net profit by 236% and for this; the net profit of the company is measu...Read More >>
Answer: 1. Fair value can be used in three different contexts they are: Fair value to be used for the purpose of accounting standards Fair market value as commonly used in the ATO’s definition of market value and Fair market value as used by courts. Fair market value is defined under AASB 13 as the predictable price at which an arranged transaction to transfer the asset or to sell the asset takes place amongst the market participan...Read More >>
Answer: Requirement 1 The issue that has been presented in the question is that the term fair value is used in different ways, which makes it difficult for the users of the financial statements to understand. The different ways in which this particular term can be utilized has been listed down as follows: The term ‘fair value’ is utilized for the purpose of accounting The fair market value as commonly used in the ATO’s def...Read More >>
Answer: Introduction The issue that is presented is that the accounting statements of Billabong International Limited should has been asked to be analyzed in order to determine the fact whether the accounting reports are prepared in compliance to the prescribed standards for the purpose of determining the reliability of the accounting statements. The financial report of the company is analyzed to discuss the important points that are me...Read More >>
Answer: Fair value has different meaning depending on the usage and context. Fair value in a broader context is the price that is received or paid for transfer of any asset or the amount received after the sale of any asset. In the normal context fair value is termed as the exit price. Fair value is mainly based on market specific assumption and not entity based assumption. In the present case fair value is used in three different contexts th...Read More >>
Answers: Part (i) Acquisition Price $2,000,000.00 Goodwill $240,000.00 Recoverable Amount $465,000.00 Carrying amount Factory $250,000.00 Inventories $150,000.00 Brand $50,000.00 Goodwill $50,000.00 Carrying amount $500,000.00 Impairment Loss $35,000.00 ...Read More >>
Answer: Financial Reporting is regarded as the process to arrange, record, analyze and interpret the business entity’s financial information so that the potential investors and other users can judge the financial position of those companies (Nobes, 2014). This essay aims at analyzing different aspects of the financial reporting of Auscann Group Holding Limited (AusCan Group). AusCann Group makes partnership with the leading companies i...Read More >>
Answer: Introduction Corporate sustainability initiates in the presence of an organisational value system as well as a principle-driven strategy to implement business. This strategy encompasses operation in manners that can meet the basic responsibilities in contexts of labour, human rights, anti-corruption and environment. The thesis statement of this essay is to evaluate sustainable principles and values of ethics in a company in rega...Read More >>
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