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Background LESS: Share capital $222,000 Asset revaluation reserve $166,500 Retained earnings $83,250 Inventories - Fair Value $18,400 Less: Inventories - Carrying amount $16,700 $1,700 Less: Tax Adjus...

AASB 138 defines the value of intangible assets. AASB 138 incorporates AASB 138 (Intangible Assets) provided by the International Accounting Standards Board (IASB). AASB 138 defines how assets are to be identified, assets to be valued and asset disclosure policies to be established. (Steenkamp and Steenkamp, 2016) Identifiability In order for property to be identified, the property must be isolated from the business or it may a...

Compliance with AASB standards of ADCORP Australia Ltd.To illustrate this article tow companies selected are ADCORP Australia Limited and APN News and Media Ltd. both these companies are from the GICS group of Media. ADCORP is represented by ASX code AAU while APN News is represented by the ASX code APN. Both companies have registered office at NSW, Sydney, Australia. They are maintaining their annual fiscal period ending on 30th June. ...

Financiers' Control under AASB 10According to the given situation, LBX Pty Limited primarily had different shareholders that had around 25% of shares that was essentially assumed by Millionaires Club along with Pty Limited whilst the left over shares are possessed by the founder of the company LBX Pty Limited. Additionally, it is significant to allow for all the evidences as well as situations for assessing control over financiers. However, Mi...

The concept of consolidated financial statements World Retailing Ltd Consolidation/Elimination Journal Entry Particulars Debit Credit Elimination of Investment Share capital  $ 160,000.00 Retained earnings  $   80,000.00 Revaluation surplus  $ 100,000.00 Goodwill  $ 244,000.00 ...

Situations that Require Auditor's AttentionIn the business organizations, the occurrence of certain incidents, events and conditions require the work of an audit expert to get to a proper solution. In this context, the International Auditing and Assurance Standards Board (IAASB) offers great assistance to the business organizations by providing the description of these situations or events or incidents that need the help of audit expert. More ...

ABM Resources NLTo analyze the implication of accounting standards in the accounting procedure of Australian Companies, we have chosen two sample companies. These companies are from GICS group of Materials as per enrollment in ASX listing. They are ABM Resources NL, from Nedlands, Western Australia and Activex Ltd from Queensland, Brisbane. ABM Resources NL is with the ASX code of ABU and Activex Ltd is with the ASX code of AIV. Both companies...

Question 1 - Magneta Limited – AASB 108 And AASB 116Financial statements of every company provide the insights about how the company is working and performing. It informs about the financial position at the particular date and the financial performance of the company over the period of time. Financial statements are prepared from the books of accounts which in turn are prepared on the basis of the provisions of the defined accounting sta...

Part 1: GeneralAASB 124 describes about the disclosures relating to related party transactions in the financial statements. The requirement of related party disclosures is given under Section 334 of the corporations’ act 2001. This includes identifications of persons or entities as related parties to the company including compensations paid to key managerial person. This AASB further includes disclosures related to transactions, outstan...

Background of the case studyConsolidation or business combination is one of the most important and tricky aspects of accounting for the managers (Finney, 2011). Consolidation refers to the acquisition or merger of two or more entities either or the purpose of formation of a new entities or absorption into the existing entities (Henrekson, 2014).. The given report discusses about one of such cases where two companies come together for consolidati...

Objectives of AASB 13The Australian Accounting Standard Board (AASB) aims at formulating such Australian Accounting Standards that includes interpretations and are required to be applied by : Organizations required to present and prepare financial reports according to Corporations Act 2001 ; Governments who are required to prepare financial reports for the entire General Government Sector (GGS) ; Reporting entities whether they are profit...

KLZR LIMITED Statement Of Profit/Loss And Other Comprehensive Income Particulars Notes  Amount Sales revenue                       9,97,000 Dividend revenue                 &n...

BackgroundIt is needed for the business organizations to comply with the required accounting standards and regulations in the process of financial reporting. In this process, it is their responsibility to consider the revised accounting standards and regulations in different aspects of financial reporting (Nobes 2014). In Australia, the Australian Accounting Standard Board (AASB) has introduced the new and revised lease standard that is AASB...

Main Weakness of Old Revenue Standards1.a.The requirements of both existing Australian standards on revenue recognition and the newly issued international accounting standards by the IASB (International accounting standards board) are the same. There were certain drawbacks in the existing standard on revenue recognition which has resulted in an inconsistency between the company’s reported revenue. To be more specific when the company r...

Corporate RegulationThe consequences of the financial accounting and reporting if allowed voluntarily have discussed in detail. How the AASB sets IFRS along with the applicability on the member countries have been discussed in the project. The companies taken into consideration are 3P learning Education Limited, Evolve Education Group, G8 Education Limited and Red hill Education Limited. All the companies considered deals in the education sector...

Objective and Requirements of the Standard1). The AASB  117 standard deals with leases. This standard requires: a lessor and a lessee  to classify the lease. The classification can either be a  finance lease or an operating lease. This depends on its economic substance An operating lease recognises lease payments as an expense on a straight line basis, . The systematic basis represents the time pattern of the  basis of ...

Importance of identifying the acquirerThe AASB 3 business combination was adopted by Australian Accounting Standards Board that is said to be solely responsible for the maintenance and development of all financial reporting standards that are relevant to both private and public entities of the economy of Australia (He, Evans and He, 2016) . The purpose of this report is to give a detailed explanation of what is AASB 3 standard. It includes the...

Journal Entries in the books of White LtdSolution-1 Journal Entries in the books of White Ltd.  (Amount in $) Date Particulars  Debit  Credit 30 June, 2015 Accumulated depreciation (refer WN-1) 60,000 To Machine 60,000 (To adjust depreciation with cost of asset) 30 June, 2015 M...

Lack of Integrity and TransparencyThe provided information is on the company named Sunshine Ltd and  the general manager of the company Kam Sunshine went to the accountant, Maria Mars for reduction in profit. The major motive of Kam is to do some modification in the upcoming profit of the company. This aspect has created an ethical dilemma on Maria Mars due to her concern for the renewal of her contract with the company. This has led to M...

Indicators of Asset ImpairmentMyer Holdings Limited is a merchant store company in Australia. It operates approximately 60 retail stores located across Australia. Myer limited company deals with a range of products including menswear; women wear, children’s wear, electronics, cosmetics, and accessories among others. Impairment of assets occurs on intangible assets which involve identifiable non-monetary assets that cannot be touched, ph...

The first topic: Challenges in Myer's Marketing and Fiscal Management1.According to the article by Elizabeth Knight, Myer’s is trying to incorporate a new way in the marketing of its products to ensure that it remains productive. In the business sector there are large budgetary plans that are set year after year with the aims of increasing sales and getting new customers. According to Elizabeth Knight plans need appropriate strategies in...

Objective and Purpose of Impairment of AssetsThe standard AASB 136 Impairment of Assets is issued by the Australian Accounting Standards Board under the Corporations Act 2001 on 15 July 2004. The standard is applied to each entity preparing the financial reports for particular accounting period and in accordance with the provisions of Corporation act (AASB. 2009).This report highlights the purpose of impairment of assets and other related aspe...

Issues surrounding the prospectus for fundraising in 2013Write a  Report on the Rise and Fall Of Dick Smith. There have been many issues surrounding the management of multinational corporations in the recent past.  The issues range from poor corporate governance practices, manipulation of a corporation’s books of accounts and lack of transparency in financial reporting. The aforementioned factors together with ethics in ...

Overview of provisions recorded by Capral Limited Discuss about the Lease Capitalisation On Financial Statement. Looking at the financial statement of Capral Limited for the year ended 31st December 2017 it is identified that the provision recorded by the company under current liabilities amounted to $ 12,638,000 as compared to $ 11,063,000 for the previous year. Further, the provision recorded by the company under non-current liabilities amoun...

Investment Property Accounting Treatment under AASB 140 1.With reference to VCX identify and summarise the accounting policies relating to investment properties and how these are dictated by regulation. 2.With reference to VCX identify and explain the flexibility management has available in the determination of investment property values. 3.With reference to VCX explain the potential impacts of the changes in the retail industry on the financi...