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ACC201 Financial Accounting

tag 0 Download 4 Pages / 897 Words tag 25-07-2021

Question:

At the end of part 1 you need to choose an ASX enlisted company for financial analysis. To make the right choice you need to have a clear understanding of
Relevant information
Fair presentation
Accounting estimates
The following cases are independent and not related to each other. Research and give answer of the
following 3 cases. 

Case 1: Relevant information for an investment company A year ago you bought shares in an investment company. The investment company in turn buys,holds and sells shares of business enterprises. You want to use the financial statements of the investment company to assess its performance over the past year.
Required:
a) What financial information about the investment company’s holdings would be most relevant to you
b) The investment company earns profits from appreciation of its investment securities and from dividends received. How would the concepts of recognition in the conceptual framework apply here

Case 2: Fair presentation (Hint: Chapter 16)
The directors of an Australian company that is required to prepare financial reports under the Corporations Act conclude that applying the requirements of AASB 136/IAS 36 Impairment of Assets would not provide a fair presentation because the resulting $80 000 impairment loss is temporary.
Required: Advise the directors how this problem should be addressed in the financial statements in
accordance with AASB 101/IAS 1.

Case 3: Accounting estimates (Hint: Chapter 18)
The board of directors has resolved to change its accounting policy for capitalising gains or losses on its cash flow hedges recognised in other comprehensive income. Previously, such gains or losses were capitalised to hedged items but the directors now believe that taking such gains or losses to profit or loss is a more appropriate treatment. Due to a recent computer virus, all data from the noncurrent asset register, including specific depreciation details from prior periods, has been destroyed.

Required: The board of directors has approached you for advice regarding the disclosures, if any,that are required for this change in accounting policy. 
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