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ACC510 Financial Reporting

tag 0 Download 7 Pages / 1,711 Words tag 30-07-2021

Questions:

Question 1:

Explain how TDM Ltd should account for each of the above items. You must justify your answer by reference to the AASB Conceptual Framework’s definitions and recognition criteria for assets, liabilities, income and/or expenses as applicable. You must also state which General Ledger accounts are to be debited and credited.

Question 2:

Start by establish the issues for your analysis by addressing the following:
    1. the advantages of a components approach versus a simple depreciation of the $10 million dollars over the 10-year period.
    2. Since AASB 116 requires initial recognition at cost and then provides a choice between either the cost model (impairment) or the revaluation model (increment and/or decrement) – discuss the advantages and/or disadvantages in applying either model to the aeroplane as a whole – indicating which would be the most appropriate as a result or if treated as components then which would be most applicable to the components you have identified.  
    3. Basis for selecting the method of depreciation according to AASB 116.
Discuss how the costs relating to the aircraft should be accounted for (treated) with respect to:
    1. Aircraft body;
    2. Engines;
    3. Fittings;
    4. Food preparation equipment.
    5. Where relevant consider/discuss issues such as: 
    6. the treatment of the upgrades of cockpit equipment.
    7. accounting for inspections.
Determine the expenses to be recognised for the financial year 1stJuly 2016 to 30th June 2017.
    1. Aircraft body;
    2. Engines;
    3. Fittings;
    4. Food preparation equipment;
    5. Total Expenses.

Question 3:

Outline the accounting treatment for brands under AASB 138/IAS 38, and discuss the difficulties for standard setters in allowing the recognition of all brands and formulas on statements of financial position.

Question 4:

  1. Discuss possible reasons as to why provisions are recognised in the financial statements whilst contingent liabilities are not.
  2. Determine whether the following items would be classified and recoded as liabilities or not (provide a brief explanation for your decision):
  3. Provision for long-service-leave;
  4. Dividends payable;
  5. Preference shares.
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My Assignment Help. (2021). ACC510 Financial Reporting. Retrieved from https://myassignmenthelp.com/free-samples/acc510-financial-reporting/criteria-for-assets-liabilities-income.html.

My Assignment Help (2021) ACC510 Financial Reporting [Online]. Available from: https://myassignmenthelp.com/free-samples/acc510-financial-reporting/criteria-for-assets-liabilities-income.html
[Accessed 27 January 2023].

My Assignment Help. 'ACC510 Financial Reporting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc510-financial-reporting/criteria-for-assets-liabilities-income.html> accessed 27 January 2023.

My Assignment Help. ACC510 Financial Reporting [Internet]. My Assignment Help. 2021 [cited 27 January 2023]. Available from: https://myassignmenthelp.com/free-samples/acc510-financial-reporting/criteria-for-assets-liabilities-income.html.


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