Answer: Answer to Question 1 Financial accounting refers to the discipline that is utilized in order to determine the financial health of the company. The determination of the financial health and the liquidity position of a company are important. This is because the financial information presented in the accounting statements reflects the true financial condition of the company, which helps the stakeholders of business to interpret the finan...Read More
Answer: Part A Based on the application of the conceptual framework usefulness of the financial information is considered with the application of factors such as “comparable, verifiable, timely and understandable” nature of the financial reporting. The relevance factor is associated to the making a difference in the decisions which relate to the economic theories. It has been further seen that the financial information is needs to...Read More
Answer: Introduction: Evaluation of financial figures, expenses, liabilities and assets of an organization is mandatory to evaluate the position of the company and the rules and regulations which have been followed by the company while preparing the financial reports of the company. In this report, annual report of The Citadel Group Limited has been evaluated and the tax expenses, current tax assets and tax payable amount of the company has b...Read More
Answer: Introduction: In the provided situation, it can be seen that Mortdate Accounting firm has provided all the papers related to the audit of many public companies to Penshurts Accountants. APES 110, Confidentiality, 140 states that it is the obligation on the auditors that they cannot disclose the confidential information of the audit clients acquired at the time of providing professional services. For this reason, by providin...Read More
Answer: Introduction: Different stores of JB Hi-Fi offer various types of electronic products; like leading brands of computers, TVs, Tablets, Speakers, Cameras, HI FI, Car Sound System, Home Theatre Sound System, Portable Audio systems and others. In addition, the company also offers various ranges of DVDs, games, Blu Rays, TV shows and others at cheap prices (jbhifi.com.au 2018). JB Hi-Fi measures their revenue based on fair value of the r...Read More
Answer: Introduction: Bell Financial Group Limited Company has been given to make the analysis of the annual report of the company. The company is Australia based and listed on the stock exchange of Australia. The company is in into the business of broking, financial and advisory related services. For the purpose of the analysis of the impairment testing the company’s annual report of the company for the financial year ending 2016 has b...Read More
Answer: Introduction This study deals with understanding the role of International Integrated Reporting Committee by referring to the IIRC websites as well as relevant accounting literature. In the next segment, explanation had been done to understand the potential roles of integrated reporting with regard to stakeholder engagement, comparability of reporting, quality of reporting, usefulness of reporting and users of reporting. The curre...Read More
Answer: Part A Requirement I In Toll Holdings Limited, impairment needs to be done when the market price of an asset is less than the value recorded in the balance sheet. As per the latest financial statements, one can observe that the corporation has used their business goodwill for the purpose to test impairment (competitiontribunal.gov.au, 2018). It needs to be mentioned that Toll Holdings Limited has complies with the require...Read More
Answer: Introduction: Sky plc is a European media and telecommunication company which is situated in London, UK. The key products of the company are direct broadcast satellite, broadband, telephony services, broadcasting, pay television etc. the total revenue of the company was € 12.916 billion in 2017. Currently, 21 million subscribers are entertained by the company and 30,000 people are employed by the company (Home, 2018). The company...Read More
Answer: Introduction Accounting theories are the theories that have been developed over time for controlling and regulating the various accounting treatments that are incorporated in the different corporate entities all over the world. Accounting theories generally refers to the methodologies that have been established in order to guide the preparation of a financial report. The accounting theories have been modified over time in order to sui...Read More
Answer: Part A: Requirement i) Fair fax media limited has conducted the impairment of assets such as investments that accounted for using the method of equity. Such investments are tested for impairment at each reporting date when there is indication of impairment. At the end of each reporting period, assets that suffered impairment are reviewed for reversal impairment. Some of the intangible assets of organization such as trade names and ma...Read More
Answer: Introduction: The report is prepared to evaluate the valuation practice of non financial assets of companies regarding their non-financial assets such as intangible assets and plant, equipment and property. Valuation practices are analyzed in terms of fair value and historical cost accounting. It has been depicted from the analysis of literature review that these two methods of accounting often come under debate regarding its applicab...Read More
Answer: Introduction: In order to prepare the financial statements, the conceptual framework related to financial reporting is significant for the business organisations in the recent times. This is because it delivers considerable course of action along with the techniques and principles needed to develop the financial reports ( Barth 2015). Along with this, the conceptual framework could help in resolving various issues of the business organi...Read More
Answer: Introduction: The objective of the report is to focus on the utilization and impact of AI (artificial intelligence) in the accounting field (Bench-Capon, 2014). The explanation of AI’s influence in the accounting field highlights on how development of this technology has transformed the accountants work as well as efficiency in providing better services to their clients. While working in huge accounting firm, it is usually iden...Read More
Answer: Part A Article 1: “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”a)The main topic of the above article is the increase in interest rate by 25 bps in US and also expected two more rate hikes in 2018 so that the Fed rate can lie between 1.5% -1.75% p.a.b)The given interest rate hike was quite expected and would potentially prove to be beneficial for the economy as inflation is increasing which can if not cont...Read More
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