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ACCT19061-Advanced Financial Accounting

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Question:

Part A

1.What is a ‘business combination’? What is the method of accounting that must, according to AASB 3 Business Combinations, be used to account for a business combination? What are the steps involved in applying this method?  

2.Does your company report any goodwill? How is goodwill defined? In what circumstances can an entity recognise goodwill and how is goodwill measured?

3.What is a gain from a bargain purchase? How is a gain from a bargain purchase measured and how is it accounted for?  

4.Is goodwill amortised? Is goodwill subject to impairment testing? If it is subject to impairment testing then when is goodwill be tested for impairment?

5.Can an impairment loss in relation to goodwill be subsequently reversed when there are indicators that an impairment loss recognised in prior periods may no longer exist or may have decreased?          

 

Part B

Assume that Company A obtained control of Company B. Explain the application of AASB 3 Business Combinationsand AASB 10 Consolidated Financial Statements if (1) Company A obtained control through purchasing all of the issued shares of Company B; and (2) Company A obtained control through purchasing all the assets and assuming all of the liabilities of Company B.     

  • Is your company part of a consolidated group? If it is, state the number of individual companies that comprise the group and the number of the note in the financial statements that includes this information.  
  • Explain the concept of ‘control’ and how it differs from ‘significant influence’.
  • Briefly explain the process involved in preparing consolidated financial statements.     
  • When preparing consolidated financial statements: (1) what is the purpose of the acquisition analysis; (2) why might a subsidiary’s assets be revalued to fair value as part of the consolidation process?   
  • Does your company have any associates? If it does, state the number of associates and the number of the note in the financial statements that includes this information.  
  • What is the method of accounting used by investors to account for investments in associates? Briefly explain this method of accounting. When this method is used, does it make a difference whether the investor is also a parent company?
  • Is your company a party to any joint arrangements? If so, state the number of the note in the financial statements that includes this information.  
  • Explain ‘joint control’ and distinguish between joint ventures and joint operations. Briefly explain the accounting requirements for joint arrangements. 
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[Accessed 23 October 2021].

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My Assignment Help. ACCT19061-Advanced Financial Accounting [Internet]. My Assignment Help. 2020 [cited 23 October 2021]. Available from: https://myassignmenthelp.com/free-samples/acct19061-advanced-financial-accounting/business-combination.html.


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