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ACCT19062 Intermediate Financial Accounting

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Questions:

Question 1

(a) How is an asset defined in the AASB’s Framework for the Preparation and Presentation of Financial Statements? What is your understanding of this definition: how would you explain an asset to someone who has no accounting knowledge?

(b) What, according to the AASB’s Framework for the Preparation and Presentation of Financial Statements, are the criteria that must be satisfied before an asset can be recognised in the Statement of Financial Position? What is your understanding of these criteria: how would you explain them to someone who has no accounting knowledge?

(c) Apply the definition and recognition criteria from (a) and (b) and discuss why or why not Blue Light Security Ltd would recognise (1) the security patrol officers (2) the guard dogs (3) the Master Licence and (4) the vehicles as assets in its Statement of Financial Position.

Prepare the Statement of profit or loss and other comprehensive income for Gemini Holdings Ltd for the year ended 30 June 2016 in accordance with the requirements of AASB 101 Presentation of Financial Statements.

Explain the adjustment that must be made in the Statement of profit or loss and other comprehensive income as a consequence the gain on the sale of the financial assets being recognised in profit or loss. Why is an adjustment necessary?

Question 2

(a) Prepare the Statement of profit or loss and other comprehensive income for Gemini Holdings Ltd for the year ended 30 June 2016 in accordance with the requirements of AASB 101 Presentation of Financial Statements.

(b) Explain the adjustment that must be made in the Statement of profit or loss and other comprehensive income as a consequence the gain on the sale of the financial assets being recognised in profit or loss. Why is an adjustment necessary?

Question 3

(a) How is fair value defined in AASB 13 Fair Value Measurement?

(b) Briefly explain the steps involved in measuring the fair value of a non-financial asset. How does this differ from the measurement of financial assets, liabilities and an entity’s own equity instruments?

(c) Explain the difference between ‘unit of account’ and ‘valuation premise’.

(d) What is meant by a non-financial asset’s ‘highest and best use’? What is the role of ‘highest and best use’ in measuring fair value?

What is the difference between ‘principal market’ and most advantageous market’? What is the role of these two types of markets in measuring fair value?

What is the ‘fair value hierarchy’ and what is its role in the measurement of fair value?

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