$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

MA511-Financial Accounting And Reporting

tag 0 Download9 Pages / 2,160 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

The Nikita Ltd which is a public company required to prepare general purpose financial reports, operates in a very competitive field, has been using historical cost in reporting their assets in the statement of financial position. The board of the company instructed the finance manager to use the fair value basis for the measurement of its non-financial assets (Property, plant & equipment). Some of those assets are very valuable and have in fact increased in value over the current period. In pursuing the board’s decision CEO is arguing that, as there has been no decline in fair value during the current reporting period, no depreciation should be charged on company assets as done in the past.

Required:

Assume you are the finance manager of the Nikita Ltd and write a report to the CEO.
Choose one of the company from the table listed below, access the Annual report of the selected company for the financial year 2017, and write a report incorporating the followings (1to7) while reviewing the selected annual report’s financial statements and notes to cite examples in order to strengthen your arguments.

1.Explain the nature of general purpose financial reports (GPFR) in the context of the AASB’s current SAC 1 Definition of the Reporting Entity.

2.Describe what assets constitute property, plant and equipment (PPE), and what the recognition criteria are for PPE.

3.Outline and explain the requirements of AASB 116 in relation to:
 
(a)The acquisition of property, plant and equipment;
 
(b)The measurement of property, plant and equipment subsequent to acquisition.

4.What is meant by depreciation expense, and explain whether all assets are subject to depreciation?
5.How is useful life determined, and what is meant by residual value of an asset?

6.What is fair value? Discuss whether AASB 116 set fair value as the ceiling for the carrying amount of assets and the impact of AASB 112 tax effect accounting on assets carried at fair value.

7.Discuss whether CEO’s argument is ethical when preparing the company’s financial statements in accordance with AASB101.

8.Recommendations and Conclusion

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Financial Accounting And Reporting. Retrieved from https://myassignmenthelp.com/free-samples/ma511-financial-accounting-and-reporting/requirement-of-aasb.html.

My Assignment Help (2020) Financial Accounting And Reporting [Online]. Available from: https://myassignmenthelp.com/free-samples/ma511-financial-accounting-and-reporting/requirement-of-aasb.html
[Accessed 26 July 2021].

My Assignment Help. 'Financial Accounting And Reporting' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/ma511-financial-accounting-and-reporting/requirement-of-aasb.html> accessed 26 July 2021.

My Assignment Help. Financial Accounting And Reporting [Internet]. My Assignment Help. 2020 [cited 26 July 2021]. Available from: https://myassignmenthelp.com/free-samples/ma511-financial-accounting-and-reporting/requirement-of-aasb.html.


Are you looking for someone who can tell you how to reference a book while drafting a paper? You can check out the webpage of MyAssignmenthelp.com where you can hire our experts for quality assistance with every referencing format including APA format, Harvard reference format and IEEE reference format. Referencing can be a critical task, especially when you are completely unaware of the assigned referencing style. We assure you to give you complete help in the specific way as you may require.

Latest Samples

MBA503 Final Project Guidelines And Rubric

Download : 0 | Pages : 4

Answer: Milestone three: Financial statement of the company is prepared to evaluate the financial performance as well as financial position during the accounting period. In order to prepare the financial statement companies are required to follow the requirements of accounting principles and standards as per “generally accepted accounting principles (GAAP)”. As per the regulations provided under GAAP, companies are required to pr...

Read More arrow Tags: United States Mcdonough Management MBA 503 Final Project Guidelines and Rubric  Southern New Hampshire University MBA 503 Final Project Guid 

HOS203A Food And Beverage Management

Download : 0 | Pages : 6

Answer: Introduction The use of social enterprises is a new idea that consumers currently need to adapt to. Looking into the case provided by the consultants, we are engulfed in the situation of Sally Irwin who happens to have been working in the social enterprise space for a long time. Even though the level of her expertise alongside professional experience has been the key towards her rise to a senior position in the same field, it is her p...

Read More arrow Tags: Australia Blacktown Management University of New South Wales Masters in Business Administration 

Y508 Human Resource Management

Download : 0 | Pages : 5

Answer: Introduction The aim of this report is appreciating and applying the principles present in effective Human Resource Management (HRM). The lifeblood of any organization are its people and the ability of attracting, recruiting and retaining talented staff as a core of all HR activities. This report would be exploring the techniques and tools that are used in HRM for maximizing the employee contributions and the ways of using HR methods ...

Read More arrow

LSTD517 Law Ethics And Cybersecurity

Download : 1 | Pages : 2

Answer: In 2013, Edward Joseph Snowden, a contractual employee of National Security Agency (NSA), United States has leaked top-secret information of NSA without the agency’s authorization. This information includes millions of private phone calls, photos, emails, internet chats of different kinds gathered from Google, Face book, Microsoft, Yahoo and other internet applications of the foreign nationals and American citizens. It was an onl...

Read More arrow

BPS 6311 Strategy Implementation

Download : 0 | Pages : 4

Answer: Internal Environment Internal Structure Google effectiveness and success is linked to the cultural up gradation and organizational reformation of the structure. The company structure is not conventional and this is the reason direct social link cannot affect the internal programs as well. On the other hand, the business expansion of the company creates higher chances of success. Google has maintained a cross-functional organization ...

Read More arrow Tags: United States New York Management Economics University of New South Wales 
Next

Still in Two Minds? The Proof is in Numbers!

33845 Genuine Reviews With a Rating of 4.9/5.

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?