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ACC510 Financial Reporting

Download : 0 | Pages : 8

Answers: Question 1. Part 1. TDM Ltd holds photographs of company’s founders and original buildings which are considered to be of historical value. As per the guidelines of conceptual framework prescribed by Australian Accounting Standard Board, asset is an item that an entity controls as the result of events happened in the past and from that item the entity expects to get economic benefits in future (AASB, 2015). The photographs can ...

Read More arrow Tags: Australia Mckinnon Management  Dairy Science and Technology University of Melbourne Masters in Business Administration 

FNRE315 Financial Reporting

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Answer: ADAIRS has 131 stores over the country, Australia. Internationally it has expanded its operation with signing stores in New Zealand. On financial front, it has conveyed  impressive financial performance from rolling  operation including · Sales Revenue of  $253 million  in FY 2016 and  $ 211 million in  FY 2015 registered  17% growth over previous year; · LFL sales growth(incl...

Read More arrow Tags: Australia Essendon Management  Dairy Science and Technology University of New South Wales Masters in Business Administration 

ACC510 Financial Reporting

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Answers: The asset does not qualify for the recognition criteria the photographs and building at historical value are not considered for generation of economic benefits. The future economic benefits include the potentiality of contribution to the cash flow, indirectly or directly.  The definition of liability met all the below mentioned 3 characteristics: Past event – the act for being sued for negligence Present obligation &ndas...

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ACC510 Financial Reporting

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Answers: 1. 1. The building which are at historical value and the photographs of the founders of the organization are not expected to generate any economic benefit in future. Therefore these assets do not qualify to be recognised as assets as it does not fulfil the recognition criteria for assets. The future benefits here mean the positive contribution to the cash flow of the organization whether directly or indirectly. Therefore, these items...

Read More arrow Tags: Australia Baulkham Hills Management  Dairy Science and Technology University of New South Wales Masters in Business Administration 

ACC510 Financial Reporting

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Answers: Question 1. Part 1. Evaluation on part of accountant for the assets should do based on principles as the primary criteria of recognition is satisfied. As per the definition given by the conceptual framework, measuring the cost of assets is not satisfied under the second criteria. Therefore, under the conceptual framework, photographs should not be regarded as assets. Part 2. AASB 137 provides that accountant needs to satisfy the d...

Read More arrow Tags: Australia Melbourne Management  Dairy Science and Technology University of Melbourne Masters in Business Administration 

ACC510 Financial Reporting

Download : 0 | Pages : 9

Answers: 1.1Photographs of the founders of the company along with the buildings are original and possess sentiments for the existence of the company and also have the historical value. In accordance with the rules and regulations of the Corporations Act read with the accounting standards, no such asset shall be recorded and recognised in the books of accounts. It is because the sentimental value will never accrue the benefit to the company in ...

Read More arrow Tags: Australia Melbourne Management  Dairy Science and Technology University of Melbourne Masters in Business Administration 

ACC510 Financial Reporting

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Answer: It is important to understand the fact that assets define as an economic resource that is determined by business entity due to previous events (ViscarraRossel et al., 2014). It is clearly mentioned in the framework for preparing and presenting the financial statements in the Para 89, that explains than business entity help in recognizing the assets that are presented in the balance sheet if it is probable where the entity will be able ...

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AC7101-Study Of Kerry Group

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Answer: Introduction: The current report is based on the study of Kerry Group which is the public listed company reporting under the International Financial Reporting Standard. The report will evidently provide the description of the business that is carried on by the company along with the areas of its operations. Additionally the report will provide an analysis of the publications issued by the CEO of the Kerry Group in order to discuss the...

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ACC510 Financial Reporting For Australian Accounting Standards Board

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Answer: Requirement 1 The issue that has been presented in the question is that the term fair value is used in different ways, which makes it difficult for the users of the financial statements to understand. The different ways in which this particular term can be utilized has been listed down as follows: The term ‘fair value’ is utilized for the purpose of accounting The fair market value as commonly used in the ATO’s def...

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ACC510 Financial Reporting For Property, Plant And Equipment

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Answer: 1. Fair value can be used in three different contexts they are: Fair value to be used for the purpose of accounting standards Fair market value as commonly used in the ATO’s definition of market value and Fair market value as used by courts. Fair market value is defined under AASB 13 as the predictable price at which an arranged transaction to transfer the asset or to sell the asset takes place amongst the market participan...

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BAC5001 Financial Reporting For Production Of Copper And Diamond

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Answer: Part A Rio Tinto is a British multinational company and a leading metal and mining corporation in United Kingdom. It deals with the production of copper, diamond, coal, aluminium, iron ore and uranium. For the purpose of increasingwer: its operating efficiency, the company is reorganizing its business. The trial balance for Rio Tinto at 31 March 2017 was as follows: Rio Tinto (metals) Unadjusted Trial Balance at 31 Mar...

Read More arrow Tags: Australia Wuhan Management  Dairy Science and Technology University of New South Wales 

Financial Report Of Gazal Corporation Limited

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Question: You have been randomly assigned an Australian publicly listed company. Using the financial reports for your company, you are required to prepare an essay that addresses several requirements, such as discussing the recognition, classification and presentation requirements applicable to items in the company's financial reports.     Answer: Gazal Corporation Limited has its operations in Europe and Australia. The company i...

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Annual Report Of Fairfax Media Limited

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Question: Discuss about the Analysis Of The Annual Report – Asx Listed Company.     Answer: Fairfax Media Limited is the company listed in the Australian Stock Exchange. It is operating number of businesses around the assets of entertainment and the information. It has its operations in the Australia as well as New Zealand. For the purpose of this Essay the annual report for the year ending 25th of June 2017 have been analyse...

Read More arrow Tags: Australia Melbourne Management  Dairy Science and Technology University of Melbourne 

Applicability Malaysian Financial Reporting

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Question: Discuss About The Applicability Malaysian Financial Reporting.   Answer: Introduction On 15 March 2018, the Malaysian Accounting Standard Board (MASB) has issued Plan Amendment, Curtailment or Settlement under MFRS 119. It needs to be mentioned that International Accounting Standard Board (IASB) is responsible for this issue of MFRS 119 Employee Benefits plan. According to this amendment, a business entity is required to...

Read More arrow Tags: Australia Melbourne Management  Dairy Science and Technology University of Melbourne 

Financial Position Of Apple And Samsung

Downloads : 6 | Pages : 10

Questions: 1.Write a report analysing the Financial Performance and Financial Position of two similar Companies in the same Industry.   2.Discuss various valuation techniques according to the IASB Conceptual Framework for Financial Reporting and specific International reporting standards including fair value valuation technique.     Answers: Financial Analysis and Performance Company overview: The current report is based...

Read More arrow Tags: Cyprus Nicosia Management  Dairy Science and Technology University of Nicosia 
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