Answer: Answer 1 The classification of assets is mainly done on the basis of their nature and function as per the financial reporting rules and regulations provided by IASB (International Accounting Standards Board). The assets are classified as current and non-current assets as per the IFRS financial reporting standards. Current assets are the resources that are possessed by a firm to be utilized within a year. On the other hand, non-current...Read More
Answer Part A: Criticism on the adoption of IFRS in Australia Australia decided to replace its accounting standards with the International Accounting Standards Board (IASB) win 2002 with an aim of enhancing the flow of Australian business in the global market. However, some Australian accountant and financial experts have criticised the use of IFRS as captured by Agnes King in her article entitled ‘Unwieldy rules useless for investo...Read More
Answer: Introduction In the present report, an effort has been made to illustrate the role of the International Integrated Reporting Committee. For this purpose, the IIRC website and relevant accounting literature have been referred to. Subsequent to this an understanding is developed in respect of the importance that integrated reporting holds in respect of the comparability of the reports prepared, the usefulness of the report p...Read More
Answer: Introduction: The intention of this report is to concentrate on the criteria of impairment and assumptions used on the part of M2 Telecommunications Group Limited for carrying out impairment tests on assets. The report would deal with the procedures of impairment testing and the subjectivity involved in such procedures. For commenting on these procedures, the annual report of the organisation for the period ended 30th June ...Read More
Answer: Question 1 Straight Line Method 2012 2013 2014 2015 2016 2017 Cost of Truck 65000 Residual Value 5000 Depreciation ...Read More
Question: Explain the importance of both integrating sustainability into business and sustainability reporting utilising both the “Guide” and the relevant accounting literature. Answer: Introduction: A sustainability reporting guide has been developed by Bursa Malaysia that has the objective of providing assistance to users in making improvement to their sustainability related disclosures for addressing the evolv...Read More
Question: Discuss about the Fundamentals of Corporate Finance for General Topics. Answer: Introduction This report discusses the impact that the AASB 17 has had on leasing firms in Australia. The report reviews and critically analyzes the article by Churyk, Reinstein and Lander(2015). The fundamental characteristics of financial information include a variety of qualitative aspects that a firm should meet to be considered to ha...Read More
Question: Discuss about the Financial Accounting And Intangible Assets. Answer: The intangible assets are the assets those are not physical by nature. The corporate property in the nature of intellectual those include trademarks, patents, business methodologies, brand recognitions, goodwill and copyrights are regarded as intangible assets. as per AASB, the intangible asset is recognized only if (i) it is expected that the econo...Read More
Question: Discuss About The Adverse Uniform Written Reporting Standards? Answer: Introducation Measurement and bureaucratic processes helps generate economic measurements that provide a scale that is used in accounting to assess profit or loss made by a company. Therefore calculations are not generally based on hypothesis or guesswork since an already established measuring scale is used. In addition, these measuring instruments ...Read More
Question: Discuss about the Depreciation for Acquisition Value of the Asset. Answer: Depreciation refers to the reduction in the cost value of the fixed assets according to the depreciation method used. The aim is to allow the provision to be made equal to the amount of cost of fixed assets so that companies does not requires to expend much to purchase the new machine. (Hussey and Ong, 2017). Things to be considered for d...Read More
Question: Discuss about the Advanced Financial Accounting for Byrne Limited. Answer: Issues in Revenue recognition: The case is about issue of recognition of revenue of an organization for rendering services to their clients of non-cancellable contracts. It is the policy of company to have the full payment at the date of signing contract for overcoming dealing with clients who do not make payment. Byrne Limited is one of the c...Read More
Question: Discuss about the Advanced Financial Accounting for Lessee. Answer: Introduction Lease implies a contract between two parties in which one party agrees with the other to transfer the asset for use on payment of monthly lease rentals. The party which gives the asset on lease is called Lessor while the party which receives the asset for use is called Lessee (Nikolai, Bazley, & Jones, 2009). The lease involves speci...Read More
Question: Explain the manner in which AASB 6, with respect to exploration and evaluation expenditures, elaborates on the definition and recognition criteria for assets specified in the AASB Framework for the Preparation and Presentation of Financial Statements (the Framework).?To what extent are the AASB 6 rules for exploration and evaluation expenditures consistent with the asset definition and recognition criteria specified in the Framework? A...Read More
Question: What Is the Accounting Negative and Social Consequences? Answer: Introduction Entities for expanding their asset structure are frequently incurring liabilities and expenditures. The asset structure in a company comprises of tangible assets and intangible assets. The essay focuses on Intangible assets. Intangible assets are controlled by AASB 138 (Halim & Jaafar, 2012). Identification of negative and social consequ...Read More
Question: Discuss about the Negative as Well as Social Consequences of the AASB 138 for Intangible Assets. Answer: Introduction The AASB 138 was initially introduced in Australia by July 2004. This was mainly aimed at providing some standards on how numerous intangible assets are valued. Under this accounting standard, research has to be written off once they are incurred (Brahim and Arab 2012). With these considerations, this paper...Read More
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