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B326 Advanced Financial Accounting

Question

Answered

Question :

About TMA:

The TMA covers the advanced accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. This TMA requires you to apply the course concepts. The TMA is intended to:

  • Assess students’ understanding of key learning points within chapter 1, 3, 4 and
  • Increase the students’ knowledge about the reality of the advanced Accounting issues.
  • Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
  • Develop the students’ ability to understand and analyze different issues that corporations might face in real world.
  • Develop basic ICT skills such as using the internet.

This TMA is divided into two parts. Part A “business combination” and Part B “intercompany transaction and relevant information”.

The TMA requires you to:

  • Review various study chapters in addition to supplementary materials.
  • Conduct a deep information search using the internet and your E-Library. You are expected to use E-library sources to support your answers. A minimum of 3 sources is required.
  • It’s imperative that you write your answer using your own words. Plagiarism will be penalized depending on its severity and according to AOU plagiarism policy.
  • You should use a Microsoft Office Word and Times New Roman Font of 12 points.
  • You should use Harvard referencing style for in-text citation and list of references.

For Cut-off date: Check LMS

The TMA Questions:

Instructions: In light of your study of the course subjects and your readings through (the Internet –Annual reports mentioned in this TMA - the university e-library), answer the following questions:

PART A

Access the Coca Cola Company home web page and download: the annual report for 2019(Form 10-k)

Note: this file is available at:

https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0000021344-20-000006/0000021344-20-000006.pdf

Answer the following questions:

1. How does Coca Cola Company account for Goodwill, Trademarks and Other Intangible Assets?                                                                                       
2. Does Coca Cola Company make any acquisitions during 2019? How these acquisitions affect the goodwill?                                                          
3. Determine the total amount of non-controlling interest for 2019 and state in which statement it is disclosed. Also, state the amounts of non-controlling interest share in Coca Cola Company profit and Coca Cola Company dividends for 2019.(5 marks)

4. In 2018. CVS Health Corporation reported a $6.1 billion charge for the impairment of goodwill in one of its reporting units (segments) in its 10-K annual report. Referring to CVS Health's 2018 financial statements and any other information from the media, address the following:

5. CVS Health's segments serve as its reporting units for assessing goodwill for potential impairments. Which segment suffered a 2018 impairment? Describe the revenue model for this segment.
 
6. What were the underlying business reasons that required CVS Health to record a goodwill impairment in 2018?
 
7. How did CVS Health reflect the 2018 goodwill impairment in its income statement and cash flow statement?
 
8. Describe in your own words the goodwill impairment testing steps performed by CVS Health in 2018 and the consequent loss measurement. (2.5 marks) 

https://www.annualreports.com/HostedData/AnnualReportArchive/c/NYSE_CVS_2018.pdf

PART C

Firms should conduct the impairment test for goodwill at least annually. Accounting standards require more frequent impairment testing if some events occurs.

Identify the main events upon which goodwill undergoes a test for its impairment.

Provide two recent examples from the real world for companies that made the goodwill impairment test and reported impairment charges (Excluding CVS Health Corporation & Coca-Cola Company). Your answer must be in a tabular format, and cover all the

   

Example 1

Example 2

Name of the company

 

 

The year

 

 

- The amount and details of these impairment charges as mentioned in the annual report

- The URL(Internet address) of the annual report

- The page number(s) in the annual report.

 

 

The specific underlying business reasons that required these companies to record the goodwill impairment charges.

 

 
(Answers not provided in a tabular format will be disregarded and any examples given dated before the year 2000 will not be considered.       
Provide examples from the real worldfor successful and unsuccessful mergers and acquisitions cases in recent years and state the specific reasons behind their success or failure. (Do not provide general reasons behind success or failure & only one example should be provided for each case, any examples given dated before the year 2000 will not be considered).  
  • Explain in details ,the differences between the IFRS and GAAP (after FASB issued ASU 2017-04 to simplify the accounting for goodwill impairment) regarding the following:
  • Assignment/allocation of goodwill. (i.e. The levels at which goodwill is assigned /allocated)
  • Impairment of goodwill and test(s) applied and its steps (i.e. Methods of determining impairment of goodwill)
  • How impairment loss is recognized and allocated.(i.e. impairment loss[charge] calculation and allocation)

Part D:

1- If the accountant did not prepare the elimination entry of unrealized profit in inventories at the end of any year, this will affect the consolidated net income in that year and in all subsequent years. Discuss this statement and support your answer with a numerical example.  

2- Why is it crucial to know the direction of sale of inventory when preparing the consolidated financial statements?

B326 Advanced Financial Accounting

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