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B326 Advanced Financial Accounting

Question

Answered

Task

The TMA requires you to:

1. Review various study chapters in addition to supplementary materials.

2. 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.

3. 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.

4. You should use a Microsoft Office Word and Times New Roman Font of 12 points.

5. You should use Harvard referencing style for in-text citation and list of references.

Part A

Access the Dell Technologies Inc. home web page and download: the annual report for the fiscal year ended January 31, 2020 (Form 10-k). Note: this file is available at: https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_DELL_2019.pdf

Answer the following questions:

1) How does Dell Technologies Inc. account for Goodwill and Other Intangible Assets? State the amounts of goodwill and other intangible assets as it appears in the financial statement for the fiscal year ended January 31, 2020 and  the fiscal year ended January 31, 2019
 
2) Does Dell Technologies Inc. make any acquisitions during the fiscal year ended January 31, 2020?, and how these acquisitions affect the goodwill?

3) From the annual report for the fiscal year ended January 31, 2020:

a. Determine the total amount of non-controlling interest

b. State in which statement it is disclosed and in which section.

c. State the amount of non-controlling interest share in Dell Technologies Inc.’s profit

d. State the amount of non-controlling interest share in Dell Technologies Inc.’s dividends .Explain.

e. Discuss how Dell responded to the latest amendment issued by FASB to simplify the test for goodwill Impairment

(Support your answer by writing the page number(s) in the annual report, from which you get your answer)

Part B

1)Firms should conduct the impairment test for goodwill at least annually. Accounting standards require more frequent impairment testing if some events occurs.
 
a)Identify the main events upon which goodwill undergoes a test for its impairment.
 
b)Provide one recent example from the real world for a company that made the goodwill impairment test and reported goodwill
impairment charges (Excluding Dell Technologies Inc.). Your answer must be in a tabular format, and cover all the following points:
 

  

Example

Name of the company  ( 1 mark)

 

The year (1 mark)

 

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

-   The URL (Internet address) of the annual report

-   The page number(s) in the annual report. (6 Marks)

 

The specific underlying business reasons that required the company to record the goodwill impairment charges as mentioned in the annual report and any other information from the media (7.5 Marks)

 

 
(Answers not provided in a tabular format will be disregarded and any examples given dated before the year 2001 will not be considered).
 
2)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)

Amortization and impairment of intangible assets other than goodwill

Answer this question in a tabular format, like the following one:

  

IFRS

GAAP

Assignment/allocation of goodwill

 

 

Impairment of goodwill

 

 

How impairment loss is recognized and allocated

 

 

Amortization and impairment of intangible assets other than goodwill

 

 

Part C

1)Explain in details the differences between Merger, Consolidation, and Acquisitions. Support your answer with one recent example from the real world for each type. (Always give detailed information that would support you answer.)
 

           

Explanation

Name of the companies

Detailed information about this business combination

Merger

 

 

 

Consolidation

 

 

 

Acquisition

 

 

 

      
(Answers not provided in a tabular format will be disregarded and any examples given dated before the year 2001 will not be considered)
 
2)" 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 the accuracy of this statement and support your answer with a numerical example.

3)  What is the difference between upstream sale of inventory and a downstream sale? Why is it important to know the direction of sale when preparing the consolidated financial statements?

Part D

On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000.At the time of the acquisition, the book value of Scann's assets and liabilities was equal to the fair value except for equipment that was undervalued $80,000 with a four-year remaining useful life and inventories that were undervalued $20,000 and sold in 2018. Panorama separate net income in 2018 and 2019 was $1,100,000 and $1,150,000, respectively. Scann separate net income in 2018 and 2019 was $300,000 and $360,000, respectively. Dividend payments by Scann in 2018 and 2019 were $60,000 and $60,000, respectively.

Required:  Using equity method,

1)Calculate Investment in Scann shown on Panorama's ledger at December 31, 2018 and 2019.

2)Calculate Investment in Scann shown on the consolidated statements at December 31, 2018 and 2019.

3)Calculate consolidated net income for 2018 and 2019.

4)Calculate Noncontrolling interest balance on Panorama's ledger at December 31, 2018 and 2019.

5)Calculate Noncontrolling interest balance on the consolidated statements at December 31, 2018 and 2019.

(Support your answer in all points with detailed calculations and explanation

B326 Advanced Financial Accounting

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