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The concept of consolidated financial statements World Retailing Ltd Consolidation/Elimination Journal Entry Particulars Debit Credit Elimination of Investment Share capital  $ 160,000.00 Retained earnings  $   80,000.00 Revaluation surplus  $ 100,000.00 Goodwill  $ 244,000.00 ...

Question 1 - Magneta Limited – AASB 108 And AASB 116Financial statements of every company provide the insights about how the company is working and performing. It informs about the financial position at the particular date and the financial performance of the company over the period of time. Financial statements are prepared from the books of accounts which in turn are prepared on the basis of the provisions of the defined accounting sta...

Part 1: GeneralAASB 124 describes about the disclosures relating to related party transactions in the financial statements. The requirement of related party disclosures is given under Section 334 of the corporations’ act 2001. This includes identifications of persons or entities as related parties to the company including compensations paid to key managerial person. This AASB further includes disclosures related to transactions, outstan...

Background of the case studyConsolidation or business combination is one of the most important and tricky aspects of accounting for the managers (Finney, 2011). Consolidation refers to the acquisition or merger of two or more entities either or the purpose of formation of a new entities or absorption into the existing entities (Henrekson, 2014).. The given report discusses about one of such cases where two companies come together for consolidati...

Objectives of AASB 13The Australian Accounting Standard Board (AASB) aims at formulating such Australian Accounting Standards that includes interpretations and are required to be applied by : Organizations required to present and prepare financial reports according to Corporations Act 2001 ; Governments who are required to prepare financial reports for the entire General Government Sector (GGS) ; Reporting entities whether they are profit...

BackgroundIt is needed for the business organizations to comply with the required accounting standards and regulations in the process of financial reporting. In this process, it is their responsibility to consider the revised accounting standards and regulations in different aspects of financial reporting (Nobes 2014). In Australia, the Australian Accounting Standard Board (AASB) has introduced the new and revised lease standard that is AASB...

Main Weakness of Old Revenue Standards1.a.The requirements of both existing Australian standards on revenue recognition and the newly issued international accounting standards by the IASB (International accounting standards board) are the same. There were certain drawbacks in the existing standard on revenue recognition which has resulted in an inconsistency between the company’s reported revenue. To be more specific when the company r...

Corporate RegulationThe consequences of the financial accounting and reporting if allowed voluntarily have discussed in detail. How the AASB sets IFRS along with the applicability on the member countries have been discussed in the project. The companies taken into consideration are 3P learning Education Limited, Evolve Education Group, G8 Education Limited and Red hill Education Limited. All the companies considered deals in the education sector...

Journal Entries in the books of White LtdSolution-1 Journal Entries in the books of White Ltd.  (Amount in $) Date Particulars  Debit  Credit 30 June, 2015 Accumulated depreciation (refer WN-1) 60,000 To Machine 60,000 (To adjust depreciation with cost of asset) 30 June, 2015 M...

Lack of Integrity and TransparencyThe provided information is on the company named Sunshine Ltd and  the general manager of the company Kam Sunshine went to the accountant, Maria Mars for reduction in profit. The major motive of Kam is to do some modification in the upcoming profit of the company. This aspect has created an ethical dilemma on Maria Mars due to her concern for the renewal of her contract with the company. This has led to M...

Indicators of Asset ImpairmentMyer Holdings Limited is a merchant store company in Australia. It operates approximately 60 retail stores located across Australia. Myer limited company deals with a range of products including menswear; women wear, children’s wear, electronics, cosmetics, and accessories among others. Impairment of assets occurs on intangible assets which involve identifiable non-monetary assets that cannot be touched, ph...

Issues surrounding the prospectus for fundraising in 2013Write a  Report on the Rise and Fall Of Dick Smith. There have been many issues surrounding the management of multinational corporations in the recent past.  The issues range from poor corporate governance practices, manipulation of a corporation’s books of accounts and lack of transparency in financial reporting. The aforementioned factors together with ethics in ...

Overview of provisions recorded by Capral Limited Discuss about the Lease Capitalisation On Financial Statement. Looking at the financial statement of Capral Limited for the year ended 31st December 2017 it is identified that the provision recorded by the company under current liabilities amounted to $ 12,638,000 as compared to $ 11,063,000 for the previous year. Further, the provision recorded by the company under non-current liabilities amoun...

1.Aasb3 Business Combination 1.With reference to the above statement describe what is meant by a business combination AASB 3 Business Combinations. 2.Discuss the importance of identifying the acquirer of a business combination. (Consider the levels of control and the members’ rights in your answer). 3.Comment on the fact there may be assets and liabilities that have not been recognised by the acquiree but are recognisable by the acquirer...

AASB 16 Lease - What is it About?Discuss about the Measuring Country Differences In The Enforcement. Accounting standards change to improve the current standards that are deemed ineffective for reporting financial information. Accounting standards refer to authoritative guidelines for financial reporting. Companies use accounting standards as guidelines to prepare their financial statements (Brown, Preiato, & Tarca, 2014). Accounting ...

International Accounting Standards Board (IASB) framework for financial statementsDiscuss About The Journal Of Modern Accounting And Auditing. The International Accounting Standards Board (IASB) has amended the framework for the development and presentation of financial statements to incorporate the conceptual framework for finance reporting. The framework is specifically designed for determining the concepts underlying the preparation ...

Analysis of benefits and challenges of utilizing historical cost and fair value accounting for both PPE and intangibles Discuss About The Global Encyclopedia Public Administration? In accordance with regulations of IFRS 13 for fair value measurement, fair value is necessarily a market founded system of enumeration and not an entity specific aspect of measurement. Basically, market transactions otherwise market information might possibly be made...

AASB 136 disclosure requirements1.Summarize the disclosure requirements for Impairment as per AASB 136 2.Critically analyse to what extent the latest annual report of your Company meets the disclosure requirements for Impairment as per AASB 136 3.A Critical analysis of some of the Complexities and key Issues involved in Impairment testing. The term impairment means the fact that the value of the asset that has long lived has reduc...

Product Costing System for New Age CaravansDiscuss about the Convergence of Management Accounting. The report has been prepared to analyze the purpose and the significance of the product costing system in relation to New Age Caravans. Furthermore, the suggestions on AASB 102 has even been explained brightly, which are related with the cost of production. In addition, the schedules associated with sales cost and the cost of goods sold pr...

DiscussionDescribe about the Corporate Accounting for Market Participants. AASB 3 Business combinations is almost same as the IFRS 3 of the same as issued by the International Accounting Standards boards. The ultimate target of the AASB 3 is to improve the details and information provided about the business combinations by providing the acquirer the established detailed principles.  It is actually an asset or better a group...

Product Costing SystemDescribe about the Introduction to Management Accounting for Manufacturing Entity. In a manufacturing entity, such as Seafarer Kayaks, the Product Costing System (PCS) can help the management to efficiently store or retrieve information related to costing of the materials and the product. It can also help the management in managing its costs by linking the information inputs with the entity’s business plan, say...

Accounting ConceptsDiscuss about the Sustainable Financial Management Investments. Financial statements are reports that represent the financial health, results, and cash flows of an organization. The statements are crucial for the business because they determine the company’s ability to generate cash besides the sources and uses of the cash generated (Braun, 2012). Financial statements are also useful to the organization because ...

Discuss about the Application or Innovation in Engineering and Management. Conceptual framework is a philosophy that helps in practicing the qualitative process of theories (Jabareen, 2009). Conceptual framework supports in establishing the concepts of motivating financial reporting system by setting the standards in business operations. Thus, it can be stated that the framework is more useful in understanding the objective of the finan...

Materiality ConceptDescribe "The concept of materiality as applied in coca-cola amatil 2015 report".  This study is mainly objected on the concept of materiality. Materiality is explained in this study and it is also examined how this concept transforms in the case study. Materiality is always an aspect of accounting where all matters that are considered to be important disclosed in a financial statement while those that are not co...