Part 1- Introduction The report contains the...
ACC5215 Corporate Accounting Proof Reading Services
This assignment explains about the management of company accounts which deals with wide spectrum of activities from preparation of statements like, income and cash flow, to keeping track of the firm’s taxes. It also ensures about the development and deep understanding of real world applications of corporate accounting.
This assignment has 20% value
The specification of course suggests that your submission must be your own individual work. In this, you can receive clear feedback about your level of understanding of the course material.
References: you are required to include a reference page in your assignment with Harvard referencing style
Marks will be given based on the guidelines. High quality answers will be addressed with good spelling and grammar and punctuations. Under case study questions, explain and apply relevant theories by stating the content of the case studies. Keep in mind the word limit while completing your case study questions.
Case Study Module 1
Case Study Module 2
Case Study Module 3
Case Study Module 4
Module 1 (Select any one, out of two)
Case study A (600 words)
According to the assumption that you are a director of small proprietary company, find small business guide based on the Corporations Act 2001, learn your obligations and rights in respect to the business management and prepare a brief report based on any 3 topics from the following:
1. The meaning of registration, including shareholders’ and directors’ liabilities
2. Rules for internal management of a company
3. Company structure and setting up a new company
4. Continuing obligations once the company is set up
5. Company directors and secretaries
6. Annual financial reports and audit
7. Disagreements within the company
8. Companies in financial trouble
Case study B (600 words)
Prepare a brief report of their roles under the regulation of financial reporting in Australia based on any 3 organizationsmentioned in the following lists:
1. The Financial Reporting Council (FRC) - http://www.frc.gov.au/about_the_frc/
2. The Australian Accounting Standards Board (AASB) - http://www.aasb.gov.au/
3. The International Accounting Standards Board (IASB) - https://www.ifrs.org/groups/international-accounting-standards-board/
4. The Australian Securities and Investments Commission (ASIC) - https://asic.gov.au/
5. The Australian Securities Exchange (ASX) - https://www.asx.com.au/
Module 2 (Select any one, out of two)
Case study C (400 words)
There are three areas which needs adjustment consecutive to the acquisition date including contingent liabilities, goodwill and contingent consideration. You have to prepare a report of subsequent adjustments to the initial accounting for a business combination in each of the three above mentioned areas.
Case Study D (400 words)
This will explain about research on XYZ. XYZ does not apply to all business combinations. You have to prepare a report based on all business combinations excluding from the scope of XYZ.
Module 3 (Select any one, out of two)
Case Study E (400 words)
You have to determine whether a parent subsidiary relationship exists and in which entity under this independent situation. If it exists, then it is a parent which required preparing concentrated financial statements under XYZ.
ABC Ltd is a company that has suffered financial crisis recently at global level which results in increasing experiences of major trading difficulties. Previously, it has obtained loan from AAA bank and when the company is unable to make its loan repayments, the bank made an agreement with ABC Ltd in order to get involved in the company’s management. The agreement between the two entities allows the bank to spend within the company. The managers obtained the authority from the bank for acquisition and required to have bank approval for its budgets.
Case Study F (400 words)
Under mentioned is the comment made by the Swedish Financial Reporting Board to the IASB in response to the issue of ED 10 Consolidated Financial Statements, and received by the IASB:
“We agree that consolidated financial statements would be improved, if they include entities under ‘de facto’ control. However, the problem is to establish which entities are really under ‘de facto’ control. There are situations where it is very clear that the dominant shareholder de facto controls another entity, but there are also lots of situations, where it is not clear that the dominant shareholder de facto controls the other entity. We suggest that the requirement for consolidation based on ‘de facto’ control is restricted to situations, where it is beyond reasonable doubt that control really exists”.
Here, you have to prepare a brief report by discussing whether XYZ could meet the problem raised by the Swedish Financial Reporting Board.
Module 4 (Select any one, out of two)
Case Study G (400 words)
An accounting issue is raised in the LMN Company which is creating confusion for the accountant Ms. Springfield. During the preparation of the acquisition analysis for A Ltd.’s and B Ltd, she calculated the gain on bargain purchase of $20,000. She was not sure of how to calculate and conduct an accounting for this. Her associates informed that this should be calculated as an income. However, she explained the effect created on the consolidated profit in the beginning years after the acquisition date. For instance, if Z Ltd reported a profit of $100,000, then consolidated profit would be $120,000. She is unsure of whether this profit is all post-acquisition profit or a mixture of pre-acquisition profit and post-acquisition profit. You have to compile a detailed report on the nature of an excess, how it should be accounted for, and the effects of its recognition on subsequent consolidated financial statements.
Case Study H (400 words)
A Ltd has acquired all the shares of E Ltd. According to the accountant Bob, A Ltd have studied all the requirements in terms of business combinations, i.e., PPP which further contains assets and liabilities of E Ltd that can be identified easily. It must be recognized in the developed financial statements at fair price. Although the accountant was very much happy about the valuation made to these items, but he is not sure about the number of other matters linked with the accounting for these assets and liabilities. For this, the accountant has approached you and asked you for the advice through the below mentioned questions:
Prepare a report for the accountant at A Ltd advising on the following issues:
1. Should the adjustments to fair value be made in the consolidation worksheet or in the accounts of Sun Ltd?
2. What equity accounts should be used when revaluing the assets, and should different equity accounts such as income (similar to recognition of an excess) be used in relation to recognition of liabilities?
3. Do these equity accounts remain in existence indefinitely, since they do not seem to be related to the equity accounts recognized by E Ltd itself?
Problems that students might face
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