ACC00713 Corporate Reporting Assignment 1 SOUTHERN CROSS UNIVERSITY ASSIGNMENT COVER SHEET For use with online submission of assignments Please complete all of the following details and then make this sheet the first page of each file of your assignment – do not send it as a separate document. Your assignments must be submitted as either Word documents (with .doc extension‚ NOT.docx)‚ text documents with .rtf extension or as .pdf documents. If you wish to submit in any other file format
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Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events‚ including
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Collapse of Dick Smith and Audit Risks The article selected is intended to discuss the causes of the collapses of Dick Smith and also the responsibilities of associated parties. The author‚ Knight (2016)‚ provides a generic discussion on both of the issues based on public available financial information of the company as well as some preliminary findings of the investigation regarding the Dick Smith Collapse. Dick Smith was floated by Anchorage Capital Partners‚ an Australian-based private equity
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accounting regulation 1 Some facts about accounting regulation Australia adopted the ‘International Accounting Standards’ on 1 January 2005. The IAS are re-issued as Australian Accounting Standards (AASB). Examples include: AASB 102 – Inventories AASB 107 – Cash Flow Statements AASB 116 – Property Plant and Equipment The Corporations Act (2001) Cwth gives these standards the force of law. The Australian Securities and Investment Commission (ASIC) enforces compliance. In Australia…
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and PPE British-Australian multinational metals and mining corporation Headquarters located in London and a management office in Melbourne Disclosure requirements of PPE as of AASB 116 Rio Tinto’s 2013 annual report and its attempts to meet the disclosure requirements of PPE Meets all requirements except one‚ 77f of the AASB 116 Rio Tinto and PPE PPE and Qualitative characteristics Qualitative characteristics are used to make financial information more useful and achieve the purpose of financial
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the Financial Reporting Council include: I. overseeing the process for the setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I‚ II‚ III and V only | | I‚ II‚ and III only | | I‚ II‚ IV and V only | | II‚ III‚ IV and V only
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7101AFE Financial Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 1 2015 TUTORIAL 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements‚ would you have developed a positive theory or a normative theory? The first of all‚ it is important to understand the mean by a ‘theory’. According to Contemporary
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held-for-trading; at fair value through profit or loss. h) As in (e) except that in the prior year Company H sold the majority of its held-tomaturity investments to Company Z. Cannot be classified as held-to-maturity‚ classified as available-for-sale (AASB 139.52)‚ measured at fair value with changes in fair value through equity. i) Borrowing of $1‚000‚000‚ carrying a variable interest rate – financial liability‚ measured at amortised
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Dividend of $ 20‚000 was declared on 15 October 2012‚ and been paid on 15 November 2013. • On 31 October 2012‚ Dyson sold the entire interest for $1.1 million. • Partial goodwill method is used in Malone. Theory and Impact of Accounting Treatment • AASB 10 Paragraph 97-99 The consolidated financial statement involves adding together the financial statement of the parent and subsidiary and making a number of adjustments. • Impact of Investment on Consolidation - On 30 June 2012 Brennan should recognize
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will remain in the pre-regulation period. Second method is ‘systematic write- off’‚ which is regularly written off over a limited period. This method is also called amortization that is under AAS 18 and AASB 1013. The third method is ‘ad- hoc write- off’‚ which can be called as impairment under AASB 136. This method is permanent and can remain unlimited in the balance sheet unless evidence shows its value has been reduced. Question 2 The deficiency of recovery amount and carrying amount is recognized
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