Lecture 1 – Corporate Financial Reporting and Revision LECTURE OUTLINE Outline the nature and characteristics of companies Describe the sources of corporate financial reporting in Australia Identify which entities need to prepare financial reports that comply with accounting standards Account for share issues and dividends Account for asset revaluations and asset impairment Nature of Companies Type of organization established under the cooperation’s act 2001 Legal capacity and powers
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ACCG 926 – Corporate Accounting Topic 1: Controlled entities – the th consolidation method lid ti th d Applying the consolidation method AASB 10 requires the application of the consolidation method th d Consolidation – process of preparing statements for group of entities under entities of financial of one of those Involves combining financial statements of individual entities to show financial position and performance of group Group – a parent and it’s subsidiaries
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1. Accounting Analysis Assess the degree to which the firm’s accounting reflects the underlying business reality. Identify accounting distortions and evaluate their impact on profits and the sustainability of profits. Financial statements are used to determine the business activities of a firm and the role of accounting analysis is to determine the accuracy and quality of the information provided. This analysis would look into the degree of its accounting figures captures its business reality through
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BUSN1002 Financial Accounting Processes Semester 2‚ 2013 LECTURE OUTLINES 1 – 6 Topic Coordinator: Philip Palmer Room 3.70 Law and Commerce Building Email: philip.palmer@flinders.edu.au Ph: 8201 2013 FLINDERS UNIVERSITY FLINDERS BUSINESS SCHOOL BUSN1002 Financial Accounting Processes Philip Palmer Lecture Outline 1 Introduction to Financial Accounting Reading: Hoggett et al.‚ Chapters 1 and 2 1 Introduction to Accounting Accounting is an information system designed to
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|[pic] | | Question 1: Accounting concepts A. The owner of Computer World‚ Heath is confused about the depreciation expense for building in the income statement and the carrying amount in the balance sheet‚ and would like you to explain the following to him: i) Why is depreciation expense recoded in the income statement for the building as
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accounting profession to ‘self-regulate’. There are four main bodies that create and/or enforce accounting regulat Australia ! The Australian Securities and Investments Commission (ASIC) ! The Australian Accounting Standards Board (AASB) ! The Financial Reporting Council (FRC) ! The Australian Securities Exchange (ASX)
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annual report of two companies stated the research and development expense and the notes of intangible assets. Then‚ critically evaluate whether the disclosures made by each company are consistent with paragraphs 118 – 123 and paragraphs 126 – 128 of AASB 138. According to the evaluation‚ the companies were focus on following paragraphs 118‚ 119‚ 120. Moreover‚ compared with CSL and Acrux‚ the explanation of research and development expense‚ accounting policy used in intangible assets‚ the analysis
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of AASA 8 Operating Segment! AASB 8 applies to annual reporting period beginning on/after 1 Jan 2009 and supersedes AASB 114 Segment Reporting when adopted. Operating Segments specifies the use of a ‘through the eyes of the management’ approach to an entity’s reporting of information relating to its operating segments in annual financial reports‚ and also requires an entity to report financial and descriptive information about its reportable segments. AASB 8 is applicable to for-profit entities
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Solutions to Tutorial Questions due in Week 3 Hoggett 8E‚ Chapter 17: Regulation and The Conceptual Framework DQ 4. Briefly explain the nature of the conceptual framework for general purpose financial reporting and discuss the perceived advantages and disadvantages of having a conceptual framework. A conceptual framework of accounting theory should enable standard setters to develop standards which are consistent and logically formulated‚ provide guidance to accountants in areas of accounting
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Section E: Accounting Analysis Key accounting policies The key success factors for a company which operates in consumer discretionary sectors‚ such as OrotonGroup‚ are product differentiation through brand‚ product quality‚ and product innovation. Therefore‚ the important accounting policies for achieving those factors are: Accounting Policies | OrotonGroup Policies | Revenue recognition | OrotonGroup recognises revenue when a group entity sells a product to the customers. Revenue from
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