7.29 Effect of circumstances on audit opinion You are an audit partner finalising your 30 June 2015 audits. The following independent and material matters have come to your attention. 1. Food Fund Foundation‚ a charity‚ is a non-reporting entity. As in previous years‚ you have performed the audit in accordance with its constitution. The financial report is prepared by another firm of accountants on behalf of Food Fund’s board of directors‚ because Food Fund does not have the in-house expertise to
Premium Internal control Audit Auditor's report
The daycare schools have long been in the society. The schools are aimed at providing training and supervision for small children in the preschool age and also for the old and the disabled. (Daycare‚ n.d.). The concept of the child care centers were conceptualized in a big way in Australia when the ABC Learning centers were established in 1988. It soon became the largest of the child care centers in Australia. It operated in the form of a company and the corporate management at its helm accelerated
Premium Balance sheet Childcare Day care
SCHOOL OF ACCOUNTING BAO2203 Corporate Accounting Assignment Hao Cheng 3781727 Yang Siyu 3778363 Tutor: Ghazaleh Shokrollahi Thursday 10 a.m. – 11 a.m. 1 p.m. – 2 p.m. Question 5: Fosters‚ the beverage giant of Australia has been all over the news recently‚ as the company has reported a huge loss and the stock price keeps falling. All
Premium Goodwill Balance sheet Asset
ACCT3563 Issues in Financial Reporting & Analysis Semester 1 – 2010 Version 0.5.0 1st April 2010 Contents Page 3 Page 7 Page 12 Page 17 Page 20 Positive Accounting Theory Ethics in Accounting Accounting for Physical Assets & Intangible Assets Accounting for Assets in Mining & Agricultural Industries ounting Accounting for Provisions Copyright © Ka Hei Yeh 2010 Fifth Revision published April 2010 2010. This work is licensed under the Creative Commons Attribution Attribution-Non-CommercialNo
Premium Depreciation Balance sheet Goodwill
Introduction When accounting standards change‚ the impact those changes have on debt contracts is influenced by virtue of the ’rolling ’ (floating) or ’frozen ’ generally accepted accounting principles (GAAP) applied to the debt covenants within the contracts. Positive accounting theory (PAT) assumes managers will act in self interest once contracts are in place (Deegan 2009‚ p. 292) and this may or may not lead managers to lobby standard setters in support for or against draft changes to standards
Premium Asset Balance sheet Debt
References: Askary‚ S. 2006‚ Accounting Measurement in the Religious Perspective: Conservatism or Optimism? International journal of accounting‚ vol. 33. No. 2‚ pp. 211-235. ASX‚ 2011‚ ASX Group‚ retrieved on 17/12/2011‚ Australia government‚ 2011‚ AASB‚ retrieved on 17/12/2011‚ . Australia government‚ 2011‚ ACCC‚ retrieved on 17/12/2011‚ . Australia government‚ 2011‚ FRC‚ retrieved on 17/12/2011‚ . Beer‚ S. & Thomson‚ J. 2006‚ Professional Accounting Bodies in Australia‚ Academic Search Complete
Premium Financial statements International Financial Reporting Standards Geert Hofstede
the Corporations Act 2001 to provide a Directors’ statement of solvency‚ stating that to the best of their knowledge and information‚ the entity does and will continue to trade as a going concern for the foreseeable future. The Accounting Standard AASB 101 Presentation of Financial Statements states that management must make an assessment as to the ability of the entity to continue trading as a going concern in the foreseeable future when preparing the financial reports and make necessary disclosures
Premium Auditor's report Generally Accepted Accounting Principles Financial statements
) • • • • • • • • • Regulation of companies Corporations Law: Companies must keep proper accounting records; prepare yearly & half-yearly FS; ensure FS comply with accting standards. Accounting Standards: Australian Accounting Standards Board (AASB) is responsible for issuing accounting standards which have backing of the Corporations Law. Australian Stock Exchange – listing rules require companies disclose certain info.s which are necessary to fully inform stock market. Australian Securities
Premium Balance sheet Generally Accepted Accounting Principles Liability
Tutorial 8 10.20 You are an assurance services senior and your client is Antique Collectibles Pty Ltd (AC)‚ a small company that specialises in buying and selling antique Australian-made bush furniture. AC purchases pieces at auction‚ cleans and repairs them‚ then sells them to the general public. This is the first year that your firm has conducted AC’s audit. AC is a small owner-managed business that does not have complex organisational structure or an advanced information system. Due to the size
Premium Balance sheet Auditing
a wild ride ahead The energy and resources industry can expect a wild ride in coming years as the standard-setters turn their attention to this sector. Story Debbie Smith CA The energy and resources sector‚ despite its status as a globally important industry‚ has received little specific attention over the years from the standard-setters. Recent proposals from the International Accounting Standards Board (IASB)‚ its interpretations committee (IFRIC)‚ and even the Australian Government
Premium Balance sheet International Financial Reporting Standards International Accounting Standards Board