Written Accounting Opinion – INTERNAL DOCUMENT ONLY Prepared by: Client name: Group 6 ABC Retailing Pty. Ltd. Date: Year end: Mr. Williams 4 weeks Accounting √ IFRS √ US GAAP AASB IFRS for SME / Differential Reporting Standards Auditing Ethics Other (specify): 30 April‚ 2012 30 June‚ 2012 Prepared for (name of supervisor): Time spent on this opinion: What type of opinion (select options)? Accounting Standards applied: Query or issue: Whether the debit-balance account “Cash Discounts” in the
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Reference……………………………………………………………………………..13 Executive summary This report mainly focus on the concept of the conceptual framework and the theory of accounting‚ moreover‚ the relationship between them. 1. Introduction In 2004‚ the Australian Accounting Standard Board (AASB) adopted the Framework for the Preparation and the Presentation of Financial Statement‚ as issued by the International Accounting Standards Board (IASB) (Ruth‚ P et al‚ 2006). In the past‚ Australian Accounting Standard Board was responsible for the
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Part A (30 marks) Task details On 1 August 2014‚ Piper Ltd makes an offer of 1‚000‚000 ordinary shares to the public. The shares are to be issued at $2 per share‚ payable as follows: $0.80 on application (due 31 August) $0.80 on allotment (due 30 September) $0.40 on final call By 31 August 2014‚ applications had been received for 1‚100‚000 ordinary shares. Shares were allotted on 2 September 2014. To deal with the oversubscription‚ Piper Ltd provided a refund to unsuccessful applicants.
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Act 2001‚ the Director’s Declaration. Ms.Wendy Chong (Financial Director) Tickit Associates reported that they had had a number of disputes over accounting practices with Ms.Chong‚ particularly in relation to the requirements under AASB 141 Agriculture and AASB 137 Provisions‚ Contingent Liabilities and Contingent Assets. In addition‚ we found that Ms.Chong had a conflict of interest‚ especially about her salary base and bonus scheme‚ which related to increased company profitability. These arrangements
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Corporations Act 2001. The objective of AASB117 is to prescribe appropriate accounting policies for the lessees and lessors in order to assist entities in classifying leases as operating or finance leases and disclosure to apply in relation to leases. AASB 117 includes economic life‚ fair value‚ finance leases‚ operating leases and also hire purchases contracts which contains a provision giving the firer an option to acquire title to the asset upon the fulfilment of agreed conditions. The substance of
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• Consolidation journals are posted into the consolidation worksheet in “adjustment” columns as follows: Extract only Parent P Ltd. $’000 Subsidiary S Ltd. $’000 Adjustments DR Lecture 9 part b Consolidation: Wholly owned subsidiaries Prepared by Emma Holmes and Rick Newby Land Invt in S Ltd Receivables Cash 400 120 200 40 760 150 Share capital Retained earnings Creditors 500 160 100 760 100 20 50 170 Cons. Balances CR XX XX XX
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“The theories we use to help us understand standard-setting in national arenas (such as Australia) don’t work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement‚ clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a
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ACCT 2542 CORPORATE FINANCIAL REPORTING AND ANALYSIS Course Outline Semester 2‚ 2012 Part A: Course-Specific Information Australian School of Business School of Accounting i ACCT 2542 Corporate Financial Reporting & Analysis TABLE OF CONTENTS PART A. COURSE SPECIFIC INFORMATION 1 1. STAFF CONTACT DETAILS 1 2. COURSE DETAILS 1 2.1. Teaching Times and Locations 1 2.2. Units of Credit 2 2.3. Summary of Course 2 2.4. Course Aims and Relationship to Other Courses 2 2.5. Student Learning
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government through the concession deed. This is an agreement which concedes the use of the road to the project company for a specified period‚ signed by the entity established by the State in relation to the design and construction. 2) According to AASB Framework paragraph 49‚ “an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity”. Obviously‚ future tolling rights asset satisfies all the definition of
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a) The bank unveiled a plan to tackle community concerns so that it would be seen in a more positive light. Because banks offer services which are so essential (providing an opportunity to exploit customers)‚ they deal with high levels of customers and generally make large profits. Also‚ interest rates naturally fluctuate between high and low levels (controlled by the government to manage inflation - not the individual banks). For these reasons they have developed a generally bad reputation with
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