report’. A review of the relevant disclosures made in Super Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8‚ estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position‚ AASB136 Impairment of Assets‚ AASB138 Intangible Assets and AASB137 Provisions‚ Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined
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ACCG 224 Intermediate Financial Accounting Assessment Guide Session 1‚ 2014 Note – this is NOT the Unit Guide The official Unit Guide is available online and is accessed separately through iLearn of this unit. The assessment guide should be read in conjunction with the Unit Guide. Department of Accounting and Corporate Governance 1|Page Session: Unit Convenor: Prerequisite: Credit points: 1‚ 2014 Rajni Mala ACCG101 - Accounting 1B ACCG224 is a 3 credit point unit. Students
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[pic] BUS256 Contemporary Financial Accounting Semester 1‚ 2011 Unit Information and Learning Guide Unit coordinator Dr. David Holloway Associate Professor Murdoch Business School Room: ECL 4.028 Tel: 9360 2704 Fax: 9310 5004 E-mail : D.Holloway@murdoch.edu.au [pic] © Published by Murdoch University‚ Perth‚ Western Australia‚ January 2011. Originally written by: David A. Holloway Date: October 2008 Amended by: David A. Holloway Date:
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Westros Ltd buys a throne building business from Essos Ltd on 1st July 2014. The items are shown at their carrying amount in Essos Ltd’s accounting records and at the fair values estimated by Westros Ltd. Item Cost Accumulated depreciation/ amortisation Carrying amount Fair value $ $ $ $ Accounts receivable 100‚000 100‚000 90‚000 Land and buildings 800‚000 400‚000 600‚000 Plant & Equipment 250‚000 200‚000 50‚000 70‚000 Precious metals and jewels 525‚000 525‚000
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licenses are freely transferable‚ they can be revalued to fair value. The requirements of AASB 138 state that intangible assets may be revalued only if there is an ‘active market’. Most of intangible assets will not be able to be revalued as there is no active market for them given that most intangible assets are unique in nature‚ i.e. brands‚ masthead‚ copyright‚ patent or trademark. However‚ as paragraph 78 of AASB 138 states that in some jurisdiction‚ an active market may exist for freely transferable
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BFA201 ESSAY PART B: THE RESEARCH ESSAY A THEORETICAL DISCUSION Usefulness is the basic objective of financial accounting‚ according to the AASB s Statement of Accounting Concepts and Conceptual Framework. This essay discusses the theoretical principles and accounting rules underpinning financial reporting practices within the IFRS environment. Following the implementation of the International Financial Reporting Standards in 2005‚ many additional disclosure requirements were imposed on organisations
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many different levels of government. It is also political in the way in which the outcomes of these standards can affect different stakeholders. Adoption of IFRS in Australia Under paragraphs (1) (a) and (d) of s. 227(1)‚ (the functions of the AASB)‚ we see two of the AASB’s main functions – • “To make accounting standards under section 334 of the Corporations Act for the purposes of the corporations legislation; and • To participate in and contribute to the development of a single
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Part A (6 Marks) AASB 3 Business combinations para.14 requires that the acquisition method be used to account for business combinations. This method requires the identification of the acquirer. For example‚ para.17 states that “an acquirer shall be identified for all business combinations”. • Provide and explain a list of factors that may assist management to identify the acquiring entity. • Explain why it is necessary to identify who is the acquirer in a business combination? (Adapted from
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introduction of an accounting standard covering share based transactions? The share-based transaction‚ such as share options for employees‚ was not attributed a cost in the past although the use of such equity instruments was widespread. As a result‚ the AASB 2 Share-based Payment was introduced to force entities to incur a cost the transaction. Moreover‚ the treatment of share-based payment transactions was very controversy before 2005 which made inter-firm comparison difficult. So the introduction of
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Tutorial 1 Chapter 1 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend‚ carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued‚ the shareholder is liable to pay calls on the shares (except in the case of no liability
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