2103AFE: Company Accounting - Revaluation and Impairments - Accounting and Finance Assignment Help

Assignment Task:

Question 1: Accounting for Income Tax (suggested words count: approximately 300)

Please refer to the annual report of the ASX Company that has been allocated to your group. Based on the annual report and the relevant notes, answer the following: 

1. What is the income tax expense included in the Income Statement for the year ended 30 June 2019? 

2. How/where and why does the Company recognise income tax expense?  

3. Identify two items to which the temporary differences in your company’s report can be attributed.  

4. What is the amount of income tax paid during the year ended 30 June 2019?                              

5. Show any deferred tax asset or deferred tax liability (or both) disclosed in the statement of financial position as at 30 June 2019, including the amount of these balances.                                    

6. (f) Explain why the current tax liability at the end of the reporting period may not equal the income tax expense for the period. Make reference to the amounts used in your Company’s annual report. 2 marks

Question 2: Revaluation and Impairments (suggested words count: 600)                    

Please refer to the annual report of the ASX Company that has been allocated to your group. Based on the annual report and the relevant notes, answer the following:  

1. At 30 June 2019, what portion of the total assets is made up of intangible assets? (express your answer as a percentage, to 2 decimal places). 

2. What is the amount of the impairment loss/ expenses included in the financial reports (ignore any reversals)? Which assets do the recognised impairment amounts relate to, and why does the company recognise these impairment losses/ expenses?            

3. Identify whether your company has revalued any tangible or intangible assets, by including a brief description of the item and the amount of the revaluation.  If no assets have been revalued, state that this has not occurred.                                                  

Question 3: Accounting for Leases (suggested words count: around 300)                 

Please refer to the annual report of the ASX Company that has been allocated to your group.  Based on the annual report and the relevant notes, answer the following: 

1. During the 2019 financial year, which accounting standard is used for recognising leases on assets leased by the company? What is the total amount of lease commitments as lessee at 30 June 2019 (ignore leasehold improvements)?       

2. Explain whether the adoption of AASB 16 Leases is likely to have a material effect on the reports of the company, or whether it has had a material effect if already adopted, with reference to your company’s leasing commitments. Include discussions relating to accounting for leases from both lessor and lessee perspectives. Provide references to your company’s report, as well as two relevant journal articles, and discuss the implementation of AASB 16, the major reporting changes and the likely effect of these changes. 6 marks                                                                           

Question 4: Business combinations and consolidation (suggested words count: 800)        

 PART A. Please refer to the allocated ASX company’s annual report and answer the following:

(a) Identify the key subsidiaries of the company. What is the amount of total non-controlling interests at 30 June 2019? 

(b)   What is the amount of total comprehensive income for the year ended 30 June 2019?  Describe the components of this company’s comprehensive income, and show the amount of this comprehensive income that is attributable to (i) shareholders of the parent entity; and (ii) non-controlling interest.   

(c)  What is the amount of goodwill at 30 June 2019? 

(d)  Read this company’s “related party disclosure” and identify the intra-group transactions.                                                                         

(e)   Explain whether your Company has complied with the requirements of paragraphs 54 (q) and 54 (r) of AASB 101, and paragraph 22 of AASB 10 Consolidated Financial Statements?                                                                               

(f)   Read this company’s ‘Principles of consolidation’ accounting policy carefully and explain how it complies with the requirements of AASB 10.   

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