ACC00712 : Principles Business Accounting Essay Writing - Accounting and Finance Assignment Help

Assignment Task:

Task:

Objective and Content:
The purpose of this essay is to provide an understanding of concepts and principles in business accounting. You also need to support your explanation based on the Australian Conceptual Framework for the presentation of financial statements or other relevant documents such as GAAP (General Accepted Accounting Principles). Furthermore, you should be able to identify the implementation of accounting standard in business practices.

You are finalising the 2020 annual report of Forester Ltd, a company involved in the mining, refining and retail distribution of petroleum products. As part of financial review, you are aware of the following events that have arisen during the financial year ending on 30 June 2020.

On 30 June 2020 an oil tanker owned by the company sank in the rough seas off the coast of Western Australia. The tanker was fully laden and has caused an oil spill stretching for 160 km along the coastline of Western Australia. The tanker was included in the 2019 financial statements at a carrying amount of $25 million. The oil that the tanker was transporting had a carrying amount of $4.5 million.

In this essay, you should answer the following questions:
1) Provide your analysis regarding the recording of the tanker and the oil in the 2020 annual report. Explain. (8 marks)
2) Assume the local council or the government didn’t release any environmental regulations or guidelines, discuss whether/how the company should include the clean- up costs and related litigation in the 2020 annual report. (8 marks)

3) If there are environmental legislations in place, whether your answers for part 2) will be different? (4 marks)
4) Choose a company listed on the Australian Stock Exchange (ASX), assess whether the chosen company includes environmental issues in the annual report? In your opinion, from the perspective of the investors and securities market, discuss how the investors or securities markets will react to the disclosure of such information. (8 marks)

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