ACC301: Advanced Financial Accounting - Report Writing - Accounting and Finance Assignment Help

Assignment Task

Assignment Layout: One Practical Question and One Report of 1000 words

This is an individual assessment task

Question1: XYZ Inc. gave on lease a crane to Alexander Contractors under a 4-year non-cancellable agreement which started from 1 January 2022. Annual payment for the same was $ 35,000 first payment from 1 January 2022. XYZ took responsibility of bearing insurance, maintenance and taxes on this crane. Estimated life of asset is 10 years and cost of $ 250,000. Expected fair value of asset at the end of lease term of 4 years is $ 55,000. There was no purchase or bargain or renewal option in the agreement. Both the companies closed their books of accounts every year at 31st December.

1. As per the given data, what type of lease is this? Had it been other type of lease, what should have been difference in the given data?

2. Pass Journal Entries in the books of both the parties in the year 2022 taking insurance at $ 650, taxes 2,500, maintenance as $ 680. Depreciation is to be taken as per Straight Line Method taking salvage value as $ 18,000

3. What will be the treatment of these entries in the Income Statement and Financial Statements of both the parties at the end of 2022 in the light of IFRS 16.

Question2: Companies following strategy of Product Differentiation are continuously carrying forward Research and Development. Sometimes, Research and Development results in success while at times it may fail. Right from start of Research and Development until it is concluded finally in a success or failure, discuss treatment of expenses related to Research and Development. Your answer (essay form) should be in 1000 words citing examples taken from a company which is constituent of the S&P/ASX 300 index and should be following IFRS or AASB Standards.

Your report should include the following:

• Introduction: Introduces the topic and issues to be discussed.
• Body: Discussion of the issues revolving around the topic.
• Conclusion
• Bibliography

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