ACC303 - Advanced Financial Accounting, Group Ltd, Company Case Study & Consolidation Adjustment Entries - Accounting Assignment Help

Assignment Task

Part 1 requirements:
Each group will receive details of individual data for their company and the subsidiary.

Using this data, you will be required to prepare the consolidation/elimination journal entries necessary for the preparation of financial statements for the economic entity for the year ending 30 June 2019. Details of workings (i.e. working papers) must be shown and the journals presented in a professional manner.

Part 2 requirements :
The financial statements for the year ending 30 June 2019 for the economic entity have been prepared on the basis of your journals from Part 1. These statements have been presented to the Board of Directors, who have asked the following questions:

(a)What is the advantage of making the consolidation adjustment entries prepared in Part 1?
 

(b)Management has not undertaken any revaluation of non-current assets since the acquisition of the subsidiary, arguing revaluations are optional and will be undertaken at some time in the future when the total non-current assets increase in value. Do you agree with this approach?

Note: you must make reference to relevant paragraphs of the Accounting Standards and AASB Framework and to other sources of material. W

Assessment: Tax Submission Group Project
This assessment requires critical analysis and synthesis of financial information, the application of knowledge, and the capacity to develop and use financial information and communicate and explain this information within the framework of international accounting standards. 1000 words

The group assignment involves two parts:
Part 1 is the preparation of a selection of consolidation elimination journals for the year ending 30 June 2019, for an economic entity comprising a parent and subsidiary, 100% owned by the parent.
Part 2 is a justification of the accounting process adopted in Part 1.

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