ACC514: School of Accounting and Finance- Financial Accounting Assignment

Internal Code: MAS1110

Financial Accounting Assignment:

Task 1: Newsletter and financial statements Question 1: The regulatory environment for financial reporting You are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts, and for advising staff in client firms who are responsible for preparing financial reports. The firm only deals with large Australian companies listed on the Australian Stock Exchange (ASX). One of your key tasks is to summarise the changes and developments in the financial reporting environment in a newsletter published quarterly. Required: Prepare a 2 page newsletter that identifies and summarises developments and changes in the financial reporting environment for the quarter from 1 May to 31 July 2016. Question 2: Preparation of a statement of financial position and statement of profit or loss and other comprehensive income The summarised trial balance of Swish Ltd, a clothing retailer, includes the following accounts at 30 June 2016: Required: Prepare the statement of financial position and statement of profit or loss and other comprehensive income of Swish Ltd for the year ended 30 June 2016 in accordance with AASB 101, using the line items that a listed company is likely to use. Show all workings. Notes and comparative figures are not required.