ACCM4300 - Financial Report Writing, Arnold Group Co, Financial Statements for Brown Ltd & Depreciation - Accounting Assignment Help

Assignment Task -                 

Your Task 

• You are required to prepare a business letter to answer all of the following questions.

 • You are also required to prepare a short video presentation (4 to 5 mins) summarising the key issues you have addressed in your letter. 

Assessment Description 
Assume that you are a team of graduate accountants working for Arnold Group Co, a public accounting firm situated at 346 Gregory Street, Sydney, NSW 2000. The Manager of your firm,  Ms. Helen Arnold has asked you to draft a letter in response to an email received from a client – Mr. Jose Brown, the Managing Director of Sunshine Ltd, raising several accounting issues – see the copy of the email on the next page. 
The maximum length for the body of the letter is 1,500 words. You should address all the technical issues/discussion in the letter, followed by a Reference List. 
• Part A: Technical component 15% - This mark covers the technical content of your advice and the explanation of each of the issues, the calculations, and the sources used. Also letter Writing covers the generic skills of Letter writing; layout, clear meaning, structure and organization, appropriate tone and grammar, spelling, and punctuation, etc. throughout the whole assignment.  
• Part B: Communication Skills – Video Presentation 5% - You have to prepare a 4-5-minute video presentation that will keep the audience engaged; the presentation should be well-rehearsed and supplementary material, such as slides and visual aids must be of a  professional standard.

Dear Helen 
Thank you for your phone call this morning, as agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the Board of Directors in our decision-making process could you please make sure you reference any relevant sources relating to your advice, for example, AASBs,  Corporations Act, and relevant websites?  
Here are the issues we are most concerned about: 
Recently Brown Ltd has acquired all the shares of Pink Ltd. One of the assets in the statement of financial  position of Pink Ltd was $42,000 goodwill, which had been recognized by Pink Ltd upon its acquisition of  a business from Blue Ltd. Having prepared the acquisition analysis as part of the process of preparing the  consolidated financial statements for Brown Ltd, the directors have asked you to explain these following  issues: 
Issue 1  
What is the purpose of preparing consolidated statements as well as separate financial statements? Do we need to prepare separate financial statements if we are required to prepare consolidated statements? 
Issue 2 
How does the recording of goodwill by the subsidiary (Pink Ltd) affect the accounting for the group’s goodwill?  
When goodwill is impaired in later years, should the impairment loss be recognized in the records of Brown Ltd or as a consolidation adjustment? How will it be recorded? What happens when it is fully impaired? 
Issue 3 
Where a fair increment involves a depreciable asset (increased by $50,000), why is depreciation expense adjusted in subsequent years? How is the depreciation rate/method determined when the depreciation rate/methods of Pink Ltd are different from those used by Brown Ltd? 
Please respond by letter (not email) as I would like to present this to the Board. I look forward to hearing from you shortly.  
 

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