ACCT 3041: Demonstrate the Ability to Prepare Consolidated Financial Statements - Accounting Assignment Help

Assignment Task:

Task:

Learning Objectives

a) Demonstrate the ability to prepare consolidated financial statements in accordance with International Financial Reporting Standards.

b) Demonstrate the ability to work as part of an accounting team to prepare an annual report for a parent entity.

2 Fish Limited Fish Limited, Shark Limited and Whale Limited are fictitious companies. Any similarity to any company registered in the Caribbean or any company listed on a Stock Exchange in the Caribbean is entirely coincidental and unintentional. The persons and transactions in this project are fictitious. Any similarity to any person living or dead and to any transaction which has occurred or might occur in the future is entirely coincidental and unintentional. Fish Limited is incorporated as a public company under the laws of Jamaica and its shares are quoted on the Jamaica Stock Exchange. The initial public offering (IPO) was on October 27, 2017. The company is domiciled in Jamaica. The registered office of the company is located at 00 Gloucester Avenue, Montego Bay, Jamaica. Fish Limited operates a hotel in Montego Bay. Shark Limited is incorporated as a private company and is domiciled in Jamaica. The registered office of the company is 00 Main Street, Ocho Rios, Jamaica. Shark Limited operates restaurants in Ocho Rios (head Office), Montego Bay (branch), and Negril (branch). Whale Limited is incorporated as a private company and is domiciled in Jamaica. The registered office of the company is 00 Norman Manley Boulevard, Negril, Jamaica. Whale Limited operates a hotel in Negril. The auditors Manchester and United are willing to continue in office. The auditors have completed their audit of all three companies and they issued an unqualified audit report on July 31, 2020. Fish Limited consolidated financial statements were approved and authorized for issue by the board of directors on October 30, 2020. Due to COVID-19 pandemic, the annual general meeting of Fish Limited was rescheduled from December 2020 to Wednesday, November 17, 2021 at 12:00 noon at the Montego Bay Convention Centre, Montego Bay, Jamaica. The notice for the annual general meeting was sent to the shareholders by the Company Secretary on July 1, 2021. Fish Limited acquired an eighty per cent (80%) holding in Shark Limited on January 1, 2015. At that time Shark Limited general reserves were $200,000 and retained profits were $3,520,000. 3 Fish Limited acquired a thirty per cent (30%) holding in Whale Limited on January 1, 2016. At that time Whale Limited retained profits were $3,800,000. A guest and a supplier filed lawsuits against Fish Limited in November 2019. The guest is claiming damages amounting to $400,000 arising out of an alleged accident in the lobby in which she sustained injuries to her back and neck. The company’s lawyer, Miguel Williams wants to settle out of Court for $200,000 and started negotiations with the plaintiff’s lawyer. The supplier is claiming damages amounting to $300,000 for breach of contract. Miguel Williams is of the opinion that the supplier’s claim will not succeed. On Thursday, February 3, 2020 Fish Limited Company Secretary received a letter from the liquidator of King Limited, indicating that the King Limited was placed into liquidation under the terms of a loan agreement by the loan creditors on December 16, 2019. Fish Limited accounts receivable balance includes an amount of $280,000 owed by King Limited. No allowance was made in the books for this amount.

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