BACC411: Advanced Financial Reporting - The Chief Finance Officer - Finance Assignment Help

Assignment Task:

Question 1 

1. You are The Chief Finance Officer for your company Blue Label Inc. and a Fellow of the local accountancy body, The Zambia Institute of Chartered Accountants (ZICA).   You have just received an invitation from ZICA requesting you to be one of the presenters at a workshop organized by the institute to fulfill its mandate of enhancing professional competence in its members amid many new standards that have evolved in the recent past.  Your specific role will be to talk about the evolution of IFRS 15 Revenue from Contracts with Customers.  The workshop organizer has asked you to send your presentation beforehand for review by a relevant official.

Required:

Write briefing notes to the organizer that explain the following in relation to IFRS 15 Revenue from Contracts with Customers:

1. The five step revenue recognition criteria (using simple illustrations as far as possible)

2. Recognition and measurement requirements for:

3. sale and repurchase arrangements;

4.  Consignment inventory and 

5. Bill and hold arrangements (use simple illustrations as far as possible). 

          (20 marks)

2. You are the Financial Consultant for Somo Chartered Accountants Your client Kalale Plc has approached you for advice on the accounting treatment of the following transactions in its financial statements for the year ended 31 March 2019 in accordance with appropriate accounting standards. In addition, Kalale Plc needs to know the criteria that should be met for a financial liability to be carried at amortised cost in its financial statements. 

Transaction one

Kalale Plc purchased a piece of plant on 1 April 2016 at a cost of K600,000. On 1 January 2017, the plant was revalued to K507,025. The plant was revalued again to K351,000 on 31 March 2018.  Depreciation is charged at an annual rate of 20% on straight line basis while capital allowances are claimed on straight line basis at a rate of 25%. 

Kalale Plc wants advice on deferred tax effects of the transaction on its financial statements for the year ended 31 March 2019. Kalale Plc had a deferred tax liability of K18,000 at 31 March 2018. Kalale Plc is taxed at an annual rate of 30%.

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