BAO2203: Corporate Accounting - Myer Ltd - Accounting and Finance Assessment Answer

Internal Code: 1AIBBG Code: BAO2203

Corporate Accounting Assessment Answer

Assignment Task: BAO2203 From the 2018 Annual Report of Myer Ltd, refer to the NOTES to the Consolidated Financial Statements of Myer Holdings Intangible Assets (C2). Answer the following questions: 1. Why is an impairment test considered necessary? 2. What effect does impairment have on a company’s Balance Sheet and profit and Loss Statement? 3. What is the value of Goodwill for Myer Holdings at 29th July 2017 and 28th July 2018? Provide some possible reasons for this change. 4. Which other Intangible assets have been impaired between 2017 and 2018? 5. Explain what impact does changing (increasing or decreasing) the discount rate have on the calculation of impairment losses? 6. Can we reverse impairment losses for all assets? Explain.

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