??????? BB Ltd (BB) is an Australian Company Listed on the ASX - Accounting Assignment Help

Assignment Task:

Task:

Background Information

BB Ltd (BB) is an Australian company listed on the ASX. On 20 June 2021 the Chief Finance Officer (CFO) of BB left the organisation suddenly due to poor health. The Board of Directors (the Board) is concerned regarding the sudden departure of the CFO and is seeking additional information across several key areas of the financial statements for the year ended 30 June 2021. You are the financial accountant for BB and your role is to collate the required information and provide a report to the Board addressing their requests below. The background information you need to complete this assessment will be provided as a case study in your interact site under Assessment Resources, Assessment Item

3. You need to use this case study to answer all questions below and provide advice to the Board. You should use excel and word for this assignment as per the presentation requirements below.

Question 1: Events after the Reporting Period 10 marks This question relates to Topic 2. For each of the events after the reporting period in your case study, the Board has requested you to;

a. Advise them of the appropriate classification of the events as either an adjusting or nonadjusting event after the end of the reporting period. Justify your classification and refer to AASB110, where relevant.

b. Prepare the necessary journal entries or note disclosures to comply with the requirements of AASB110 (note that this will be based on your answer to (a) above Your answer to this question should be included in your word document and follow the presentation guidelines below. Word Limit: 500 words

Question 2: Impairment and Intangibles 10 Marks This question relates to Topic 4.

a. The Board requires advice on the appropriate treatment of their expenditure on research and development (R&D). With reference to the accounting standard(s), provide advice to the Board on the correct treatment of the R&D expenditure, including a discussion of how this should be appropriately presented in the financial statements.

 b. In May, the CFO presented a case to the Board relating to the potential impairment of BB’s brand names asset. As a result, the CFO was going to record the agreed impairment in the accounting system and provide additional information to the Board in June. Due to his sudden departure, the Board would like an update on the status of this item. Review the preliminary financial statements to determine what has been recorded relating to the impairment of the asset ‘Brand names’. With reference to the case study and relevant accounting standard(s), advise the Board on internal and externals factors which may have impacted on the impairment of brand names and draft the appropriate disclosure(s) relating to impairment of brand names for the financial statements. If additional information is required, detail this in your disclosures. 5 marks

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