BFA301: Advanced Financial Accounting - Wayward Whisky Warehouse (WWW) Ltd Case Study - Accounting Assignment Help

Assignment Task:

Introduction 

Wayward Whisky Warehouse (WWW) Ltd is a publicly listed company located in Wyena, Tasmania. The  company, founded in 2010, has undertaken a growth and expansion phase in recent years, particularly  with its multi-brand business strategy and acquisition of boutique wines and distilleries. As a specialist  whisky distributor, WWW Ltd identified a niche opportunity to capitalise on Tasmania’s growing tourism  industry, particularly given their close proximity to the famous Bridestowe Lavendar Estate at Nabowla.  This initiative would enable them to not only expand their marketing and distribution of unique wines and  spirit products but also conduct tours of their premises at Wyena as well as Winnaleah Wines, with a view  to offering tourists travelling south discounts to visit their latest acquisition at Deep Bay. 

Wayward Whisky Warehouse Ltd has three entities that it has acquired in recent years: • Winnaleah Wines Pty Ltd (Winnaleah, Tasmania) (70% of the share capital owned). • Nes Whisky Ltd (Loch Ness, Scotland) (100% of the share capital owned). 

• Deep Bay Distillery Pty Ltd (Deep Bay, Tasmania) (Acquired all assets and liabilities). 

You have been appointed as group accountant for Wayward Whisky Warehouse Ltd and are required to  prepare consolidated financial statements for the Parent and its subsidiaries for the year ended 30 June  2020. You have also been asked to finalise the journal entries to account for the take-over of operations of Deep Bay Distillery, which WWW took control of on 30 June 2020. In addition, the board have requested  that you provide a brief report on the consolidation policies employed and for you to critically evaluate  the impact of International Financial Reporting Standards relating to the WWW Ltd Group. Your report  should include recommendations of any changes required to improve sustainability and future  performance or disclosure as well as any identified risks. This is a “whisky business” please read and follow  these instructions very carefully. 

• Questions about the content of this assignment MUST be posted on MyLO. 

General Information about Wayward Whisky Warehouse (WWW) Ltd: 

o The presentation currency for the group is AUD.  

o WWW Ltd treats Nes Whisky (SCT) Ltd as a foreign entity according to AASB121 and uses the  current rate method to translate financial information. 

o The functional currency for Nes Whisky Ltd is Pound Sterling (GBP). You will first need to translate  the Scottish operations into the presentation currency of the group before applying consolidation principles. 

o The management of WWW Ltd values any non-controlling interest at the proportionate share of  Winnaleah Wines Ltd’s identifiable net assets, using the partial goodwill method (AASB3). o WWW Ltd recognises a receivable for dividends when they are declared by a subsidiary. o All entities within the group use the perpetual inventory method. 

o The group uses the direct method to present cash flows from operating activities. o Round to the nearest dollar for ALL journal entries and calculations (NOT ‘000s or $m). o Round depreciation calculations to the nearest month. 

o Expenses need to be classified by FUNCTION in the consolidated financial statements. o For all financial statements, you may use either $ OR $’000 (NOT $m) but all must be the same. o If the company turnover is greater than $50 million, the Australian company income tax rate is  30%. For turnovers less than $50m it is 27.5%. Scotland’s corporate income tax rate is 19%.

This BFA301: Accounting Assignment has been solved by our Accounting Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.