BUACC2603 : Corporate Accounting - Federation Business School - Accounting Assignment

Internal Code : MAS4872

Accounting Assignment :

Question 1.  The task of regulating the corporate sector in Australia is mainly the responsibility of three key agencies—the Australian Competition and Consumer Commission (ACCC), the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). APRA The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the Australian financial services industry. It oversees Australia’s banks, credit unions, building societies, life and general insurance companies and reinsurance companies, friendly societies and most of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding $5.4 trillion in assets for Australian depositors, policyholders and superannuation fund members. From 1 July 2015, APRA also became the prudential regulator of private health insurance funds..... Required :  Discuss both APRA and ASIC through reference to their most recent annual reports. What they do, how big they are, and do they provide the services and outcomes required for their mandates. They often come under extreme criticism – why? Question 2 :  At 1 July 2017, Lester Ltd acquired the following non-current assets: Equipment $100 000 Vehicles    80 000 They are in different classes of non-current assets and are to be measured at fair value. The expected useful lives of vehicles and equipment are 5 years and 10 years, respectively. At 30 June 2015, the fair values of both assets were assessed. The equipment had a fair value of $82 000, and the vehicles, $70 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles. Required Prepare the journal entries for Lester Ltd for the years ending 30 June 2015 and 2016. Question 3  Spear Ltd reported the following information in its statement of financial position at 30 June 2015: At 30 June 2015, Spear Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment.Spear Ltd calculated the recoverable amount of the assets to be $980 000. Required Provide the journal entry for any impairment loss at 30 June 2015. Question 4 Prepare general journal entries to record the following unrelated transactions of a limited company: 1. Payment of an interim dividend of $200 000 (in cash). 2. Declaration of a final dividend of $420 000. 3. Transfer of $65 000 from the revaluation surplus to a general reserve. 4. Transfer of $120 000 to the general reserve from retained earnings. 5. Payment of 300 000 bonus shares, fully paid at $1 per share from a general reserve.