Financial and Corporate Accounting - Report Writing Accounting Assignment Help

Assignment Task:

Assignment Details 

According to James R. F. Shipton, Chair, Australian Securities and Investments Commission (ASIC): 

“In the current environment, the quality of financial reports and related disclosures is more  important than ever for confident and informed markets and investors. 

Entities with businesses adversely affected by the COVID-19 pandemic should focus on  reporting of asset values and financial position. Investors expect clear disclosure about the  impacts on an entity’s businesses, any risks and uncertainties, key assumptions,  management strategies and future prospects. 

ASIC will monitor disclosure by entities in this period to ensure that disclosure is meaningful  and useful, and timely as possible. We realise that entities may face uncertainties about  future economic and market conditions, and the future impact on their businesses.  Accordingly, directors, management and auditors may need to make difficult judgements on  asset values and financial condition. 

This guidance will help in making these judgements and is one of a number of publications  that directors, managers and auditors should consult when preparing their directors’ and  financial reports. Entities should also refer to ASIC’s recent COVID-19 FAQs on financial  reporting and audit, as well as media releases on our website for up to date guidance.” 

REQUIRED: 

a) Explore the relationship between the notions of public interest and decision usefulness of  accounting information with the help of research articles. Discuss how, and to what  extent, the current environment due to COVID-19 has impacted the decision usefulness  of accounting information? (Use at least five research articles from  academic/professional journals.) 

b) Critically discuss, with reference to the relevant accounting standards the impact of the  current environment due to COVID-19 on the recognition and disclosure of the following  accounting items: 

i) A deferred tax asset and a deferred tax liability 

ii) Identifiable Intangible assets 

iii) Goodwill on Consolidation 

iv) Impairment of non-current assets 

c) Zack Ltd holds 30% of the shares issued by Rambo Ltd. The other shareholders come  from mixed backgrounds, but each holds on average 10% of shares in Rambo Ltd. Only  three of the other shareholders have an interest in the management of the company.  There are seven directors of Rambo Ltd. Four of these are appointed by Zack Ltd. The  other three directors are appointed by the three other shareholders who have an interest  in the management of the company. Most of the remaining shareholders live outside 

Australia and rarely attend annual general meetings of Rambo Ltd unless they have  other business to attend to in the country around the same time as the annual general  meetings are held. 

Discuss whether a parent-subsidiary exists between Zack Ltd and Rambo Ltd using the  guidance provided by AASB10/IFRS10 “Consolidated Financial Statements”.

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