HI6025 - Accounting Theory and Current Issues Relating to Accounting Standard Reporting Writing - Accounting and Finance Assignment Help

Assignment Task

Learning Outcomes Assessed: 
1.Examine conceptual issues and the sources of authority for the accounting requirements which  apply to reporting by Australian companies, including Company Law, International, and Australian Accounting Standards, and Stock Exchange requirements;
2.Understand and evaluate different theories of accounting such as positive accounting theory,  normative accounting theory, stakeholders’ theory, legitimacy theory, institutional theory, and  different initiatives of relevant global organizations such as GRI, IR;
3.Apply Australian Accounting Standards and Corporate Legislation to the financial reporting  processes;
4.Evaluate advanced level financial accounting problems and select appropriate accounting  strategies for the accounting entity;
5.Understand different provisions of accounting standards and the compliance requirements of the  professional and legal bodies in Australia;
6.Make judgments about the appropriate use of accounting standards and accurately apply appropriate  treatments for different advanced level accounting issues;
 

The questions to be answered are: 

Q-1Discuss the ‘primary users’ of general-purpose financial reports?

Q-2An asset having a cost of $200 000 and accumulated depreciation of $40 000 is revalued to $240 000  at the beginning of the year. Depreciation for the year is based on the revalued amount and the remaining useful life of eight years. Shareholders’ equity, before adjusting for the above revaluation  and subsequent depreciation, is as follows:

Required: 
Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset. Which of the equity accounts would be affected directly or indirectly by the revaluation.

Q-3 ABC Ltd acquires 100 percent of RedCarpet Ltd on 1 July 2021. ABC Ltd pays the shareholders of  RedCarpet Ltd the following consideration: 

There are also legal fees of $95 000 involved in acquiring RedCarpet Ltd. 
On 1 July 2021 RedCarpet Ltd’s statement of financial position shows total assets of $300 000 and liabilities of $150 000. The fair value of the assets is $400 000. 
Required: 
a) Has any goodwill been acquired and, if so, how much? 
b) And discuss the potential for including associated legal fees into the cost of acquiring  RedCarpet using appropriate accounting standards.
 

Q-4 Ginger Ltd is marketing a ‘surfing bundle’ in which, for $2200, it provides customers with a surfboard  (which retails separately for $1700), a wetsuit (which retails separately for $500), and five lessons  (which retail separately for $400). You are required to determine: 
a) Whether separate performance obligations exist, and to explain why you made this judgment. 
b) How much of the transaction price to allocate to each performance obligation? 

Q-5 Discuss the inclusion of the expenses incurred in the initial evaluation and exploration stage of a  project involved with oil extraction into asset or inventory. Further, when should the organization recognize the expenses related to restoration/rehabilitation at the cessation and conclusion of the mining activities.

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