HI6025 - Accounting Theory And Current Issues Report Writing - Accounting and Finance Assignment Help

Assignment Task 

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 organisations 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 appropriate use of accounting standards and accurately apply appropriate  treatments for different advanced level accounting issues;

The questions to be answered are:

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

An 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?

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