HI6025 : Accounting Theory and Current Issues - Stock Exchange Requirements - Accounting Assignment Help

Assignment Task :

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in  this unit 

Unit 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 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; 

Description: Each week students were provided with three tutorial questions of varying degrees of  difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard.  The Interactive Tutorials are designed to assist students with the process, skills and knowledge to  answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for  weeks 1 to 5 inclusive and submit these answers in a single document.

The questions to be answered are: Week 1 

The fundamental qualitative characteristics that financial information must possess to be useful to the  primary users of general purpose financial reports—identified in the Conceptual Framework are  ‘relevance’ and ‘faithful representation’. 

Required: 

a) Provide one example where information is relevant but not faithfully represented.  

b) Provide one example where information is not relevant but is faithfully represented. 

c) Provide one example where information is relevant and faithfully represented.  

Week 2 

a) What is a social contract and how does it relate to organisational legitimacy?  

b) Explain two ways organisations can use corporate disclosure policy to maintain or regain  organisational legitimacy?  

Week 3 

Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment is  expected to have a useful life of 10 years and the straight-line method of depreciation is to be used.  It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of  $424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring  property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage  value is determined to be zero. The asset is sold for $356,000 on 1 July 2019. 

Required: 

Provide the journal entries necessary at the following dates to account for the above transactions and  events. (Ignore narrations).  

• 01/07/2015  

• 01/07/2017  

• 01/07/2019

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