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ACC202 Corporate Accounting
Questions:
1. This assignment is compulsory and is worth 30% of the marks of the subject.
2. Submission is made on Moodle via Turnitin .
3. Students must provide their names and ID numbers in cover page of the assignment.
4. The assignment has two parts.
Part 1: Theory questions (15 marks)
Part 2: Problem question (15 marks)
5. The assignment must be in MS word format, double-spacing and 12-pt Times New Roman font.
6. Submissions must be properly referenced (Harvard or APA Reference Style).
7. Plagiarism is a serious academic misconduct. Students involved in plagiarism will be referred to the GBC’s appropriate authority.
8. Please submit a draft before final submission so that corrections can be made before final submission.
9. Any similarity that is more than 30% will be marked zero. Academic integrity means being honest in academic work and taking responsibility for learning the conventions of scholarship.
Part 1: Theory Questions
1.Evaluate and explain the following claim: Unless there is consistency globally in the implementation of accounting standards and subsequent enforcement mechanisms, we cannot expect accounting practices to be uniform throughout the world, despite the initiatives of the IASB, which encourage different nations to adopt IFRSs.
2. Any efforts towards standardising accounting practices on an international basis imply a belief that a ‘one-size-fits-all’ approach is appropriate at the international level. That is, for example, it is assumed that it is just as relevant for a Chinese steel manufacturer to apply AASB 102 Inventories as it would be for an Australian surfboard manufacturer. Is this a naive perspective? Explain your answer.
3. Provide some arguments for, and some arguments against, the international standardisation of financial reporting. Which arguments do you consider to be more compelling? (In other words, are you more inclined to be ‘for’ or ‘against’ the international standardisation of financial reporting? Hines (1991) argues that conceptual frameworks ‘presume, legitimise and reproduce the assumption of an objective world and as such they play a part in constituting the social world conceptual frameworks provide social legitimacy to the accounting profession’. Try to explain what she means.
4. How do Australian Accounting Standards require preference shares to be disclosed?
Requirements:
1. Summarise the above questions (1-4) in the Conclusion section and provide your remarks.
2. Use articles/sources in writing your assignment, cite them in the text and provide references in the end of your assignment.
3. Professional marks (3 marks) will be awarded for format, clarity and expression.
4. The report should include Introduction, Discussion Conclusion and List of references.
Part 2: Problem question (15 Marks)
A Ltd acquires a 60 per cent interest in B Ltd on 1 July 2022 for a cost of $2 million representing the fair value of consideration transferred. The management of A Ltd values any non-controlling interest at acquisition date at the proportionate share of B Ltd’s net identifiable assets at acquisition date. All assets are assumed to be fairly valued in the books of B Ltd. The share capital and reserves of B Ltd at the date of acquisition are:
B Ltd acquires a 60 per cent interest in C Ltd on 1 July 2022 for $1.6 million representing the fair value of consideration transferred. Any non-controlling interest in C Ltd at acquisition date is based on fair value. The share capital and reserves of C Ltd at the date of acquisition are:
The statements of comprehensive income and statements of financial position of the entities at 30 June 2023 (one year after the acquisitions) are as follows:
Abbreviated statement of profit or loss and other comprehensive income Retained earnings
Additional information
It is assumed that goodwill acquired has been subject to an impairment loss of 20 per cent of the original goodwill value.
Required
Present consolidated financial statements for A Ltd and its controlled entities as at 30 June 2023.
ACC202 Corporate Accounting
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