HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 Assessment Details and Submission Guidelines Trimester T2 2020 Unit Code HA2032...

1 answer below »
This is my friend's assignment. The same assignment for me from your website is still in progress. please make sure, that this assignment don't matches to mine one


HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 Assessment Details and Submission Guidelines Trimester T2 2020 Unit Code HA2032 Unit Title Corporate and Financial Accounting Assessment Type Individual Assignment Assessment Title Corporate reporting and disclosure requirements in Business Combination Purpose of the assessment (with ULO Mapping) This assignment aims to develop students’ understanding of corporate reporting, disclosure, reporting entity concept and the implication of being classified as a reporting entity. This assignment also develops an understanding of students on accounting and disclosures for business combinations The HA2032 Unit Learning outcomes addressed in this assessment are: • Demonstrate an understanding of the role of the Corporations Act, sources of authority, and accounting standards in the governance of companies and requirements for financial reporting; • Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups; (ULO 1, 3). Weight 25 % of the total assessments Total Marks 25 Word limit 3000 words ±300 words Due Date Assignment submission: Final Submission of individual Assignment: 11:59 pm Wednesday, 23 September 2020, Week 10. Late submission incurs penalties of five (5) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline. Submission Guidelines  All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.  The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.  Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. Page 2 of 8 HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 Assignment Specifications Purpose: This assignment aims to develop students’ understanding of corporate reporting, disclosure, reporting entity concept and the implication of being classified as a reporting entity. The students will also analyse the disclosure on business combination made by two selected companies. Assessment Task: Part A Accounting Standard Setting, Regulation and Disclosure ACCOUNTING STANDARD SETTING (i) Do your own research and critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB? REPORTING ENTITY (ii) Do your own research and critically examine the concepts of small proprietary company, large proprietary company and reporting entity. What are the implications of being classified as either one of these three types of companies in terms of compliance and reporting requirements? Part B Business Combination / Acquisition analysis Collect the latest annual reports of two ASX listed companies. Each of the two companies must have reported Business Combination as per AASB 3 (Many of the ASX 300 Companies report business combinations). Carefully read the note disclosure relating to the Business Combination AASB 3. Answer the following: (i) How many business combinations did the company report? (ii) What was the fair value of consideration paid? (iii) What are the components of acquisition costs, e.g. cash consideration and noncash consideration? (iv) What was the fair value of net identifiable assets acquired? (v) Recognised value of each class of assets, liabilities and contingent liabilities (vi) Carrying value of each class of assets, liabilities and contingent liabilities (vii) How much goodwill or gain on bargain purchase has been recorded? (viii) Factors that contributed to the recognition of goodwill or gain on bargain purchase (if disclosed) (ix) What was the amount of goodwill as percentage of total consideration paid? Page 3 of 8 HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 (x) What was the amount identifiable intangible assets as a percentage of total consideration paid? (xi) Write a comparative analysis on the two companies’ disclosure on business combination. Assignment Structure should be as the following: The assignment structure must be as follows: Holmes Institute Assignment Cover Sheet – Full Name, Student No., Campus, Session No. Executive Summary  The Executive Summary appears as a short paragraph on the first page of the report.  The Executive summary should be concise and not involve too much detail.  It should be a summary of the main points only, the conclusions and analysis of the report.  Write the Executive Summary after the report is completed, and once you have an overview of the whole report. 50 - 100 words is recommended Table of Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. (Note this is excluded from the total word count.) Introduction – A short paragraph which includes background and/or scope and the main points raised in order of importance. There should be a brief conclusion statement at the end of the Introduction. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and /or relevant information (evidence) and finish with a concluding sentence at the end. Conclusion – A logical and coherent evaluation based on a thorough and objective assessment of the work performed. References – Credible Academic sources must be used, such as peer reviewed journals or authoritative textbooks. Any referencing style can be followed, but should be consistent. Academic Integrity Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Sills link on Blackboard. Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment. Page 4 of 8 HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 Table 1: Six Categories of Academic Integrity Breaches Plagiarism Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism. Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised. Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence. Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination. Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment. Data fabrication and falsification Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images. Source: INQAAHE, 2020 Marking Criteria Marking criteria Weighting Executive Summary/Abstract 1% (1 mark) List of content & overall presentation of the assignment 1% (1 mark) Introduction 1% (1 mark) Part A: Accounting Standard Setting, Regulation and Disclosure Do your own research and critically explain how the Australian Accounting Standards Board takes part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB? 5% (5 mark) Do your own research and critically examine the concepts of small proprietary company, large proprietary company and reporting entity. What are the implications of being classified as either one of these three types of companies in terms of compliance and reporting requirements? 5% (5 mark) Part B: Disclosure on Business Combination Collect the latest annual reports of two ASX listed companies. Each of the two companies must have reported Business Combination as per AASB 3. Carefully read the note disclosure relating to the Business Combination AASB 3. Answer the following for each of the two companies: (i) How many business combinations did the company report? 0.5% (0.5 mark) (ii) What was the fair value of consideration paid? 0.5% (0.5 mark) (iii) What are the components of acquisition costs, e.g. cash consideration and noncash consideration? 0.5% (0.5 mark) (iv) What was the fair value of net identifiable assets acquired? 0.5% (0.5 mark) (v) Recognised value of each class of assets, liabilities and contingent liabilities 0.5% (0.5 mark) Page 5 of 8 HA2032 Corporate and Financial Accounting Individual Assignment T2 2020 (vi) Carrying value of each class of assets, liabilities and contingent liabilities 0.5% (0.5 mark) (vii) How much goodwill or gain on bargain purchase has been recorded? 0.5% (0.5 mark) (viii) Factors that contributed to the recognition of goodwill or gain on bargain purchase (if disclosed) 0.5% (0.5 mark) (ix) What was the amount of goodwill as percentage of total consideration paid? 0.5% (0.5 mark) (x) What was the amount identifiable intangible assets as a percentage of total consideration paid? 0.5% (0.5 mark) (xi) Write a comparative analysis on the two companies’ disclosure on business combination.
Answered Same DaySep 19, 2021HA2032

Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA2032 Corporate and Financial Accounting Individual...

Harshit answered on Sep 21 2021
148 Votes
CORPORATE AND FINANCIAL ACCOUNTING
Corporate Reporting and Disclosure Requirement in Business Combination
EXECUTIVE SUMMARY
The IFRS as issued by the IASB is not mandatory to be applied by the countries which are members of the IASB and they have the option to apply the IFRS. In Australia, the accounting standards as issued by the AASB are in line with the IFRS as issued by the IASB. The companies in Australia are allowed to adopt the IFRS but the same is not mandatory for such companies. Companies with international subsidiaries or parent companies have to
adopt IFRS for better outreach. The report has helped to frame an overall idea about the business combination and its accounting treatment as per AASB 3.
TABLE OF CONTENTS
    Sl. No.
    Contents
    Page Number
    1.
    Introduction
    4
    2.
    Part A
    5-8
    3.
    Part B
    9-11
    4.
    Conclusion
    12
    5.
    References
    13
INTRODUCTION
Corporate Reporting refers to the reporting by the entitieswhich include the aspects of presentation and disclosure and includes different reporting like the Corporate Governance, Financial Reporting, Corporate Social Responsibility, etc. Some of the companies have to make certain disclosures as required by the accounting standards followed in the country. The reporting entities are required to prepare the General-Purpose Financial Reports (GPFR) by following the Australian Accounting Standards. In this report, two parts are included. The first part of the report will the deal with how the AASB deals with the setting up of IFRS and what are the concepts of small and large proprietary companies, reporting entities, etc. in details. The second part of the report will analyse the two ASX listed companies that report business combinations as per AASB 3 which will make the concepts clearer.
PART A – Accounting Standard Setting, Regulation and Disclosure
i) ACCOUNTING STANDARD REPORTING
International Financial Reporting Standards (IFRSs) was adopted in Australia on 01.01.2005 in line with Financial Reporting Council and therefore the Australian Accounting Standard board has been involved in the International Accounting Standards Board (IASB) program along with IFRS Interpretations Committee (IFRIC) in various issues. The international organisation identifies a technical issue and the Australian Accounting Standard board closely watches the IPSASB. There are two situations in which the AASB identifies a technical issue which are in need of reconsideration:
· When a technical issue is identified in respect of non profit making entities, such issues are referred to the IASB or the IFRIC.
· When a technical issue affects the non profit making organizations in the public or the private sector, the same may be resolved by bodies within the country and therefore is referred to IPSASB.
There are cases when the Australian organizations and companies also recognize technical issues which in their opinion should be considered by the Australian Accounting Standard board or to give the Australian Accounting standards the level of international standards. The issue may be in the respect of improvement of the relevance and reliability of the financial data as reported in the financial reporting or reduction in the cost of the same. After the identification of a technical issue, a project proposal is developed by the AASB which reflects the benefits that can be derived if the given proposal is undertaken and what is the extra cost if the same is ignored and the resources that are available and the probable timing for the same (Chalmers, K., Clinch, G. and Godfrey, J.M., 2011). If the AASB finds that the proposal is worthy, then it may include the same in the work program and if the same is not to be taken in consideration, then it may be shifted to the agenda rejection statement and is followed by the minutes of the agenda discussion.
If the issue as pointed out is considered in the agenda, the board will discuss the detailed proposal as provided by the AASB staff. The agenda papers consist of the following three points and address the same:
· The scope of the technical issues at pointed out.
· The alternate approaches as available with the Board
· The timings of the output of the issues.
The AASB refers the material from other standard setting bodies such as IASB, the IPSASB and the New Zealand Accounting Standards Board, or from other bodies. In some of the cases, the same is jointly addressed by the AASB and the New Zealand Accounting Standards Board so that the requirements can be developed comparably. After the work is compiled by the AASB, the related documents are made available to the public inviting opinions and queries from the stakeholders for discussion.
The stakeholders can give their comment or discussion on such issues with the help of the following documents:
· Exposure Drafts: It is basically a draft of the standard as proposed and is a more refined standard as proposed or in the form of a draft amendment standard that is to be included or amended in the original standard.
· Invitations to comment: These are feedback as received from the stakeholders that may consist of the discussion or a consultation paper.
· Draft Interpretations: It is an interpretation of the standard as proposed by the AASB.
· Discussion papers: This is a detailed discussion of the accounting policies on the topic as proposed to be amended or issue which is being addressed. These are generally issued by the AASB, the IASB, the IPSASB or other bodies which set the standards. It is on the choice of the AASB to issue international documents in the country for opinion.

The methods which...
SOLUTION.PDF

Answer To This Question Is Available To Download