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financial accounting

Questions and Answers of Financial Accounting

How are ‘earnings’ and ‘number of shares’ determined for the purposes of calculating earnings per share?
How would you determine whether potential ordinary shares are dilutive?
How do we calculate earnings per share?
What does earnings per share represent?
A review of BHP’s 2019 Annual Report shows that the compensation paid to the chief executive officer (CEO) is based on various aspects of performance. Some of these aspects performance relate to
In a newspaper article entitled `Warne charity’s finances under investigation’ (by Chris Vedelago, Sun Herald, 5 November 2015, p. 11) it was reported that the Shane Warne Foundation raised $1.8
Review the related party note provided by BHP in its most recent annual report (find it at BHP’s website). How many pages are dedicated to related party disclosures, and what are the various
Review a number of corporate annual reports for the contents of their related party disclosures (you are to identify which companies you have reviewed). As you will typically see, the note disclosure
In November 2003, the Business Council of Australia made the following comments in the ‘Business Council of Australia Submission to the Parliamentary Joint Committee on Corporations and Financial
Should the managers of an organisation be accountable for their related party transactions? Why?
A review of key management personnel disclosure notes will often show that a component of the salary executives are paid is linked to corporate performance. Why do you think would not just pay
Briefly identify the types of information that must be disclosed in relation to key personnelrelated transactions.
How are ‘key management personnel’ defined in AASB 124?
What are the classes of related parties identified in AASB 124?
Do you think an organisation that provides information about its related party transactions would be more favourably viewed by investors than an organisation that does not provide any such
Do you consider that disclosure of related party information is of value to the organisations making the disclosures? Why?
Do you consider that disclosure of related party information is of value to financial statement users? Why?
Are related party transactions always a negative thing for an organization?
What are some positive consequences of related party transactions?
What are some possible negative consequences of related party transactions?
What are some negative consequences that could arise as a result of related party transactions?
It is often argued that to properly assess the performance of an organization, knowledge of its related party transactions is required. Why?
What is a ‘related party transaction’?
Ulluwatu Ltd has six segments that the chief operating decision maker reviews when making assessments of performance and evaluating and making resource allocation decisions. These segments of the
Petersen Ltd operates solely within Queensland. It is involved in four operating segments, namely entertainment, clothing, food and agriculture. Information pertaining to these segments is provided
In a newspaper article of 7 July 2017 entitled ‘Australia Post’s accounts a mess’ (by Tony Boyd, The Australian Financial Review, p. 40), it was noted that numerous restatements seemed to have
The following information comes from the segment reporting note that was in the BHP 2019 Annual Report. As we can see, more than half of the organisation’s revenue in 2019 came from China. Would
The following segment information is presented for Calm Cow Ltd.RequiredDetermine which segments are reportable according to the guidelines provided in AASB 8. Segment revenue ($000) Segment profit
The following segment information is presented for Raging Bull Ltd.REQUIREDDetermine which segments are reportable according to the guidelines provided in AASB 8.
The following operating segment information is presented for Rocky Ltd.REQUIREDDetermine which segments are reportable according to the guidelines provided in AASB 8. Segment revenue ($000) Segment
The following operating segment information is presented for Ocky Ltd.REQUIREDDetermine which segments are reportable according to the guidelines provided in AASB 8. Segment revenue ($000) Segment
What are the disclosure implications for an operating segment that passed the quantitative tests provided in paragraph 13 of AASB 8 in one year but which fails to pass the tests the subsequent year?
When are we permitted to combine the information for different segments when making a segment disclosure note?
The information to be disclosed about operating segments is to be based upon the information used internally by managers and which might be compiled in a way that is not consistent with accounting
If we initially prepare an operating segment note and we find that the total external revenue reported by the operating segments constitutes less than 75 per cent of the entity’s total revenue,
There are disclosures required by AASB 8 in respect of an entity’s reliance on major customers. Why should such disclosures be made, and what are the required disclosures?
When should information about geographical aspects of an entity’s operations be disclosed pursuant to AASB 8, and what specific information needs to be disclosed?
Why disclose information about different geographical segments?
Once we have divided the activities of an entity into their respective operating segments, we must determine whether information about these various segments requires separate disclosure. How do we
What is the basis of allocating assets to particular segments?
What is the basis of allocating revenue to particular segments?
How does an entity identify its operating segments for the purposes of applying AASB 8?
What is a ‘reportable segment’?
Do segment items, as disclosed in the operating segment note, need to be measured in accordance with accounting standards?
Providing segment data to financial statement users will enable management to demonstrate greater accountability.’ Discuss this statement.
Evaluate the argument which holds that concerns about competitive disadvantage lead to lower-quality segment disclosures
Some people argue that providing segment data leads to a competitive disadvantage for firms that are operating successfully. Evaluate this argument.
Is there a requirement to disclose any information about an organisation’s products or services, its major customers or the geographic location of its operations?
Do you think that requiring organisations to provide segment data would stifle the introduction of new ideas or approaches?
How is it determined whether information about particular operating segments needs to be reported?
Discuss some of the potential costs that organizations could attract if they are required to provide segment disclosures.
Why is it useful for financial statement readers to be provided with information about operating segments?
Discuss the benefits of segment disclosure for financial analysis.
We have an accounting standard that requires the disclosure of information about ‘operating segments’. What is an operating segment?
For each of the following material events after the reporting period, state whether adjustment or disclosure is required in the 30 June 2023 statements. If adjustment is required, state the nature of
Good Vehicles Ltd sells tractors. It does not recognise a provision for warranty because warranty claims for the past five years have been immaterial. Good Vehicles Ltd reported a profit before tax
Gunnamatta Ltd has a financial period ending on 30 June 2022 and is expected to complete its financial statements on 10 September 2022. On 24 August 2022 it loses a major customer that has become
Lombok Ltd is an Australian entity that makes canoes and associated equipment. The end of its financial period is 30 June 2022. It has compiled set of draft financial statements, which indicate
The 30 June 2022 financial statements of ABC Ltd have been prepared in draft form. However, the financial statements have not yet been for issue. Subsequent to the end of the reporting period, the
You are finalising the 2022 financial statements of Petrol Ltd, a company involved in the mining, refining and retail distribution of petroleum products. As part of your final review, you have asked
Indicate how Petersen Ltd should treat the following events in its financial statements for the year ending 30 June 2023. The financial statements were authorised for issue on 10 September 2023. You
Torquay Ltd’s financial year ended on 30 June 2023. The following events occurred between the end of the reporting period and the date the directors of Torquay Ltd expect to authorize the financial
How are post-acquisition movements in the reserves of an associate to be treated when the equity method of accounting is applied?
What is the difference between a joint venture and a joint operation?
Does the required accounting treatment for an interest in a joint operation differ from the requirements for an interest in a joint venture and, if so, how do these requirements differ?
How should the joint operators’ share of assets in the joint operation be disclosed?
How should the joint venturers’ share of assets in the joint venture be disclosed?
Do you think it is appropriate for a joint operator to ‘mix’ its proportional share of net assets in with its other assets for the purpose of presentation in the statement of financial position?
Assume that an investor has two associates, which are both 20 per cent owned During the year, one associate sells some inventory to the other associate at a profit of $50 000. At the end of the
Simon Ltd has acquired a mining lease in Torquay that the managing director Simon believes contains valuable oil reserves. However, Simon is a surfer and no knowledge of oil exploration and
On 1 July 2022 Ma Ltd acquires a 25 per cent interest in Pa Ltd for a cash consideration of $375 000. On the date of the acquisition, the assets of Pa Ltd are reported at fair value. The share
Zimmer Ltd holds a 25 per cent interest in Finn Ltd. During the year ending 30 June 2023, Zimmer Ltd acquires $500 000 of inventory from Finn Ltd. This inventory cost Finn Ltd $300 000 to produce.
Would there be situations where the directors of a company would prefer to classify an investee as an associate rather than as a subsidiary? If so, when would you expect these circumstances to arise?
On 1 July 2022 Stokes Ltd acquires 25 per cent of the issued capital of Cotter Ltd for a cash consideration of $120 000. At the date of acquisition, the shareholders’ equity of Cotter Ltd
On 1 July 2022 Larry Ltd acquires 25 per cent of the ordinary issued capital of Blaire Ltd for $187 500. Upon acquisition of this financial interest in Blaire Ltd, Larry Ltd appoints two directors to
ABC Ltd (ABC) sells wooden furniture. It has a 40 per cent interest in DEF Ltd (DEF), which sells timber. Financial information for each company for the year ending 30 June 2022 is as
On 1 July 2021 Peet Ltd purchased 40 per cent of the ordinary shares of Keet Ltd for $3 250 000. The remaining 60 per cent of the ordinary shares of Keet Ltd are owned by two shareholders, Radio Ltd,
On 1 July 2022 Oiley Ltd enters into a joint arrangement with Goldey Ltd. Both parties commit themselves to a contractual arrangement in which Oiley Ltd contributes plant and machinery, and Goldey
On 1 July 2022 Toxic Ltd enters into a joint arrangement with Sludge Ltd. Both parties commit themselves to a contractual arrangement in which Toxic Ltd contributes plant and machinery with a fair
What is a foreign currency exchange rate?
If a payable, or receivable, is denominated in a foreign currency, does its carrying amount have to be adjusted at the end of the reporting period?
Explain why it is necessary to translate foreign currency transactions into Australian dollars.
If an amount owing to an overseas supplier for the purchase of inventory increases because of an adverse movement in the foreign exchange rate, is such an increase to be accounted for as part of the
At the end of the reporting period of a reporting entity, are any adjustments necessary in relation to the reporting entity’s foreign currency monetary items? Further, how should any adjustments
If an organisation has a five-year loan that is denominated in a foreign currency, does the carrying amount of the loan have to be adjusted at the end of each reporting period to reflect any changes
When initially recognising a transaction that is denominated in a foreign currency, what exchange rates should be used to translate the transaction to Australian dollars?
Some inventory is acquired from an overseas supplier with the debt denominated in a foreign currency. In the absence of a hedging arrangement, if the exchange rate moves against the Australian dollar
What is a ‘qualifying asset’ and how do we treat exchange rate differences relating to the acquisition of qualifying assets? Contrast this with the treatment for assets that are not qualifying
When is a foreign currency monetary item considered to be hedged?
What are foreign currency swaps and why are they undertaken?
On 5 June 2022 Perth Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5 June 2022. The cost of the goods is UK£250 000 and the debt remains unpaid at 30
On 1 July 2022 Double Island Ltd enters into an agreement to borrow £2 million from Point plc (UK). Point plc sends the loan money to Double Island Ltd’s Australian bank account. The loan is for
On 10 July 2022 Coolum Ltd provides some consulting advice to Florida Inc. (US) for an agreed fee of US$1 million. The amount is paid into the US bank account of Coolum Ltd on 10 July 2022. Coolum
On 1 March 2021 Drouyn Ltd enters into a binding agreement with a New Zealand company, which requires the New Zealand company to construct an item of machinery for Drouyn Ltd. The cost of the
On 1 March 2022 Possum Ltd, an Australian entity, purchases US$1.5 million of inventory from Lincoln Inc., a US entity. The amount is paid on 1 August 2022. Possum Ltd has a 30 June financial year
On 1 March 2022 Kanga Ltd, an Australian entity, places an order for UK£1.5 million of inventory with Ferrett plc, a UK supplier. The goods will be purchased FOB Liverpool. The goods are shipped on
Platypus Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million are made on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on
You are the finance director of ME Ltd. The company specialises in importing classic foreign vehicles from overseas countries and then selling these vehicles cheaply on the open market. The
ABC Pty Ltd purchases inventory from DEF plc, a listed British company. Relevant events and the spot rates at each date are shown as follows:REQUIREDa. Prepare appropriate journal entries for each
URS Ltd is an Australian manufacturer of televisions. The financial year of URS Ltd ends on 30 June. The development within the television industry of three-dimensional pictures has meant that URS

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