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financial reporting
Questions and Answers of
Financial Reporting
Disclosures relating to inventories LO9 Ballarat Pty Ltd reported inventories in its statement of financial position as follows. Inventories $11 247 900 Required What additional disclosures might
Statement of financial position classification LO1 Where, if at all, should the following items be classified on a statement of financial position? 1. Goods held by customers pending their
Selection of formulas for assigning costs LO6 Under what circumstances would each of the following formulas for assigning costs to inventories be appropriate? 1. Specific identification 2.
Consignment of inventories LO5 Esperance Ltd reported in a recent financial statement that approximately $12 million of merchandise was received on consignment. Should the company recognise this
INVENTORIES COSTS As a new graduate you have been assigned to the accounting team led by Andy Steel. Andy wants to determine your expertise in relation to accounting for inventories. Required Andy
PURCHASE DISCOUNTS Bunker Bay Ltd is considering alternative methods of accounting for the cash discounts it takes when paying for its supplies promptly. Required From a theoretical standpoint,
INVENTORIES COSTS You have been assigned a new graduate as part of your audit team and they have asked you a number of questions in relation to accounting for inventories at the Lake Clifton Ltd
CASE STUDY CALCULATION OF INVENTORIES As a part of the auditing team assigned in relation to Mandurah Ltd, you have been asked to verify the inventories at the Halls Head branch at 30 June 2020. The
Explain what is meant by a spot exchange rate, closing exchange rate and forward exchange rate.
Explain the distinction between monetary and non-monetary items.
If land or inventories are designated in foreign currency, how should the recoverable amount of the land or realisable value of the inventories be measured?
What is meant by foreign exchange risk?
Pira Ltd is an Australian company that purchases inventories from Hammers plc, which is an English company. The following information is relevant to a recent acquisition of inventories for £100 000
Murun Ltd is an Australian company that makes and sells small electronic goods. On 1 February 2023, a customer from the United States ordered some goods from Murun Ltd at an invoice cost of
On 1 October 2022, the Australian company Pilkari Ltd enters a loan agreement with the Bank of Scotland to borrow £2 000 000 for a period of 5 years. The interest on the borrowings is payable
On 15 July 2023, Palya Ltd, an Australian company that has A$ as its functional currency, acquires land in Paris, France, for a cash consideration of €500 000. On 1 January 2024, Palya Ltd
On 1 February 2023, Galah Ltd, an Australian company that has A\$ as its functional currency, enters a forward exchange contract to buy \(£ 300000\) in six months' time at 31 July 2023. The contract
On 1 May 2024, Yerrabi Ltd, an Australian company that has A\$ as its functional currency, purchases inventories for US\$200 000 with the invoice to be paid on 30 October 2024. On the same date as
On 1 March 2024, Rork Ltd, an Australian company that has A\$ as its functional currency, enters into a firm commitment with a foreign supplier to buy an equipment for US\$500 000. The ownership of
The directors of Perth Ltd are concerned about the increased costs proposed by the company in adopting new, more environmentally friendly technology. Management has argued that the company was
The manager of Smithton Ltd does not believe that the company’s immature crops belong in the calculation of biological assets, as there is no active market for immature crops, and they are not yet
The accountant of Fingal Ltd has presented land and a pine tree plantation as a single asset on the basis that the two are interrelated, with one component being worth almost nothing without the
The lessee of West Coast Wines Ltd manages the vineyards under a lease. It has included vineyards as an asset in its accounting records as it is responsible for the management and
On 1 July 2024, Lota Ltd acquired all the issued shares of Mokai Ltd for $250 000. The financial statements of Mokai Ltd showed its equity at that date to be as follows.All the assets and liabilities
What are the key questions to consider when preparing consolidation worksheet adjustments for intragroup transactions?
Are the consolidation worksheet adjustments for intragroup transactions aimed at showing the group position as if the intragroup transaction had not occurred?
What is meant by ‘realisation of intragroup profits or losses’?
With regards to intragroup transfers of inventories, are adjustments for current period transfers different from adjustments for such transfers happening in a previous period? Explain.
When are profits realised in relation to inventories transfers within the group?
What adjustments are needed for intragroup services in the period when the services are provided and in subsequent periods?
What adjustments are needed for intragroup dividends in the period when the dividends are provided and in subsequent periods?
What adjustments are needed for intragroup borrowings in the period when the borrowings are provided and in subsequent periods?
Are tax effect-entries required when adjusting for intragroup services or intragroup borrowings? Explain.
Explain why some entities prefer to have less than 100% ownership interest in some subsidiaries.
Describe the format of the consolidation worksheet prepared in the presence of the NCI.
What are the two methods prescribed by AASB 3/IFRS 3 to measure NCI?
How is goodwill calculated under the full goodwill method?
What is the control premium?
How is goodwill calculated under the partial goodwill method?
Describe the disadvantages of the two methods prescribed by AASB 3/IFRS 3 to measure NCI for users and preparers of financial information.
Why did the standard setters allow a choice of methods to measure NCI?
When measuring NCI, what is the effect of choosing one method over another?
The following statement appears in Note 1 of the annual report of Barrington Ltd:On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at
In December 2024, Halloran Ltd acquired 60% of the issued shares of Greenway Ltd.The accountant for Halloran Ltd, Mary Bryant, is concerned about the approach she should take in preparing the
Discuss the two types of NCI that may exist in a multiple subsidiary group structure.
Describe the general principles used in the preparation of the consolidated financial statement for a multiple subsidiary group structure.
Discuss the complexities that arise in the preparation of the consolidated financial statement for a multiple subsidiary group structure.
Describe sequential and non-sequential acquisitions.
Explain how to account for any gains or losses that arise from changes in the ownership interest by a parent in a subsidiary without loss of control.
Explain how to account for further acquisition of shares by a parent in a subsidiary.
Explain how to account for sales of shares by a parent in a subsidiary that do not result in loss of control.
Explain how to account for changes in ownership interests by a parent in a group that result in loss of control.
What are the disclosure requirements relating to changes in ownership interest by a parent in a subsidiary?
Access the annual financial report of Alumina Limited for the year ended 31 December 2021 using the company’s website (www.alumina.com) or the ASX website (www.asx.com.au) and the company code
Significant investments in joint ventures Access the annual financial report of CIMIC Group Limited for the year ended 31 December 2021 using the company’s website (www.cimic.com.au) or the ASX
How does a joint venture differ from a joint operation?
How does the structure of a joint operation influence its classification as a joint venture or joint operation?
What are the disclosures required in relation to a joint operation?
Falls Ltd and Creek Ltd decided to jointly undertake the manufacture of an electric car. They formed Silver Ltd, which will manufacture the car. Falls Ltd and Creek Ltd provide the various parts for
The Chinese mining company Changchun Mining Ltd and the Australian mining company Seal Rush Ltd have agreed to set up a separate company, Dragon Rush Ltd, to mine for gold in Australia. The
Two smaller banks that operate in Australia are the Ballarat Bank and the St Martins Bank. These have in the past primarily offered domestic banking services to their customers. However in recent
Raby Ltd and Bay Ltd are companies that have newly discovered oil wells in a MiddleEastern country. There is some distance to the nearest port and, rather than build separate pipelines, they have
Describe the meaning of ‘insolvency’ with regards to companies.
Briefly describe the procedures through which the Corporations Act attempts to avoid liquidation of companies if possible.
Who can appoint a receiver for a company facing financial difficulties?
Outline the role and powers of a receiver appointed by a secured creditor.
Who can appoint a voluntary administrator?
Outline the role of an administrator appointed to a company which is insolvent.
Outline the role of directors before and during voluntary administration.
Briefly discuss the ways in which a company may be wound up, indicating the likely circumstances in which each is applicable.
What is the purpose of the report as to affairs (Form 507), the summary of affairs (Form 509) and the annual administration return (Form 5602)?
Outline the powers of a liquidator in winding up a company (a) under a court order and (b) in a voluntary winding up.
Describe how a company’s debts are identified and admitted on liquidation.
Discuss the order of priority of payment in the event of winding up a company.
Who are the contributories of a company? Explain.
Outline the principles to be followed in apportioning a deficiency among creditors and contributories.
If there is a surplus on liquidation, discuss how the surplus is to be apportioned among contributories.
What must a liquidator do if he or she is unable to collect unpaid call money from shareholders?
Arrears of dividends are paid in the winding up process in certain circumstances. Outline those circumstances.
Assume that you are the managing director of a small, family-owned proprietary company operating in Australia. The members of the company have decided to wind up its operations for family reasons.
Visit www.delisted.com.au or a similar website and present brief details of three companies that have been listed on the securities exchange, and that are currently going through the process of
Flea Ltd, whose capital consisted of \($25 000\) in fully paid shares, was wound up as a result of a court order. Its liquidator realised \($335 825\) from the sale of the company’s assets. This
Discuss the scope of expenditures to which AASB 6/IFRS 6 applies.
Describe the area of interest method for exploration and evaluation expenditures.
Explain the measurement options available to an entity for exploration and evaluation assets after initial recognition.
If an entity wants to change its accounting policies applicable to exploration and evaluation expenditures, discuss the issues it should consider.
Explain how exploration and evaluation assets should be classified in the financial statements.
Discuss the two specific modifications a company could make to the impairment testing of exploration and evaluation assets compared to other assets under AASB 136/IAS 36.
Explain how the costs capitalised for exploration and evaluation activities may subsequently be recognised in the income statement as expenses that are matched against revenues from producing mine
Discuss the contemporary issues related to accounting for extractive activities.
The politics of standard setting makes accounting concepts less important than the needs of powerful lobbyists. Discuss with reference to the unique approach for asset recognition in AASB 6/IFRS 6.
Redwoods Mining Limited has exploration licences for two areas. The first is in northwestern Australia and is at the prospecting stage. The second is several hundred kilometres east and is in the
The accountant of Local Oil Limited has recommended to management that the company capitalise its exploration and evaluation expenditures, as this will increase the company’s assets and have no
Pearl Mining Limited has a number of depreciable assets which it uses in a particular area of interest.Required Discuss the factors you would need to consider in determining the depreciable period
The management of Oil Ltd is concerned that the exploration and evaluation activities it has commenced in a specific area will cause significant damage to the surrounding environment, and the
Exploration and evaluation activity in one of LNG Ltd’s areas of interest has not reached a stage that permits a reasonable assessment of the existence of economically recoverable reserves. The
Gold Ltd classifies its exploration and evaluation assets as intangible assets. A new accountant has just been employed and has suggested that Gold Ltd should change its accounting policy for
Oil Sands Ltd is a company involved in the search for, production of and sale of oil and gas resources. The company has been following an accounting policy of expensing its exploration and evaluation
Mining Ltd has acquired a licence to explore a new area of interest and its accounting policy is to capitalise its exploration and evaluation expenditures on an area of interest basis. During the
During the year ended 30 June 2024, the management of LPG Ltd has been analysing its engineering reports for a specific area of interest, which indicate that sample drilling has not resulted in any
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