Background

You are the Chief Financial Officer of Whitewater Limited. Whitewater Limited is a manufacturer and distributor of kayak equipment and accessories. The company was incorporated in 2002 under the Companies Act 1993. Whitewater Limited is located in an industrial area in Christchurch. It has been listed on New Zealand share market since 2015. The functional currency of Whitewater Limited is the New Zealand dollar. All dollar amounts in this document are in New Zealand dollar unless stated otherwise.

Your team are in the process of preparing the financial statements for the financial year ending 31 March 2023. The financial statements will be authorised for issue on 1 July 2023.

Introduction

The following trial balances have been supplied to you (see page 3):

The adjustment trial balance for the financial year ending 31 March 2023. Balance date adjustment(s) may be required;

The adjusted trial balance for the financial year ending 31 March 2022; and

The post-closing trial balance for the financial year ending 31 March 2022. All the financial information for the financial year 2022 has been audited and finalised.

Additional information that may be relevant to your assignment can be found on pages 4-6.

You are required to complete a set of financial statements according to the requirement of New Zealand equivalents to the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS).

Any effects of taxation, including the implications of NZ IAS 12 Income Taxes, are ignored for the purpose of this assignment.

Assignment Parameters This is an individual assignment.

Weighting: 25% of the course grade

Due date/time: 5:00pm Monday 12 June 2023

Submission: You are required to submit the electronic files via LEARN as well as a printed and bound copy of this assignment. Only the printed copy of the assignment will be marked. Your assignment must be word processed and professionally presented. You will hand in your printed copy in class.

\f\f\f\f\f