Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pls solve for me. Thank you Part B Recommendations (60 Marks) Prepare a report explaining and making recommendations on the financial reporting issues below. a)
Pls solve for me. Thank you
Part B Recommendations (60 Marks) Prepare a report explaining and making recommendations on the financial reporting issues below. a) The impact of change to preparing consolidated financial statements on Antara Ltd's disclosure of financial information. (40 marks) Your response should include: The differences between applying the equity method of accounting in Antara Ltd's own accounting records, and applying the equity method of accounting in Antara Ltd's consolidation worksheet. The content of Antara Ltd's relevant financial statement. The extent of financial information available to Antara Ltd's external users. References to the financial information in Part A and relevant accounting standards. b) Potential dividends paid by Blanca Ltd. This is because Blanca Ltd has been profitable and the company management plans to pay dividends to Antara Ltd. (20 marks) Your response should include: How dividends paid by Blanca Ltd are accounted for using the equity method of accounting. How dividends are disclosed in Antara Ltd's relevant financial statement. References to the financial information in Part A and relevant accounting standards. For the financial year ended 30 June 2020, the Chief Financial Officer (CFO) of Antara Ltd has been advised by the company's auditor that the consolidated financial statements should be prepared, which include the financial results of Blanca Ltd based on the equity method. The CFO came to Laura seeking her professional opinions regarding this matter. Laura has decided to ask you as a member of her reporting team to undertake a number of tasks to provide her with sufficient information before she responds to the CFO. The tasks comprise Part A and Part B below. Part B Recommendations (60 Marks) Prepare a report explaining and making recommendations on the financial reporting issues below. a) The impact of change to preparing consolidated financial statements on Antara Ltd's disclosure of financial information. (40 marks) Your response should include: The differences between applying the equity method of accounting in Antara Ltd's own accounting records, and applying the equity method of accounting in Antara Ltd's consolidation worksheet. The content of Antara Ltd's relevant financial statement. The extent of financial information available to Antara Ltd's external users. References to the financial information in Part A and relevant accounting standards. b) Potential dividends paid by Blanca Ltd. This is because Blanca Ltd has been profitable and the company management plans to pay dividends to Antara Ltd. (20 marks) Your response should include: How dividends paid by Blanca Ltd are accounted for using the equity method of accounting. How dividends are disclosed in Antara Ltd's relevant financial statement. References to the financial information in Part A and relevant accounting standards. For the financial year ended 30 June 2020, the Chief Financial Officer (CFO) of Antara Ltd has been advised by the company's auditor that the consolidated financial statements should be prepared, which include the financial results of Blanca Ltd based on the equity method. The CFO came to Laura seeking her professional opinions regarding this matter. Laura has decided to ask you as a member of her reporting team to undertake a number of tasks to provide her with sufficient information before she responds to the CFO. The tasks comprise Part A and Part B belowStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started