This assessment requires critical analysis and synthesis of financial information, the application of knowledge and the capacity to develop and use financial information and communicate and explain this information within the framework of international accounting standards. 1000 words The group assignment involves two parts: Part 1 is the preparation of a selection of consolidation elimination journals for year ending 30 June 2019, for an economic entity comprising a parent and subsidiary, 100% owned by the parent, plus working papers of a professional standard. Part 2 is a justification of the accounting process adopted in Part 1. Part 1 requirements: Each group will receive details of individual data for their company, Group Ltd, and the subsidiary.Note; Can use any balance sheet of Australian company. Using this data, you will be required to prepare the consolidation/elimination journal entries necessary for preparation of financial statements for the economic entity for the year ending 30 June 2019. Details of workings (i.e. working papers) must be shown and the journals presented in a professional manner. Part 2 requirements (1 000 words maximum): The financial statements for the year ending 30 June 2019 for the economic entity have been prepared on the basis of your journals from Part 1. These statements have been presented to the Board of Directors, who have asked the following questions: What is the advantage of making the consolidation adjustment entries prepared in Part 1? (400 words maximum) Management have not undertaken any revaluation of non-current assets since the acquisition of the subsidiary, arguing revaluations are optional and will be undertaken at some time in the future when the total non-current assets increase in value. Do you agree with this approach? (600 words maximum) Your task is to prepare a response to the above questions. You need to use authoritative, relevant references and relevant Accounting Standards and the AASB Framework to help support your argument. However, remember your audience (senior management) are not accountants, so you need to use this information to support your argument (e.g. dont just quote large sections of the standards, as the managers wont read it!). Note: you must make reference to relevant paragraphs of the Accounting Standards and AASB Framework and to other sources of material. When referencing both the Accounting Standards and the AASB Framework, include the relevant paragraph number (eg: AASB101, para.137(a) or AASB Framework, para.3).