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Learning Outcome:
1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting
3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts
5. Differentiate between shares and debentures and apply appropriate accounting procedures
Part 1:
Context:This assignment forms Part 1 of the major assignment. Students are provided with a business case in which an entrepreneur, Xiaojing Wu, from China immigrated toAustralia and considered setting up a small business in South Australia. Xiaojing started her business as a partnership but decided to dissolve the partnership. Subsequently, Xiaojing considered forming a company and discussing with the accountant and remaining partner on accounting regulation and reporting requirements relevan to companies.
Business Case
Refer to the transcript for Module 1 Accounting Regulation and Revenue
Instructions:
Students are expected to review the content of Module 1, Part 2 on Accounting Regulation Revenue Recognition, then respond to the assignment questions.
Verified Expert
Financial accounting principles act to serve the regulatory framework governing reflective financial reporting in Australia that also emphasizes on financial reporting. In reflection to acquire a positive analysis on financial reporting, the elucidated factors of concern recognising capital maintenance on a descriptive distinguished factors of accounts. The respective analytical details sets an example to the reflected accounting details with challenges of financial year. In fact, meeting reflective solutions over the financial concerns are also highlighted in the study.
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